Which type of ownership signifies absolute and sole ownership of property?

Prepare for the North Carolina Certified Paralegal Exam with flashcards and multiple-choice questions featuring hints and explanations. Ensure success on your NCCP Exam!

The correct choice signifies a type of ownership where one individual holds full legal title to the property, thereby having the exclusive rights to use, manage, and dispose of it as they see fit. This concept is referred to as "tenancy in severalty." When a property is owned in severalty, there are no other co-owners; the individual has complete control and responsibility for the property, which distinguishes it from other forms of co-ownership that involve multiple parties.

In contrast, tenancy by the entirety involves a form of ownership specifically for married couples, where each spouse has an equal interest in the property, and joint tenancy includes multiple owners who share the ownership with rights of survivorship, meaning if one owner passes away, their share automatically goes to the surviving co-owner. Tenancy in common allows two or more individuals to own property together, but they hold separate and distinct shares, and there is no right of survivorship. This makes tenancy in severalty the only option that indicates absolute ownership without any joint interest in the property.

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