Which term describes the ownership of all rights to a property?

Study for the IAAO Assessment Administration Specialist (AAS) exam. Engage with flashcards and multiple choice questions, each offering hints and detailed explanations. Prepare thoroughly for your certification!

The term that describes the ownership of all rights to a property is "Fee Simple." This means that the owner has complete control over the property and is entitled to the full bundle of rights associated with ownership. These rights include the ability to sell, lease, or transfer the property, as well as the right to occupy it and make modifications.

Fee Simple is considered the highest form of property ownership in real estate, providing the maximum rights available, subject only to any applicable governmental regulations or restrictions.

In contrast, leasehold refers to an arrangement where one party holds rights to use and occupy property owned by another party for a specified period of time. Life estate grants ownership rights for the duration of an individual's life, after which the property reverts to another party. Partial interest reflects ownership that does not encompass all rights or a shared stake in the property, which would limit the owner's control and usage compared to full ownership. Therefore, fee simple distinctly signifies complete ownership and control over the property rights.

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