Alabama Real Estate Practice Exam

What does sole ownership imply?

1. The property is owned by two people

2. There is a right of survivorship

3. No one else has an interest in that property except the individual

4. The property is leased to an individual

The correct answer is: No one else has an interest in that property except the individual

Sole ownership implies that no one else has an interest in the property other than the individual owner. Option A is incorrect because sole ownership would mean the property is owned by one person, not two. Option B is incorrect because right of survivorship implies that the property would transfer to someone else upon the owner's death, while sole ownership means the property is owned solely by the individual while they are alive. Option D is incorrect because leasing a property means the individual has rights to use the property, but does not necessarily own it.