Question

When Jim, Jill, and Jeri take ownership to a Bakersfield home, they hold their ownership concurrently. Jim has the greatest proportion, with 45%, while Jill holds 30% and Jeri the last 25%. They each have the right to individually possess, will, or sell their interest. This is known as?

Answer 1

Tenancy in Common

Step-by-step explanation:

A common tenancy (TIC) is among three forms of concurrent property (defined as a common-owned property in which each owner owns a share of the estate). The other two styles are a joint tenancy and tenancy by the entirety.

A common tenancy does not typically have the right to survivorship. It means that if A and B are shared tenants of an Estate, and A dies, then A's share will not go to B. Rather, the share of A goes to the selected party in the will of A.