A single person owns a house outright with no co-owners. This form of ownership is called:
Correct Answer
A) Ownership in severalty
Single ownership, or ownership in severalty, involves no division of the bundle of rights; title is vested in one person or one legal entity. The other forms are concurrent ownership by two or more persons.
Why This Is the Correct Answer
Option A is correct because ownership in severalty, or single ownership, involves no division of the bundle of property rights; title is vested in one person or one legal entity. A sole owner with no co-owners fits this description.
Why the Other Options Are Wrong
Option B: Tenancy in common
Option B, tenancy in common, is wrong because it is a form of concurrent ownership by two or more persons. A sole owner has no co-tenants.
Option C: Joint tenancy with survivorship
Option C, joint tenancy with survivorship, is wrong because it requires two or more owners, with the survivors taking a deceased owner's share. It cannot exist with only one owner.
Option D: Community property ownership
Option D, community property ownership, is wrong because it is a form of shared ownership between spouses where recognized. It does not describe one person owning alone.
Severalty severs others out
Severalty sounds like several, but think sever: the owner is severed from any co-owners and holds alone.
How to use: Use this when a question describes a single owner and asks for the ownership form.
Exam Tip
Do not let the word severalty mislead you into thinking it means several owners; it means one.
Common Mistakes to Avoid
- -Thinking severalty means several owners
- -Confusing tenancy in common with sole ownership
- -Assuming joint tenancy can exist with one owner
Concept Deep Dive
Analysis
This question tests the vocabulary of ownership forms. When one person or one legal entity holds title alone, there is no division of the bundle of rights among co-owners. That form is called ownership in severalty.
Background Knowledge
Ownership can be held by one owner (severalty) or concurrently by two or more owners, such as tenancy in common, joint tenancy or, in some places, community property. The form of ownership affects how rights are divided and transferred.
Real-World Application
An appraiser reviewing a title report sees the home is vested in one individual. She records the ownership as fee simple held in severalty, with no co-owners whose interests need to be considered.
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