easy · National Real Estate Exam
Two business partners, X and Y, own a commercial building as tenants in common, with X holding a (60)/(100) interest and Y holding a (40)/(100) interest. X dies intestate.
Which statement correctly describes the outcome?
- Y automatically acquires the (60)/(100) interest by survivorship.
- X's (60)/(100) interest passes to X's heirs according to state law.
- Y becomes the sole owner in severalty because the unequal shares prevented a joint tenancy from forming.
- The partnership is liquidated and the property must be sold by the state.
Sign up free to see the explanation and track your rank →
More National Real Estate Exam practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- A buyer makes a written offer to a seller. Two days later, before the seller has responded
- A contract for the sale of a property is signed. Before closing, the property is destroyed
- A contract for the sale of real estate that has been signed by both parties is valid, but
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim