Question

Glen, Ryan, and Pierce co-own property as joint tenants. Pierce sells his share to Grace. What form of co-ownership is this?

A) Tenancy in common
B) Joint tenancy with right of survivorship
C) Community property
D) Tenancy by the entirety

Answer 1

The form of co-ownership in this situation is Tenancy in common.

Step-by-step explanation:

The form of co-ownership in this situation is Tenancy in common.

In tenancy in common, each person owns a separate and distinct share of the property. When Pierce sells his share to Grace, she becomes a co-owner with Glen and Ryan, and they each own a specific percentage of the property. Unlike joint tenancy with right of survivorship, tenancy in common does not have the right of survivorship, so if one co-owner dies, their share does not automatically pass to the remaining co-owners.