Final answer:
The type of ownership where Jim, Jill, and Jeri each have a divisible share and the right to sell, will, or possess their portion of the property is known as tenancy in common, an example of private property rights.
Step-by-step explanation:
When Jim, Jill, and Jeri take ownership of a Bakersfield home and hold their ownership concurrently, with Jim having the greatest proportion at 45%, Jill at 30%, and Jeri at 25%, and they each possess the right to individually possess, will, or sell their interest, this type of ownership is known as tenancy in common. In a tenancy in common, each owner has a divisible interest in the property, which can be transferred at will and passes to their heirs or beneficiaries. This form of property ownership contrasts with joint tenancies and tenancies by the entirety, which may include the right of survivorship.
This property ownership includes the right to enter into contracts with other parties with your property. Private individuals or firms must own the property to enter into a contract, highlighting the importance of private property rights in allowing for these transactions.
Historically, property rights have evolved, including the recognition of a woman's right to own and control property after marriage. This is reflected in historical codes and modern laws which affirm that property can be bequeathed and controlled according to the owner's wishes, as part of exercising their property rights.