Property Ownership
A tenant in common can convey their ownership interest:
AOnly with the consent of all other co-owners
BOnly through a court-ordered partition
CFreely, without the consent of other co-owners✓ Correct
DOnly upon their death through their will
Explanation
Tenants in common may each independently convey, mortgage, or devise their fractional interest without the consent of the other co-owners.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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