What term refers to tangible evidence of ownership in real property?

Prepare for the FBLA Banking and Financial Systems exam with our comprehensive test. Utilize flashcards and multiple-choice questions, complete with hints and explanations, to enhance your readiness. Get equipped for success!

The correct term that refers to tangible evidence of ownership in real property is "deed." A deed is a legal document that signifies the transfer of property from one party to another and serves as proof of ownership. It contains essential details like the names of the grantor (seller) and the grantee (buyer), along with a description of the property in question. Once a deed is executed and delivered, it typically must be recorded in the appropriate government office to provide public notice of the change in ownership.

While terms like title, lease, and mortgage are related to property ownership, they do not serve as tangible proof of ownership in the same way a deed does. A title denotes legal ownership rights but can exist without a physical document. A lease involves the rental of property without transferring ownership. A mortgage is a loan secured against property, representing a financial interest rather than an ownership transfer. Therefore, the deed is the most accurate term that specifically aligns with tangible evidence of ownership in real property.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy