Nevada Timeshare License Practice Exam

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How will someone purchasing a timeshare as a sole owner take the title?

Joint tenancy
Tenancy in common
Ownership in Severalty
Community property

The correct answer is: Ownership in Severalty

When someone purchases a timeshare as a sole owner, they will take the title as Ownership in Severalty. This term specifically refers to an individual owning property entirely in their name, without any joint interests or shared ownership with others. This structure allows the sole owner full rights to the property, including the ability to sell, transfer, mortgage, or gift their interest without needing consent from other owners. In contrast, joint tenancy and tenancy in common are forms of shared ownership with multiple individuals. Joint tenancy includes rights of survivorship, meaning if one owner passes away, their interest automatically passes to the remaining owners. Tenancy in common allows for ownership shares that can be unequal and does not inherently include rights of survivorship. Community property applies to property owned by married couples, where both partners have equal ownership rights, which does not apply to a sole owner scenario. Therefore, the nature of sole ownership aligns clearly with Ownership in Severalty.