In Utah, when two or more persons take title to real property as tenants in common, which of the following best describes the ownership shares each co-owner holds?
Correct Answer
B) Each co-owner holds a separate, undivided interest that may be equal or unequal and can be transferred independently.
Under Utah law, tenants in common each hold a separate, undivided interest in the whole property. Their shares may be equal or unequal (e.g., 60%/40%), and each co-owner may freely transfer, mortgage, or devise their interest without the consent of the other co-owners. There is no right of survivorship in a tenancy in common.
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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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