In North Carolina, which of the following is a characteristic of tenancy in common?
Why Each co-owner holds an undivided interest that can be separately transferred Is Correct
Answer C: Each co-owner holds an undivided interest that can be separately transferred
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
Co-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.
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.
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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