Washington Real Estate AMP National Cram Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 33 Pages

"Severalty ownership" means that: A) ownership is by several parties B) ownership by one person C) co-ownership of several people D) joint tenancy of several people - B) ownership by one person Feedback: Correct: Severalty is holding title by ONE person. There is no dual ownership or survivorship clause. Which of the following is a less-than-freehold estate? A) property that has an easement on it B) possession held under a lease C) real estate minus the mineral, oil, and gas rights D) all of the above - B) possession held under a lease Feedback: Correct: A freehold estate is one that allows to possession of the property for life. A lease is usually for a period of years. The easement and mineral rights have to do with tenancy (ownership) and not possession of the property. An estate for years in real estate can also be called a: A) leasehold B) fee simple conditional C) fee D) joint tenancy - A) leasehold