Property Ownership
In Pennsylvania, a ground lease is characterized by:
AThe tenant leasing only the land and owning any buildings they construct✓ Correct
BThe landlord providing both land and buildings to the tenant for a fixed rent
CA lease that covers only the ground floor of a building
DAn agricultural lease for farming purposes only
Explanation
A ground lease is a long-term lease (typically 50–99 years) of land only. The tenant constructs improvements on the leased land at their own expense.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
EasementA non-possessory right to use another person's land for a specific purpose.
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