John and Edward own property in Toronto.Edward owns 45 percent of the property,and John owns the remaining 55 percent.Both John and Edward can deal with their respective interests in the property at any time without the consent of the other.In this case,John and Edward own the property as
A)joint tenants.
B)tenants in common.
C)remaindermen.
D)servants.
E)licencees.

Question

Quizplus · Accepted Answer

The fact that John and Edward each own a specific percentage of the property and can deal with their interests separately indicates that they own the property as tenants in common. In joint tenancy, both parties own an equal share of the property and have a right of survivorship, meaning that if one party dies, their share automatically transfers to the surviving party. The terms remaindermen, servants, and licensees do not apply to this type of property ownership.

John and Edward Own Property in Toronto