Answered

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Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi transfers her one-quarter interest in the building to a private charity organization owned by Stella. Which form of concurrent ownership would allow Karen, Kelsey, and Rita to become the owners of the property following Lizzi's death without the inclusion of the private charity organization run by Stella?
a) a tenancy in common
b) a tenancy by entirety
c) a joint tenancy
d) a community property

Sagot :

Martebi

Answer:

Option C: A Joint tenancy

Explanation:

Joint Tenancy

This is simply a type of a concurrent estate. This is the process by which the cotenants have acquired four unities of title. That is the: the unity of Time, the unity of Title, the Unity of Interest and the Unity of Possession. The cotenants must received these unities from the same transferor(s) and each joint tenant is has equal right to the primary benefit of a joint tenancy such as the right of survivorship. It is the property that belongs to two or more people, even if married or unmarried.

This Joint tenancy deals with 2 or more tenants who owns the land altogether, in all. No tenant has more than the other.

The right of survivorship

It is stated that upon death of a joint tenant, the deceased's interest transfers straight to the surviving joint tenant or tenants-one less owner

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