Property Ownership
Which form of co-ownership is only available to married couples in states that recognize it?
AJoint tenancy
BTenancy in common
CTenancy by the entirety✓ Correct
DCommunity property
Explanation
Tenancy by the entirety is a form of co-ownership available only to legally married couples in states that recognize it. Georgia does not recognize tenancy by the entirety.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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