Retained Mineral Rights Quiz

The owner automatically gains rights to any valuable resources found under the house.

The owner may not have rights to valuable resources found under the house. (correct)

The owner is responsible for obtaining the mineral rights separately.

The developer loses the rights to any valuable resources found under the house.

The city abandoned the idea of acquiring water rights from the farmer.

The farmer refused to sell the real estate to the city.

The farmer retained the water rights despite selling the real estate to the city. (correct)

The city successfully acquired the water rights along with the real estate.

The state laws in Colorado prohibited the sale of water rights to the city.

The city did not hire an outside attorney to review the transaction. (correct)

The farmer had legal ownership of the city's water rights.

The city lacked the financial resources to purchase the water rights.

<p>It is crucial to thoroughly review and understand deed restrictions in real estate transactions.</p> Signup and view all the answers

<p>Water scarcity in the region increases the value of water rights.</p> Signup and view all the answers