What type of ownership is defined as a person owning property with no one else?

What type of ownership is defined as a person owning property with no one else?

• A. Partnership
• B. Joint tenancy
• C. Common ownership
• D. Severalty

Answer: (D)

Severalty ownership is defined as a form of property ownership where an individual holds title to a property solely in their name, without any co-owners or partners. This type of ownership grants the individual complete control over the property, including the rights to sell, lease, or transfer it without needing consent from others. The term "severalty" highlights the distinct nature of this ownership as opposed to other forms that involve multiple owners. For instance, options involving partnerships or joint tenancy indicate shared ownership among two or more parties, which differs fundamentally from an individual holding ownership alone. Therefore, severalty ownership is characterized by the absence of any shared interest, making the owner solely responsible for the property and its obligations.

Severalty ownership is defined as a form of property ownership where an individual holds title to a property solely in their name, without any co-owners or partners. This type of ownership grants the individual complete control over the property, including the rights to sell, lease, or transfer it without needing consent from others.

The term "severalty" highlights the distinct nature of this ownership as opposed to other forms that involve multiple owners. For instance, options involving partnerships or joint tenancy indicate shared ownership among two or more parties, which differs fundamentally from an individual holding ownership alone. Therefore, severalty ownership is characterized by the absence of any shared interest, making the owner solely responsible for the property and its obligations.