Question

In which of the following types of ownership does each co-owner have the right to sell his or her interest without the consent of the other owners, have the right to own an unequal share of the property, and the right to own property subject to the right of a creditor to attach his or her interest?
a. Joint tenancy
b. True tenancy
c. Tenancy in common
d. Joined tenancy
e. Tenancy by the entirety

Answer 1

Answer: c. Tenancy in common

Explanation: When two or more parties concurrently or simultaneously posses distinct and undivided ownership of a property such that each distinct party has the right to bargain or transact his or her own interest in the property without needing to inform or seek consent of the other parties. Tenancy in common does not subject the owners to having equal share of the property, any of the parties may wish to transfer or attach a creditor to his or her interest. Also, in tenancy in common, upon the death of any party or interest holder, the heir of the tenant becomes the owner of the tenant's interest.