Oregon Real Estate Practice Test

What does "Tenancy in severalty" refer to?

1. Joint ownership of a property

2. Sole ownership of a property

3. Ownership by a couple

4. Partnership ownership of property

The correct answer is: Sole ownership of a property

"Tenancy in severalty" refers to sole ownership of a property, meaning that an individual holds the title to the property alone without any co-owners. This form of ownership gives the individual full control, rights, and privileges associated with the property, and they can make decisions regarding the property independently, such as selling or transferring ownership without needing consent from others. This type of ownership is distinguished from other forms, such as joint ownership, which involves multiple individuals sharing ownership rights, or ownership by a couple, which often implies a marital or partnership relationship. It is also different from partnership ownership, where multiple parties hold legal interests in the property together. In "tenancy in severalty," the focus is entirely on one individual's ownership and control over the property.