A Kentucky real estate licensee is explaining ownership forms to a client. The client asks which form of co-ownership allows each owner to hold a different percentage of the property, freely transfer their share without the other owners' consent, and pass their share through their estate when they die. Which form of ownership should the licensee describe?
Correct Answer
C) Tenancy in common
Tenancy in common is the form of co-ownership that allows unequal ownership percentages, permits each co-owner to freely transfer their individual interest without the consent of the other co-owners, and allows each owner's interest to pass through their estate (by will or intestate succession) upon death. There is no right of survivorship in a tenancy in common.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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.
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