PSI Oklahoma Real Estate Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions, each question with hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

When real estate title is owned by one person or entity, this is known as?

Joint tenancy
Estate in severalty
Tenancy in common
Common ownership

The correct answer is: Estate in severalty

When real estate title is owned by one person or entity, this ownership structure is referred to as an estate in severalty. This term specifically denotes that the property is held exclusively by one individual or legal entity, which affords them complete control over the property without the involvement of other co-owners. In contrast, joint tenancy, tenancy in common, and common ownership all involve multiple parties having an interest in the property. Joint tenancy features rights of survivorship between co-owners, while tenancy in common allows for ownership shares that can be unequal and does not include the right of survivorship. Common ownership is a more general term that does not accurately describe the singular ownership aspect emphasized in this question. Understanding these distinctions is crucial in real estate, as they dictate the rights and responsibilities of property owners.