Free Pennsylvania Real Estate Practice Exam Practice Question
An arrangement under which an individual may acquire the right to use and occupy property for a stipulated recurring period is referred to as a(n):
Correct Answer: B
Rationale: A time-share allows individuals to purchase the right to use a property for specific periods, typically on a recurring basis, making it ideal for vacation homes.
Option A, cooperative, refers to a housing arrangement where residents own shares in a corporation that owns the property, not a time-limited usage agreement.
Option C, easement, is a legal right to use someone else's land for a specific purpose, not a right to occupy.
Option D, option, refers to a contract granting the right to buy or lease property but does not involve occupancy rights.
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