Property Ownership
In North Dakota, what is a 'conservation easement'?
AA government program to purchase farmland
BA voluntary restriction on land use to preserve natural resources, often granting tax benefits to the landowner✓ Correct
CA requirement that all wetlands be publicly accessible
DA zoning category for state parks
Explanation
A conservation easement is a voluntary legal agreement between a landowner and a land trust or government agency that permanently limits uses of the land to protect conservation values. Landowners often receive significant tax benefits for donating these easements.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
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