Property Ownership
A co-ownership arrangement between two friends buying a Utah vacation cabin should clearly state in the deed:
AThat it is a partnership
BWhether they hold as joint tenants with right of survivorship or tenants in common✓ Correct
CThat the cabin is for personal use only
DThe management responsibilities of each owner
Explanation
Friends purchasing together should explicitly choose their form of co-ownership. Joint tenancy includes right of survivorship (the surviving co-owner inherits).
People Also Study
Related Utah Questions
- In Utah, which form of co-ownership is most commonly used by married couples and includes survivorship rights?Property Ownership
- Utah recognizes joint tenancy with right of survivorship. When one joint tenant dies, their interest:Property Ownership
- A Utah property owner who grants a neighbor the right to use a path across their property for hiking has created:Property Ownership
- In Utah, when a married couple purchases a home, the most common form of ownership that provides survivorship rights is:Property Ownership
- Utah's state planning enabling legislation allows local governments to:Land Use & Zoning
- In Utah, a real estate licensee who is also a principal in a transaction (buying or selling their own property) must:Utah License Law
- In Utah, which type of listing gives the seller the right to sell the property themselves without paying a commission?Utah License Law
- In a Utah buyer representation agreement, if the buyer finds a property on their own without the agent's assistance, does the buyer still owe the agent a commission?Agency
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Study This Topic
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →