It's 100% possible for her to own it. I registered my old airplane in my mechanics name as he is American, I'm not, and I trust him. It was still mine.
Either way, even if Tracey didn't own it, who really cares? I spent 4 months flying round darkest Africa with a doctor providing medical training, and neither of us owned the airplane (it was leased). Didn't make any difference to what we did.