Illinois Real Estate Exam Practice Question
The major advantage of ownership in severalty is
Correct Answer: A
Rationale: Ownership in severalty allows an individual to make independent decisions regarding their property without needing consensus from others. This flexibility enables quick responses to opportunities or challenges, fostering personal autonomy in management and use.
Option B, sharing the risk with others, applies more to joint ownership structures, where risks and responsibilities are distributed. Option C, joint decision making, contradicts the essence of severalty, which is characterized by singular ownership. Finally, option D, the risks are high, is misleading; while ownership has inherent risks, the focus here is on the advantages rather than disadvantages.
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