Oregon 30-Hour Real Estate Law Practice Test 2026 – Comprehensive All-in-One Guide to Master Your Exam Success!

When land is owned by a single entity or individual, it is described as an estate in severalty. This term indicates that the owner holds full rights and responsibilities over the property without sharing ownership with any other individual or entity. The principle behind an estate in severalty is straightforward: the owner has the exclusive use, control, and possession of the property, enabling them to manage or dispose of it as they see fit.

In contrast, other forms of ownership like partnerships, tenancies in common, or joint tenancies involve multiple owners. A partnership implies shared ownership and responsibilities among two or more parties engaged in business. A tenancy in common allows for shared ownership where each party holds individual shares of the property, which do not have to be equal and can be transferred independently. Joint tenancy similarly includes multiple owners but with specific rights of survivorship, meaning if one owner dies, their share automatically goes to the surviving owner(s).

Understanding these distinctions is essential for recognizing how property ownership works and the implications it has for management, liability, and estate planning.