Florida Broker Practice Exam

What term describes property title held by one person exclusively?

1. Tenancy in common

2. Joint tenancy

3. Estate severalty

4. Life estate

The correct answer is: Estate severalty

The term that describes property title held by one person exclusively is "estate severalty." This concept refers to a single person owning the property with complete and absolute rights. When someone holds an estate in severalty, they have full control over the property, the ability to sell or transfer it without needing consent from others, and the sole responsibility for any associated liabilities. This is in contrast to forms of co-ownership where multiple parties share the title. Tenancy in common involves multiple owners holding separate interests in the property, which can be unequal and does not include the right of survivorship. Joint tenancy also includes multiple owners, but with the characteristic of survivorship – the death of one owner results in their share passing to the remaining owners, rather than being inherited by heirs. A life estate gives one person the right to use a property for the duration of their life, but ownership reverts to another party upon their death, meaning it's not exclusive ownership. Therefore, "estate severalty" is the precise term for individually held title.