Property Ownership
In Oregon, which of the following describes a 'tenancy in common'?
ATwo or more co-owners each hold an equal, undivided interest with right of survivorship
BTwo or more co-owners each hold an undivided fractional interest, which may be unequal, and which passes to their heirs upon death✓ Correct
CA tenancy reserved only for business partners
DA temporary tenancy lasting only 1 year
Explanation
Tenancy in common allows two or more owners to hold undivided fractional interests that need not be equal. There is no right of survivorship — a tenant in common's interest passes to their heirs or as directed by their will upon death, not to the 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.
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.
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