Loan Officer Practice Exam 2025 – Comprehensive All-in-One Guide for Exam Success!

The correct answer is the type of easement by agreement. This easement is established through a mutual understanding or contract between the parties involved. It typically outlines the specific terms regarding the use of the shared property, ensuring that both parties have equal rights and responsibilities in its maintenance and use.

An easement by agreement allows for a clear delineation of how each party can utilize the property, and both parties must adhere to the terms set forth in the agreement. This cooperative arrangement helps prevent conflicts arising from ambiguous uses of the property since expectations are clearly defined and mutually accepted.

In contrast, easements by necessity arise when one property is landlocked and requires access over another to reach a public road, without necessarily addressing shared responsibilities. Easements by prescription are established through continuous and open use of someone else's property without permission for a specified period, focusing more on the rights gained through use rather than equal maintenance. Lastly, easements by implication generally come into play when there is a need to enforce a right based on prior use or an intention inferred from the circumstances, rather than a clearly defined agreement between the parties.