Certified Residential Appraiser Practice Exam

In property ownership, what does the term 'severally' indicate?

1. Ownership through partnership

2. Single ownership without co-owners

3. Shared ownership responsibilities

4. Ownership with joint liability

The correct answer is: Single ownership without co-owners

The term 'severally' in property ownership specifically refers to single ownership without co-owners. When an individual owns property severally, they hold the title solely in their name, meaning they possess full rights to the property without sharing ownership or decision-making responsibilities with anyone else. This distinction is important in legal contexts, particularly when it comes to rights, responsibilities, and liabilities associated with the property. In contrast to other forms of ownership like partnership or shared ownership, where multiple individuals hold an interest in the property, severed ownership emphasizes individual control and responsibility over the property. This concept is crucial for understanding how ownership structures affect property rights, decision-making, and potential liability.