New York State Real Estate Salesperson Licensing Exam

In real estate terminology, what denotes the owner’s legal rights in a property?

1. Title

2. Possession

3. Lease

4. Right of entry

The correct answer is: Title

The correct choice is title, which refers to the legal right of ownership of a property. When a person holds the title to a property, they have the legal authority to possess it, use it, and convey it to others. Essentially, the title signifies a bundle of rights associated with the property, including the right to occupy, sell, lease, or mortgage it. Possession refers to the physical control of the property, but it does not necessarily imply ownership; someone can possess a property without holding the title. A lease is a contractual agreement allowing one party to use and occupy a property owned by another party, but it does not confer ownership rights. The right of entry typically refers to a specific legal allowance to enter a property, often for inspection or repair, which again is not an indication of ownership rights. In essence, title is the term that best encapsulates the owner’s legal rights in real estate, making it the most appropriate answer in this context.