Real Estate Appraisal Practice Exam

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What term describes the rights associated with ownership of real estate?

Estate
Possession
Title
Lease

The correct answer is: Title

The term that describes the rights associated with ownership of real estate is "title." Title refers to the legal concept that signifies ownership of a property, encompassing the rights to possess, use, and transfer that property. When someone holds title to real estate, they have the authority to make decisions regarding the property, such as selling it, renting it, or developing it, according to local laws and regulations. While "estate" refers to the legal interest an individual has in a property, it does not fully encapsulate the broader rights and ownership that "title" conveys. "Possession" specifically pertains to the physical holding or occupancy of the property but does not inherently imply ownership. "Lease" is a contract that permits someone to use property owned by another party under agreed terms but does not confer ownership rights. Therefore, "title" aptly captures the essence of ownership rights associated with real estate.