Property Ownership
What type of ownership interest does a time-share owner typically hold in Pennsylvania?
AA fee simple absolute interest in the property
BA leasehold interest or a fee simple estate limited to specific time periods✓ Correct
CA tenancy in common with all other time-share purchasers
DA license to use the property revocable by the developer
Explanation
Pennsylvania time-share owners typically hold either: (1) a deeded fractional fee simple interest for specific weeks/periods, or (2) a right-to-use (leasehold or contractual) interest. The Pennsylvania Real Estate Time-share Act regulates time-share sales, requiring specific disclosures and providing buyers a rescission period.
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Key Terms to Know
Tenancy in Common
Co-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.
Fee SimpleThe 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.
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