Podcast
Questions and Answers
What is a primary distinction between the rights of real estate ownership and the practice of leasing?
What is a primary distinction between the rights of real estate ownership and the practice of leasing?
- Ownership rights are determined by the lease terms, while leasing rights are determined by ownership.
- Ownership rights are completely unrestricted, while leasing is fully controlled by the government.
- Ownership rights and lease rights both have no restrictions.
- Ownership grants control over the property, while leasing only provides temporary use with restrictions. (correct)
If Oliver Andrews wishes to lease a parcel of land for mineral extraction, what is the maximum lease term limit?
If Oliver Andrews wishes to lease a parcel of land for mineral extraction, what is the maximum lease term limit?
- 51 years.
- 99 years. (correct)
- No limit.
- 25 years.
For what type of property, besides mineral, oil or gas extraction, is the lease term limited to 99 years?
For what type of property, besides mineral, oil or gas extraction, is the lease term limited to 99 years?
- Vacant land.
- Agricultural property.
- Horticultural property.
- City property. (correct)
Oliver Andrews owns a rural property that he wants to lease for agricultural purposes. What is the longest lease term he can legally grant?
Oliver Andrews owns a rural property that he wants to lease for agricultural purposes. What is the longest lease term he can legally grant?
Which statement accurately reflects the legal context of real estate leasing, considering government controls?
Which statement accurately reflects the legal context of real estate leasing, considering government controls?
Flashcards
Restrictions on Lease Terms
Restrictions on Lease Terms
The owner of land is subject to government regulations regarding the use of their property, meaning they face certain restrictions on how they can lease it out. This includes limitations on the duration of the lease.
Agricultural/Horticultural Lease Term Limit
Agricultural/Horticultural Lease Term Limit
The term of a lease for agricultural or horticultural property cannot exceed 51 years.
City Property Lease Term Limit
City Property Lease Term Limit
The term of a lease for real estate located in a city cannot exceed 99 years.
Mineral/Oil/Gas Lease Term Limit
Mineral/Oil/Gas Lease Term Limit
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Bundle of Rights
Bundle of Rights
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Study Notes
Real Estate Lease Restrictions
- Ownership of real estate includes a "bundle of rights" (use, possess, enjoy, exclude, transfer).
- These rights are not unrestricted; they are subject to government control.
- Statement A is incorrect because land ownership rights aren't unlimited.
- Statement B is correct: City property leases are legally limited to 99 years.
- Statement C is correct: Agricultural/horticultural property leases are legally limited to 51 years.
- Statement D is correct: Mineral, oil, or gas leases are legally limited to 99 years.
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