Three friends — Ava, Ben, and Carla — purchase a vacation cabin in Stowe, Vermont as tenants in common. Ava owns a 50% interest, Ben owns 30%, and Carla owns 20%. Ava dies and leaves her entire estate to her sister Dana. What is the most accurate description of the ownership after Ava's death?
Correct Answer
B) Dana acquires Ava's 50% interest, and the property is now owned by Dana, Ben, and Carla as tenants in common.
In a tenancy in common, each co-owner holds a separate, divisible interest with no right of survivorship. When Ava dies, her 50% interest passes through her estate according to her will, transferring to her sister Dana. The resulting ownership is Dana (50%), Ben (30%), and Carla (20%) as tenants in common — the same ownership structure continues with Dana stepping into Ava's position.
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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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