Property Ownership
When Missouri farmland is passed through a will to multiple heirs, the most likely ownership type created is:
AJoint tenancy
BTenancy in common with each heir holding undivided interests✓ Correct
CTenancy by the entirety
DFee simple to the oldest heir
Explanation
When Missouri farmland (or any real property) passes to multiple heirs through a will or intestacy without specifically designating survivorship rights, the heirs typically hold the property as tenants in common — each with an undivided interest proportional to their share.
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Key Terms to Know
Joint Tenancy
Co-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.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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.
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