Ownership

Which of the following is true of a tenancy in common?

• The co-owners must be married.
• The tenants share an indivisible interest.
• The tenants must acquire their interests at the same time.
• The tenants own equal shares of the estate.

A tenant in common can

• sell, encumber or transfer his or her interest to an outside party without consent of the other tenants in common.
• use his or her interest in the estate to encumber the entire estate.
• sell, encumber or transfer his or her interest only to the other tenants in common.
• sell, encumber or transfer his or her interest only with the consent of all the other tenants in common.

When a tenant in common dies, what happens to the tenant's interest in the estate?

• It is divided equally among the surviving tenants in common.
• The surviving tenants must buy the interest from the deceased tenant's heirs or sell their interests to the heirs.
• It becomes a joint tenancy.
• It passes by probate to the deceased tenant's heirs.

Which of the following is true of a joint tenancy?

• The tenants can determine the size of the share owned by each tenant.
• The size of the tenant's shares is determined by the amount of equality each has invested in the property.
• The tenants have an equal and indivisible ownership interest.
• There can be no more than two co-owners, and each has a fifty percent interest.

In contrast to a tenancy in common, in a joint tenancy

• there is a single title to the property.
• there are as many titles to the property as there are co-owners.
• title held by a corporate entity.
• co-owners who are married hold seperate titles.

If a joint tenant sells his or her interest to an outside party,

• the new owner becomes a joint tenant.
• the new owner is a tenant in common.
• the joint tenancy terminates and all owners become tenants in common.
• the joint tenancy terminates and the owners must create a new joint tenancy to include the new owner.

When a joint tenant dies, what happens to the tenant,s interest in the estate?

• It passes to the decedent's heirs, who become joint tenants.
• It passes as a tenancy in common to the decedent's heirs.
• The joint tenancy terminates and becomes a tenancy in common with the decedent's heirs and the surviving tenants as co-owners.
• It passes to the surviving joint tenants.

The most common form of co-ownership when the owners are not married is

• tenancy in common.
• joint tenancy.
• tenancy by the entireties.
• tenancy in partnership.

If a co-owner in a joint tenancy or tenancy in common wants to dispose of his or her interest against the wishes of the other co-owner, the co-owner can

• sue in court for a termination of the tenancy and partition of the property.
• deed the property to himself or herself as a tenancy in severalty.
• create a trust with himself or herself as sole beneficiary.
• file a foreclosure suit to force to force the other owners to sell their interest.

Two individuals can own a house as tenants by the entireties if

• they so elect at the time of acquiring title.
• they are blood relatives.
• they are married.
• they incorporate.