Property Ownership
In North Dakota, a 'tenancy in common' allows each co-owner to:
ASell only with unanimous consent of all co-owners
BHold an undivided interest that can be separately sold, mortgaged, or willed✓ Correct
CReceive a right of survivorship automatically
DBlock other co-owners from selling their interests
Explanation
In a tenancy in common, each co-owner holds an undivided interest in the whole property. Each tenant in common can independently sell, mortgage, or devise their interest without the consent of other co-owners.
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Key Terms to Know
Tenancy in Common
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.
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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