Texas Real Estate State Practice Exam

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Prepare for the Texas Real Estate State Exam with comprehensive study materials. Engage in multiple choice questions and gain insights with in-depth explanations and examples. Ace your exam confidently!

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What type of ownership involves ownership by one person only?

Joint Tenancy
Estate in Severalty
Tenancy in Common
Trust

The correct answer is: Estate in Severalty

The concept of ownership by one person only is aptly characterized as an estate in severalty. This form of ownership signifies that a single individual has full control and sole rights over the property without the involvement of any co-owners. The essence of estate in severalty includes the ability to make unilateral decisions regarding the property, such as buying, selling, or transferring it without needing consent from others. In real estate terms, this type of ownership is significant because it provides the owner with complete rights to the property and allows for straightforward management and use, free from the complexities that might arise with multiple owners. Other forms of ownership, like joint tenancy, tenancy in common, and a trust involve multiple parties and various rights and obligations among them, which distinguishes estate in severalty from these other types.