Wisconsin Real Estate Sales Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Wisconsin Real Estate Sales Exam with comprehensive study resources. Access multiple choice questions and explanations. Get ready to succeed in your test!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which of the following best describes "severalty" ownership?

Ownership by one individual
Ownership shared by multiple parties
Community ownership
Joint ownership by two or more individuals

The correct answer is: Ownership by one individual

"Severalty" ownership refers specifically to property ownership held by a single individual. This means that the owner has complete and exclusive rights to the property, without any joint interests or claims from other parties. This type of ownership allows the individual to manage, use, sell, or transfer the property as they see fit, fully controlling all aspects of ownership. In contrast, other forms of ownership like community property or joint ownership involve shared interests between multiple parties, which distinctly differentiates them from severalty ownership. Understanding this concept is crucial, as it impacts the rights and responsibilities of the property owner within real estate transactions and situations involving property ownership in Wisconsin.