BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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equal rights of possession
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the right of partition
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both the right of possession and partition
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none of the above
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Detailed explanation-1: -Tenancy in common is the default form of co-ownership in most states. A deed to two or more persons is presumed to create a tenancy in common unless the deed specifies otherwise.
Detailed explanation-2: -But what does jointly mean in terms of property ownership and why should you care? There are two types of property ownership; property can be held as either joint tenants or tenants in common.
Detailed explanation-3: -A partition is a division of a property held jointly by several persons, so that each person gets a share and becomes the owner of the share allotted to him. It is done by dividing the property according to the shares to which each of the parties is entitled to in law as applicable to them.
Detailed explanation-4: -Ownership is the right that grants an object to a person in a manner that the thing belongs to that individual. Ownership can be considered as a fact that one can prove through the property title. Possession. Possession can be defined as physical control or custody of any object. Possession isn’t the same as ownership.