Property Ownership
What is a 'mutual water company' in Idaho?
AA government-owned water utility
BA member-owned cooperative that delivers water to shareholders, often used for irrigation water in Idaho agricultural areas✓ Correct
CA shared well arrangement between two properties
DA private company selling bottled water
Explanation
Mutual water companies are member-owned cooperatives (often agricultural) that hold water rights and distribute water to shareholder/members. Shares often transfer with the land, and purchasing irrigated farmland in Idaho may include purchasing mutual water company shares.
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- Which of the following correctly describes Idaho's approach to water rights for agricultural use?Environmental
- When selling Idaho farmland with appurtenant water rights, the water rights:Property Ownership
- In Idaho, 'agricultural land' is often given preferential property tax treatment under which program?Land Use & Zoning
- In Idaho, the prior appropriation doctrine for water rights means:Environmental
- In Idaho, water rights are personal property that can be:Environmental
- Agricultural land in Idaho can be protected from development pressures through:Land Use & Zoning
- A property owner in Idaho discovers their well water is contaminated with nitrates from neighboring agricultural activity. Under Idaho water law, they may:Environmental
- A property owner in Idaho dedicates a strip of land along their property for a public road. This voluntary transfer of land to the public is called:Property Ownership
Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EasementA non-possessory right to use another person's land for a specific purpose.
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