### Who can be tenants in common? - [x] Any number of people - [ ] Only two people - [ ] Only family members - [ ] Only married couples > **Explanation:** Tenants in common can be any number of people, and they do not have to be related. ### Do tenants in common need to have equal shares of a property? - [ ] Yes - [x] No > **Explanation:** Ownership of a property as tenants in common does not have to be equal. One person may own 50%, while two others own 25% each. ### When one tenant in common passes away, what happens to their share of the property? - [ ] It automatically goes to the other tenants in common - [x] It goes to whoever is designated in their will - [ ] It gets split among the remaining tenants in common - [ ] It is given to the state > **Explanation:** The deceased tenant in common's share of the property transfers to whomever is designated in their will. ### Can one tenant in common live in the property without the other tenants? - [ ] Yes - [x] No > **Explanation:** One or all tenants in common can live in the property, but none can be excluded from it. ### Can tenants in common sell their share of the property independently? - [x] Yes - [ ] No > **Explanation:** Each tenant in common holds an individual interest in the property and can sell or bequeath their share independently. ### What document determines where a deceased tenant in common's share goes? - [ ] A deed - [x] A will - [ ] A trust - [ ] A mortgage > **Explanation:** The deceased tenant in common's share transfers to whomever is designated in their will. ### Can tenants in common exclude others from using the property? - [ ] Yes - [x] No > **Explanation:** None of the tenants in common can exclude any other from using the property. ### Is it possible for tenants in common to have divided physical parts of the property? - [ ] Yes, each has their own section - [x] No, they have an undivided interest > **Explanation:** Tenants in common have an undivided interest in the property, meaning they share the property equally in terms of usage. ### Do tenants in common need to purchase the property at the same time? - [ ] Yes - [x] No > **Explanation:** Tenants in common can purchase their shares at different times and even from different sellers. ### Can a tenant in common bequeath their share of the property in a will? - [x] Yes - [ ] No > **Explanation:** A tenant in common can bequeath their share of the property to someone else through a will. ### Is financial liability divided equally among tenants in common? - [ ] Yes - [x] No > **Explanation:** Financial liabilities are usually proportional to each tenant in common's share of ownership in the property. ### When a property is sold, how are the proceeds divided among tenants in common? - [ ] Equally - [x] As per their ownership shares > **Explanation:** The proceeds from the sale of the property are divided according to each tenant in common's ownership share. ### Can tenants in common change their share percentages? - [x] Yes, through an agreement - [ ] No > **Explanation:** Tenants in common can modify their share percentages through a mutual agreement. ### What happens if a tenant in common wants to sell their share? - [ ] The other tenants in common must sell their shares too - [ ] They need permission from the others - [x] They can sell their share independently > **Explanation:** A tenant in common can sell their share independently without needing permission from the other tenants. ### Can tenants in common be forced to buy out another's share? - [ ] Yes - [x] No > **Explanation:** Tenants in common cannot be forced to buy out another's share. However, one tenant can offer to buy another's share. ### What type of tenancy allows each co-tenant a distinct, undivided share of the property? - [ ] Joint tenancy - [x] Tenants in common > **Explanation:** Tenants in common each hold an undivided share of the property, distinguishing it from joint tenancy where ownership is unified. ### Which feature is not associated with tenants in common? - [ ] Separate financial responsibility - [x] Right of survivorship - [ ] Unequal ownership shares - [ ] Can be bequeathed by will > **Explanation:** The right of survivorship is a feature associated with joint tenancy, not tenants in common. ### If there are four tenants in common, what happens if one passes away without a will? - [x] The deceased's share follows the state's inheritance laws - [ ] The share is divided equally among the remaining three - [ ] The other tenants decide who gets the share > **Explanation:** Without a will, the deceased tenant in common's share follows the state’s inheritance laws. ### How can one terminate a tenancy in common? - [x] All tenants in common can agree to sell the property - [ ] By one tenant selling their share - [ ] Automatically after a set period > **Explanation:** To terminate a tenancy in common, all tenants usually need to agree to sell the entire property or agree to buy each other's shares. ### What happens when all tenants in common agree to sell the property? - [x] The property is sold and proceeds are divided as per ownership shares - [ ] The property automatically gets transferred to the highest ownership share holder - [ ] The property ownership is transferred to nearest blood relative > **Explanation:** When all tenants in common agree to sell, proceeds are divided according to each tenant in common's ownership share. ### Can tenants in common have different financial investments in the property? - [x] Yes - [ ] No > **Explanation:** Tenants in common may