Property Ownership
Under Oregon law, an 'agricultural water right' attached to farmland:
AIs automatically cancelled when the property is sold
BRuns with the land and transfers to the new owner with the property unless separately conveyed✓ Correct
CBelongs to the state and cannot be transferred
DExpires after 20 years if not renewed
Explanation
Agricultural water rights appurtenant to farmland in Oregon run with the land and automatically transfer to the new owner when the property is sold, unless they are specifically separated and transferred separately. The buyer of irrigated farmland acquires the associated water rights.
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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.
EasementA non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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