Certified Residential Appraiser Practice Exam

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Study for the Certified Residential Appraiser Exam. Use flashcards and multiple choice questions with hints and explanations. Ensure you're ready for your certification!

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What does severalty refer to in property ownership?

Shared ownership by multiple partners
Single ownership by one corporation or individual
Joint tenancy of property by family members
Ownership with rights of survivorship

The correct answer is: Single ownership by one corporation or individual

Severalty refers to a form of property ownership where a single individual or entity holds full and exclusive title to the property. This means that the owner has complete control over the property and is solely responsible for all rights and obligations associated with it, such as paying property taxes, maintaining the property, and making decisions regarding its use or sale. This concept is important in real estate because it distinguishes between shared ownership models, such as joint tenancy or tenancy in common, where ownership is divided among multiple parties. In severalty, there are no co-owners, which simplifies decision-making and legal responsibilities. Understanding the implications of owning property in severalty is crucial for anyone involved in real estate transactions or property management, as it highlights the differences between various ownership structures.