Certified Residential Appraiser Practice Exam

What is the key feature of Individual Ownership?

1. Ownership shared among partners

2. Single person holds the title

3. Ownership limited to time-sharing

4. Ownership with shared responsibilities

The correct answer is: Single person holds the title

The key feature of Individual Ownership is that a single person holds the title to the property. This type of ownership means that the individual has complete rights and responsibilities associated with the property, without the need to share these with others. This ensures full control over decisions regarding maintenance, use, and any changes to the property. In contrast, shared ownership models, such as partnerships or time-sharing, involve multiple parties holding interests in the property, which leads to divided rights and responsibilities. Individual ownership provides straightforward ownership where the owner is the sole person recognized legally, making it easier to transfer or manage the property independently. This clarity and independence are significant characteristics that define individual ownership in real estate.