In terms of ownership, what does "severalty" mean?

Prepare for the North Carolina Post Licensing 302 Exam. Enhance your understanding with comprehensive study materials, flashcards, and practice questions. Boost your confidence and get ready to ace your exam!

"Severalty" refers to ownership of property by a single individual. This form of ownership is characterized by exclusive rights and control over the property, meaning that the owner has full authority to use, manage, and dispose of it as they see fit without shared input or responsibility from others. This distinguishes severalty from other forms of ownership, such as joint tenancy or tenancy in common, where multiple individuals share property rights and responsibilities. The concept emphasizes the individual nature of ownership, allowing for complete autonomy over the property in question.

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