Under Alabama law, which type of property ownership gives a single individual complete and exclusive ownership of real property, with no co-owners and no shared interests?
Correct Answer
D) Ownership in severalty
Ownership in severalty (also called sole ownership or ownership in severalty) means that one person holds complete, exclusive title to a property with no co-owners. The term 'severalty' derives from the concept of being 'severed' from others — the owner stands alone. This is the most straightforward form of property ownership under Alabama law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
More Property Ownership Questions
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- → For the Hawaii salesperson state portion, a condominium question distinguishes a unit from common elements. Which statement is correct?
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- → Wisconsin adopted the Marital Property Act in 1986, creating a system similar to community property. Under this law, property acquired during marriage is generally considered:
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