Which type of ownership allows any owner to sell their share without consent from others?

Prepare for the RECA Residential Exam with targeted flashcards and multiple choice questions. Each question includes hints and explanations. Ensure your success with our engaging practice materials!

The type of ownership that allows any owner to sell their share without the consent of others is Tenancy in Common. In this arrangement, each co-owner has a distinct, undivided interest in the property, which means they can make independent decisions regarding their share, including selling or transferring ownership as they see fit. This flexibility is a key characteristic of Tenancy in Common, making it different from other forms of ownership.

In Joint Tenancy, for instance, co-owners have a right of survivorship, meaning that upon the death of one owner, their share is automatically transferred to the surviving owner(s). This requires all owners to agree on decisions related to the property, including the sale of a share.

Sole Ownership refers to the situation where one individual owns the entire property. While this owner can sell the property freely, it does not involve multiple owners needing consent, as there are no other co-owners.

Leasehold involves a tenant leasing a property from a landlord and does not pertain to ownership interests in a property. Thus, it does not apply to the question of selling ownership shares.

Overall, Tenancy in Common is defined by the ability of an owner to sell their share independently, illustrating its distinctive nature among property ownership types

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy