Bill and Mike go in together to purchase 342 acres of land to use for hunting and family vacations. Ten years later, Bill dies and Bill's wife wants to sell his half of the land. Mike informs her that, unfortunately, she has no claim to the land and that upon Bill's death, his ownership interest transferred to Mike. What type of co-ownership did Bill and Mike have?
A) Tenancy by the entireties
B) Tenancy in common
C) Joint tenancy
D) Condominium

Question

Quizplus · Accepted Answer

Bill and Mike had joint tenancy, which means that upon Bill's death, his ownership interest automatically transferred to Mike instead of going to Bill's wife. This is one of the key features of joint tenancy, and it distinguishes it from other forms of co-ownership such as tenancy in common.

Bill and Mike Go in Together to Purchase 342 Acres