Question

Sam and nancy bought a store building and took title as joint tenants. nancy died testate sam now owns the store?

A) Enhances individual control
B) Promotes collective decision-making
C) Requires external management
D) Prevents transfer of ownership.

Answer 1

In joint tenancy, when one co-owner dies, their share automatically goes to the surviving joint tenant(s).

Step-by-step explanation:

In the scenario described, Sam and Nancy took title as joint tenants for the store building they bought. Joint tenancy is a form of property ownership where co-owners have equal rights to the property. When one joint tenant dies, their share automatically goes to the surviving joint tenant(s). So, when Nancy died testate (with a valid will), Sam now owns the store fully as the surviving joint tenant.