Question

A property has three owners. These parties own 10%, 20%, and 70% interest, respectively. What type of ownership do they have?

A) Tenancy by the entirety
B) Joint tenancy
C) Tenancy in common
D) Community property

Answer 1

The type of property ownership where parties own different percentage interests is called Tenancy in common.

Step-by-step explanation:

The type of ownership where property is owned by multiple parties in different percentages is known as Tenancy in common. Each owner has a divisible interest that can be different in size, as is the case where they own 10%, 20%, and 70% interest respectively. This type of ownership allows one party to sell their interest without the consent of the others, and there is no right of survivorship.