Property Ownership
A Wyoming 'ground lease' is a long-term lease arrangement where:
AThe tenant owns the land and leases improvements to the landlord
BThe landowner leases the land to a tenant who constructs improvements on it✓ Correct
COnly underground mineral rights are leased
DThe lease covers only the ground floor of a multi-story building
Explanation
A ground lease is a long-term lease of land (typically 50-99 years) where the tenant (lessee) constructs improvements. The tenant owns the improvements during the lease term but the improvements revert to the landowner when the lease expires.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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