Fundamentals of Surveying (FS) Practice Exam

Which of the following is true regarding land ownership per the Statute of Frauds?

1. Ownership is limited to family members only

2. It must be transacted with written agreements

3. All types of transfer must be in writing

4. Title can be transferred verbally

The correct answer is: It must be transacted with written agreements

The principle underlying the Statute of Frauds is that certain types of contracts, including those related to the sale or transfer of real estate, must be in writing to be enforceable. This requirement aims to prevent fraud and misunderstandings in land transactions by ensuring that there is clear documentation of the agreement. When it comes to land ownership, a verbal agreement lacks the tangible evidence needed to prove the terms of the ownership transfer or the intentions of the parties involved. Therefore, written agreements are not just beneficial but essential in land transactions to establish legal rights and obligations. While the other options touch on aspects of property and transactions, they do not accurately represent the legal requirements set forth by the Statute of Frauds regarding the necessity for written documentation in land transfers. It is crucial for anyone involved in real estate transactions to understand this principle to protect their interests adequately.