When different persons have different interests in real property and have taken title at different times, how are they likely holding title?

Disable ads (and more) with a premium pass for a one time $4.99 payment

Prepare for the Michigan Real Estate Salesperson Test. Study with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your exam!

When different persons have different interests in real property and have taken title at different times, they are most likely holding title as tenants in common. This form of ownership allows multiple individuals to hold interests in the same property, with each party having the ability to own varying percentages of the property. Notably, tenants in common do not have to share equal interests; one tenant can own a larger share than another.

This arrangement also permits each tenant to independently transfer or sell their interest without the need for the consent of the other owners, which is a key characteristic that distinguishes tenants in common from other forms of property ownership. Additionally, in the event of a tenant's death, their share of the property does not automatically pass to the other co-owners but can be inherited by their heirs, further emphasizing the flexible nature of tenants in common.

On the other hand, joint tenancy requires that all owners have equal interests and takes title at the same time, which does not apply to this scenario. Tenancy by the entirety is a form of joint ownership available only to married couples, while community property typically applies to property acquired during a marriage and recognizes equal ownership for spouses. Thus, given the conditions of differing interests and the possibility of having taken title at different times,

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy