Property Ownership
What is a 'conservation easement' on North Dakota agricultural land?
AA government taking of farmland for a wildlife refuge
BA voluntary restriction on development that protects natural, scenic, or agricultural values in perpetuity✓ Correct
CA temporary lease to the U.S. Fish and Wildlife Service
DAn easement for a drainage ditch
Explanation
A conservation easement is a voluntary legal agreement between a landowner and a land trust or government entity that permanently restricts development and land uses to protect conservation values. The landowner retains title and may continue farming.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
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).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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