have different financial investments and ownership shares in the property. ### What is another term used to describe tenants in common? - [ ] Joint proprietors - [ ] Equity stakeholders - [x] Co-owners > **Explanation:** Tenants in common are also known as co-owners of the property. ### Can a tenant in common lease their portion of the property? - [x] Yes - [ ] No > **Explanation:** A tenant in common can lease their interest in the property to a third party. ### In tenants in common, do all co-owners have an equal right to use the property? - [x] Yes - [ ] No > **Explanation:** Each tenant in common has equal right to use the entire property irrespective of their ownership share. ### Can the share of tenants in common be mortgaged? - [x] Yes - [ ] No > **Explanation:** Each tenant in common can mortgage their share of the property. ### How do tenants in common handle property taxes? - [x] Each is responsible according to their ownership percentage - [ ] They must divide taxes equally among them - [ ] The largest owner pays the taxes > **Explanation:** Responsibility for property taxes is usually proportional to each tenant in common's share of ownership. ### Can tenants in common have different investment timelines? - [x] Yes - [ ] No > **Explanation:** Tenants in common can have differing investment timelines as each owns a separate share of the property. ### How is decision-making handled in tenants in common? - [ ] By majority rule - [ ] By seniority - [x] Typically, unanimous consent is required > **Explanation:** Significant property decisions often require the unanimous consent of all tenants in common. ### What is one potential disadvantage of being tenants in common? - [x] Disagreements among co-owners on property management - [ ] Difficulty in selling an individual share - [ ] Compulsory transfer upon one's death > **Explanation:** Disagreements among co-owners about property management can be a notable disadvantage in tenants in common arrangements. ### Is probate required if a tenant in common dies? - [x] Yes - [ ] No > **Explanation:** Probate is required to transfer the deceased tenant in common's share according to their will or state laws. ### What legal form of ownership does not feature rights of survivorship? - [ ] Joint tenancy - [x] Tenants in common > **Explanation:** Tenants in common do not feature rights of survivorship, unlike joint tenancy. ### What kind of ownership do tenants in common have? - [ ] Exclusive possession of specific physical areas - [x] Undivided interest in the entire property > **Explanation:** Tenants in common hold an undivided interest, meaning they collectively own the property rather than specific areas. ### Can tenants in common be subject to a partition lawsuit? - [x] Yes - [ ] No > **Explanation:** A tenant in common can file a partition lawsuit to force the sale or division of the property. ### Which of the following is true about tenancy in common? - [x] It allows multiple owners each to hold a distinct share - [ ] It requires equal ownership shares - [ ] It prohibits ownership change without prior agreement from other tenants > **Explanation:** Tenancy in common allows multiple owners to hold distinct, and potentially unequal, shares of the property. ### Does each tenant in common need Title Insurance? - [x] It is recommended - [ ] No > **Explanation:** It is recommended but not mandatory for each tenant in common to have Title Insurance as they hold individual interest. ### How is partition handled in tenants in common? - [ ] Equally divided physical areas - **[ ] Court-ordered sale or division - [ ] Investors agreement to subdivide > **Explanation:** Courts may order a sale or division of the property in a partition action among tenants in common. ### When can tenants in common lose their property interest? - [ ] Automatically after 10 years - [x] If they individually sell their share > **Explanation:** Tenants in common can lose their property interest if they sell their share. ### Does a tenant in common need other tenants' approval to make changes to the property? - [x] Significant changes should typically be agreed upon - [ ] They can make changes unilaterally > **Explanation:** Significant changes in the property often need agreement from all tenants in common. ### Is it possible for tenants in common to convert their ownership to joint tenancy? - [x] Yes, through a legal agreement - [ ] No > **Explanation:** Tenants in common can convert to joint tenancy through a mutual agreement and legal processes. ### What is a primary advantage of tenancy in common for unrelated co-owners? - [ ] Guaranteed income from rental - [x] Flexibility in ownership shares > **Explanation:** Flexibility in ownership shares is a primary advantage for unrelated co-owners. ### If a property is owned by tenants in common, can one tenant in common use their share as collateral? - [x] Yes - [ ] No > **Explanation:** A tenant in common can use their individual share as collateral. ### Must all tenants in common be present to sign property documents? - [ ] Yes - [x] No, if they have legal representation - [ ] Yes, without exception > **Explanation:** All tenants in common do not need to be present to sign documents if they have appropriate legal representation. ### What are occupants known as when they hold undivided shares in property, regardless of their relationship? - [x] Tenants in common - [ ] Serial tenants - [ ] General tenants > **Explanation:** Occupants holding undivided shares are tenants in common, irrespective of their relationsh