Question

Bill and Mike go in together to purchase 342 acres of land to use for hunting and family vacations. Ten years later, Bill dies and Bill's wife wants to sell his half of the land. Mike informs her that, unfortunately, she has no claim to the land and that upon Bill's death, his ownership interest transferred to Mike. What type of co-ownership did Bill and Mike have?
a. condominium tenancy
b. by the entireties tenancy
c. in common joint tenancy

Answer 1

Answer:

The answer is: C) in common joint tenancy

Explanation:

Joint tenancy is a type of ownership constituted by two or more people who own the same property. The people involved, called tenants, share equal ownership of the property. They also have equal and undivided right to keep or dispose the property.

This type of ownership creates a "Right of Survivorship" which means that in case the other tenant or tenants die, the surviving one will be the sole owner of the property. All property rights are transferred to the surviving tenant (or tenants) at the moment the one tenant dies.