PSI Oklahoma Real Estate Practice Test

Which of the following is NOT a form of ownership interest in real estate?

1. Joint Tenancy

2. Tenancy by the Entirety

3. Leasehold Estate

4. Exclusive Rights of Occupancy

The correct answer is: Exclusive Rights of Occupancy

The correct answer is that "Exclusive Rights of Occupancy" is not a form of ownership interest in real estate. In real estate terminology, ownership interest refers to the legal rights or interests a person has in real property, which includes the right to use, possess, and transfer such property. Joint Tenancy and Tenancy by the Entirety are both forms of concurrent ownership, meaning they involve multiple owners who share rights to the property. Joint Tenancy allows two or more people to own property together with rights of survivorship, meaning if one owner dies, their share automatically goes to the surviving owner(s). Tenancy by the Entirety is similar but is specifically for married couples and carries additional protections against creditors. Leasehold Estate is a type of ownership interest where a person (the tenant) has the right to occupy and use property owned by another (the landlord) for a specific period, as defined in a lease agreement. This is a temporary right and does not convey ownership of the property. In contrast, "Exclusive Rights of Occupancy" refers to a person's right to occupy or use a property but does not constitute ownership. This designation is often associated with lease agreements or specific rights granted within certain contractual arrangements, where the individual may use the property