A buyer named Marcus is interested in purchasing a parcel of land in rural Alaska. His agent informs him that the parcel is held by a regional Alaska Native corporation under ANCSA. Which of the following statements most accurately describes a key characteristic of this type of ownership that Marcus should understand before proceeding?
Correct Answer
B) The land may have restrictions on alienation and the surface rights may be severed from the subsurface rights.
ANCSA lands held by Alaska Native regional and village corporations frequently carry restrictions on alienation — meaning they cannot always be freely bought and sold on the open market. Additionally, surface and subsurface rights on ANCSA lands are often severed, with subsurface rights held by regional corporations and surface rights held by village corporations. Licensees must disclose and understand these complexities before facilitating any transaction involving such parcels.
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Related Topics & Key Terms
Key Terms:
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A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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