Certified Pennsylvania Evaluator Practice Exam

Who among the following conveys ownership rights in a property transaction?

1. Tenant

2. Broker

3. Lessor

4. Appraiser

The correct answer is: Lessor

In property transactions, ownership rights are typically conveyed by a lessor, also known as a landlord or property owner. The lessor transfers these rights through a lease agreement or by selling the property outright. This process involves outlining specific rights and obligations for both the lessor and the lessee (tenant) regarding the use and possession of the property. Understanding the role of the lessor is critical because they hold the title to the property and are responsible for granting others the right to use it, either temporarily through a lease or permanently through a sale. The lease would specifically define what rights are being conveyed, such as the duration of occupancy, the use of common areas, and maintenance responsibilities. The other parties involved do not convey ownership rights in the same manner. A tenant holds possession and has rights to use the property based on a rental agreement, but they do not own the property. A broker acts as an intermediary in property transactions and facilitates the sale or lease but does not transfer ownership rights themselves. An appraiser is responsible for determining the value of a property, providing an estimate but not engaging in the conveyance of ownership. Therefore, the lessor is the correct choice as they are the party that conveys ownership rights in a property transaction.