Three siblings — Olivia, James, and Priya — inherit a ranch in Pueblo County as tenants in common, each holding a one-third undivided interest. Olivia wants to sell her share. Which statement correctly describes her rights under Colorado law?
Correct Answer
A) Olivia may sell her one-third interest without obtaining consent from James or Priya
In a tenancy in common, each co-owner holds a freely alienable undivided interest. This means Olivia can sell, gift, mortgage, or otherwise transfer her one-third interest to any party without needing permission from the other co-owners. The new owner would then become a tenant in common with James and Priya. This is a fundamental characteristic that distinguishes tenancy in common from other ownership forms with transfer restrictions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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