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National curriculum lesson 58 · Property Ownership

Sole, Co-Ownership, Common-Interest, Trust, Entity, and Life Estates

PSI tests ownership in severalty, tenancy in common, joint tenancy, common-interest ownership, trusts, estates, business entities, and life estates. The controlling questions are who holds title, whether shares and possession are divided, whether survivorship exists, and who receives the property when a present interest ends.

Facts checked against the current PSI Candidate Information Bulletin and GREC sources. Last reviewed August 2, 2026. Editorial standards.

What is the exam-ready answer?

PSI tests ownership in severalty, tenancy in common, joint tenancy, common-interest ownership, trusts, estates, business entities, and life estates. The controlling questions are who holds title, whether shares and possession are divided, whether survivorship exists, and who receives the property when a present interest ends.
Official syllabus mapping for Sole, Co-Ownership, Common-Interest, Trust, Entity, and Life Estates
Roadmap lesson58 of 500
Official syllabus topicSole, Co-Ownership, Common-Interest, Trust, Entity, and Life Estates
Official PSI areaProperty Ownership
Published area weight10% of the 100-question national portion
Exam portionNational salesperson portion
Source editionPSI Georgia Candidate Information Bulletin dated July 1, 2026
Last verifiedAugust 2, 2026

The Rule

PSI publishes the weight for the complete content area, not a fixed question count for this lesson. Learn the rule well enough to apply it when PSI changes names, numbers, or parties in a new scenario.

Complete lesson

Read each concept as part of one decision system. The exam often gives one accurate statement and three statements that belong to a nearby concept.

Severalty and co-ownership

Severalty means one legal owner, even if that owner is an entity. Tenants in common hold undivided interests with no automatic survivorship and may own unequal shares.

Joint tenancy

Joint tenancy includes survivorship when validly created. Severance of one interest can change the form as to that share under applicable law.

Common-interest forms

A condominium owner holds a unit plus an undivided common interest. A cooperative resident usually owns shares and receives a proprietary lease. Timeshare rights divide occupancy by time or points.

Trusts and entities

A trustee holds legal title under the trust terms. Corporations, partnerships, and limited liability companies can hold title as separate legal owners.

Life estates

A life tenant holds a present interest measured by a life. A remainderman receives the future interest from the creating instrument; a reversion returns to the grantor or the grantor's estate.

Decision rule

Read the deed or creating instrument for owner names, shares, survivorship language, and the future-interest holder.

Georgia-specific distinction

In Georgia, an instrument naming two or more owners creates interests in common without survivorship unless it expressly uses joint-tenancy or survivorship language. Do not infer survivorship from marriage or shared possession alone.

Worked example

Scenario. A deed grants property to Dana for life, then to Lee. Dana dies.

Reason it through. Dana held the present life estate. Lee was named to receive the property after the measuring life ended.

Answer. Lee holds the remainder and becomes entitled to possession at Dana's death.

Common exam traps

  • Calling entity ownership co-ownership automatically
  • Assuming tenants in common have survivorship
  • Confusing cooperative shares with condominium title
  • Calling every future interest a reversion

Original practice questions with detailed explanations

These questions were written for instruction and mapped to the current outline. They are not copied from PSI or any live examination. Choose an answer before opening the explanation.

Question 1

Which co-ownership form has no automatic survivorship?

  1. A. Tenancy in common
  2. B. Joint tenancy with survivorship
  3. C. Life estate
  4. D. Ownership in severalty
Show answer and explanation →

Answer: A. Tenancy in common

A tenant in common's interest passes through that owner's estate rather than automatically to the cotenants.

Question 2

What does a condominium purchaser generally own?

  1. A. Only corporate shares
  2. B. A unit plus a common interest
  3. C. Only a leasehold
  4. D. A monthly occupancy license only
Show answer and explanation →

Answer: B. A unit plus a common interest

Condominium ownership combines title to the unit with an undivided interest in common elements.

Question 3

A grant states 'to Alex for life, then back to Grantor.' What future interest remains with Grantor?

  1. A. Remainder
  2. B. Reversion
  3. C. Easement
  4. D. Lien
Show answer and explanation →

Answer: B. Reversion

A reversion remains with the grantor when possession returns after the life estate ends.

Mastery tracking

Mark this lesson mastered only when every statement is true.

  • State the direct answer and decision rule without notes.
  • Explain every core concept in plain English.
  • Solve the worked example after changing one important fact.
  • Identify the Georgia distinction before reading answer choices.
  • Answer all three questions correctly and reject every distractor.
  • Repeat the topic in mixed practice on a later day.

Recommended next lesson

Continue with Government Rights in Land: PETE. Continue to roadmap lesson 59 and build on this decision rule.

Return to the Property Ownership hub to see every official branch and the complete lesson sequence for this content area.

Sole, Co-Ownership, Common-Interest, Trust, Entity, and Life Estates questions

Facts checked against the current PSI Candidate Information Bulletin and GREC sources. Last reviewed August 2, 2026. Editorial standards.

Is Sole, Co-Ownership, Common-Interest, Trust, Entity, and Life Estates on the Georgia real estate exam?

Yes. It belongs to PSI's Property Ownership content area, which is 10% of the 100-question national portion. PSI publishes content-area weights, not a guaranteed question count for this individual lesson.

What is the main rule for Sole, Co-Ownership, Common-Interest, Trust, Entity, and Life Estates?

Read the deed or creating instrument for owner names, shares, survivorship language, and the future-interest holder.

What Georgia-specific distinction should I remember?

In Georgia, an instrument naming two or more owners creates interests in common without survivorship unless it expressly uses joint-tenancy or survivorship language. Do not infer survivorship from marriage or shared possession alone.

How do I know I have mastered this lesson?

Explain the rule without notes, solve the worked example again with changed facts, answer all original questions correctly, explain every distractor, and repeat mixed practice on a later day.