Chapter 3

Question 1

Joint Tenancy and Shares

Answer 1

Tom, Sam, and Ben have chosen to take title to property in joint tenancy coupled with the right of survivorship. If Ben sells his 1/3 interest to Will, Will becomes a tenant in common with Tom and Sam retaining their interests as joint tenants. If Tom, Sam and Will all agree, a new joint tenancy could be created among the three, by signing new documents.

Question 2

Condominium Ownership

Answer 2

Allows multiple owners to hold fee simple title to their individual units. All other parts of the land and buildings are shared and used in common with the other owners.

Question 3

Quiz #2: A joint tenancy would be changed to a tenancy in common by…

Answer 3

One of two joint tenants selling his/her interest to a third person.

Question 4

Smith, Jones, and Black are joint tenants. Smith sells his interest to White. With regard to this conveyance:

Answer 4

White owns a one-third interest as a tenant in common with Jones and Black who still own one-third each as joint tenants.