New Jersey Real Estate License Exam Practice Question
The major advantage of ownership in severalty is:
Correct Answer: A
Rationale: Ownership in severalty allows an individual to have complete control over the property, enabling them to make decisions quickly and independently without needing consensus from others. This flexibility is a significant advantage, particularly in dynamic situations where timely actions are crucial.
Option B, sharing the risk with others, is inaccurate as ownership in severalty means bearing the full risk alone, not sharing it. Option C, joint decision making, contradicts the essence of severalty, which is characterized by individual ownership. Option D, the risks are high, is misleading; while risks exist, they are not inherently higher in severalty compared to other forms of ownership.
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