Question

In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as cooperative owners

Answer 1

Answer:

D) Tenants in common

Explanation:

To be tenants in common you must be part of a tenancy in common agreement. A tenancy in common agreement is a situation in which 2 or more people hold interest in a property and each owner has the right to leave their share of the property to a beneficiary upon their death.

This doesn’t mean you own separate parts, but that you have separate interest in the whole property.

Tenants in common can have different ownership interests, e.g. Smith may own 60% of a property and Michael may own 40%.