Property Ownership
The Alaska Native Claims Settlement Act (ANCSA) extinguished most aboriginal land claims in exchange for:
AFederal reservation status for all Alaska Native groups
BLand grants and financial compensation distributed through Native corporations✓ Correct
CState citizenship and voting rights for Alaska Natives
DSubsistence hunting and fishing rights on all federal lands
Explanation
ANCSA (1971) extinguished aboriginal title and land claims in Alaska in exchange for transferring approximately 44 million acres of land and $962 million to Alaska Native regional and village corporations. This unique settlement replaced the reservation system used in the lower 48 states.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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