Property Ownership
A time-share ownership interest in real property gives the owner:
AFee simple ownership of the entire unit
BThe right to use a property for a specified period each year✓ Correct
CA leasehold interest for 99 years
DShared ownership with equal rights year-round
Explanation
A time-share gives the owner the right to use a property (typically a vacation property) for a specific period each year (e.g.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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