Asked by Kiran Preet on Sep 30, 2024
Homer and Marge bought Blueacres as tenants in common with equal shares of ownership.One year later,Homer died,leaving a will in which he left his interest in Blueacres to his son,Bart.Under these circumstances:
A) Marge will acquire complete ownership of the property.
B) Marge and Bart own the property as tenants in common.
C) Bart will be considered Marge's tenant on rent.
D) Marge and Bart are co-owners,but Marge has the right to exclusive possession.
Tenants in Common
A form of co-ownership where each party owns a separate and undivided interest in the property, and upon death, their share passes to their heirs or estate, not the other co-owners.
Equal Shares
The division of assets, resources, or obligations equally among all involved parties.
Ownership
The legal right or title to an asset or property, giving the owner control over its use, disposition, and the benefits that come from it.
- Learn about the dynamics and ramifications of transferring property interests, through avenues such as deeds and inheritance.
- Attain an understanding of the legal bases for property ownership and its succession, with a focus on joint tenancy, tenancy in common, and tenancy by the entirety.
Learning Objectives
- Learn about the dynamics and ramifications of transferring property interests, through avenues such as deeds and inheritance.
- Attain an understanding of the legal bases for property ownership and its succession, with a focus on joint tenancy, tenancy in common, and tenancy by the entirety.