In Terms of Interests in Real Property, a _____ Is

question 50

Multiple Choice

In terms of interests in real property, a _____ is not an interest in land but a temporary right to use another person's land for a limited and specific purpose.

• A) private restriction
• B) fee simple
• C) leasehold
• D) license

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Definitions:

Consideration

Something of value exchanged between parties as part of a contract, which is required for the contract to be legally binding.

Holder

Someone who legally possesses a negotiable instrument, such as a check or bond, and has the right to enforce it.

Instrument

In legal and financial contexts, a formal document like a contract, will, or negotiable instrument that establishes legal rights and obligations.

Value Requirement

The necessity for something to have worth, importance, or significance in a specific context, often used in legal and financial settings to assess validity or enforceability.