James and Sarah are married and purchase a vacation home in the Florida Keys. The deed states they own the property 'as joint tenants with full rights of survivorship.' James dies in an accident. Sarah remarries and wants to add her new husband to the deed. What form of ownership should be used?
Correct Answer
D) Tenancy by the entirety with the new husband
Correct: D - Tenancy by the entirety with the new husband. Since Sarah now owns the property in fee simple (having survived James) and is married to her new husband, they can create a tenancy by the entirety, which provides the best protection for married couples in Florida. Why not A: This option is incorrect because "Community property with the new husband" does not match the rule tested by the question. The correct answer is "Tenancy by the entirety with the new husband". Since Sarah now owns the property in fee simple (having survived James) and is married to her new husband, they can create a tenancy by the entirety, which provides the best protection for married couples in Florida. Why not B: This option is incorrect because "Tenancy in common with the new husband" does not match the rule tested by the question. The correct answer is "Tenancy by the entirety with the new husband". Since Sarah now owns the property in fee simple (having survived James) and is married to her new husband, they can create a tenancy by the entirety, which provides the best protection for married couples in Florida. Why not C: This option is incorrect because "Joint tenancy with the new husband" does not match the rule tested by the question. The correct answer is "Tenancy by the entirety with the new husband". Since Sarah now owns the property in fee simple (having survived James) and is married to her new husband, they can create a tenancy by the entirety, which provides the best protection for married couples in Florida.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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.
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