California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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What is another term for ownership in severalty?

Joint Tenancy
Sole ownership
Partnership
Trusteeship

The correct answer is: Sole ownership

Sole ownership, also known as ownership in severalty, refers to one person or entity owning property entirely on their own. This is different from joint tenancy, in which property is owned jointly by multiple individuals. Partnership involves joint ownership as well but is specifically between two or more individuals who agree to share in ownership and profits. Trusteeship refers to a situation in which a trustee is appointed to hold and manage property for the benefit of another party, also known as a beneficiary. Therefore, sole ownership is the most accurate answer for this question.