Question

TBH, Inc. owns land for development adjacent to their corporate headquarters. TBH, Inc. is the sole owner of the property. The land will be developed as a shopping and restaurant area. Which form of ownership does this property fall under?

A) Severalty
B) Unity of Possession
C) Joint Tenancy
D) All of the above

Answer 1

Answer: Severalty

Explanation: Severalty is a form of ownership of real estate in which the owner gets the exclusive right of the property. In other words, when a real estate property is owned by a single individual or legal entity then such an ownership will be termed as ownership in severalty.

In the given case, TBH is the sole owner of the land adjacent to their headquarter.

Hence the form of ownership is severalty.