Property Ownership
When a joint tenant sells or transfers their interest, the new owner becomes:
AA joint tenant with the remaining owners
BA tenant in common with the remaining joint tenants✓ Correct
CA remainderman under a life estate
DA sublessee with no ownership rights
Explanation
When one joint tenant conveys their interest to a third party, the right of survivorship is severed for that interest; the new owner becomes a tenant in common with the remaining joint tenants.
People Also Study
Related Indiana Questions
- A tenant in an Indiana commercial building experiences a flood from a burst pipe in the common area that damages their inventory. The lease includes a 'waiver of subrogation.' This means:Property Management
- The Right of Reasonable Modification under the Fair Housing Act means a tenant with a disability may modify their dwelling at their own expense, but the landlord may require:Fair Housing
- Indiana law provides that when a joint tenant's interest is encumbered by a judgment lien, it may:Property Ownership
- An Indiana property owner who grants an agricultural lease to a tenant farmer for 10 years retains which interest?Property Ownership
- Tenancy in common differs from joint tenancy in that tenancy in common:Property Ownership
- Indiana recognizes which form of co-ownership that creates a right of survivorship?Property Ownership
Key Terms to Know
Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Study This Topic
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →