Massachusetts Real Estate License Practice Test

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Study for the Massachusetts Real Estate License Test. Prepare with multiple choice questions and explanations. Ace your exam with comprehensive practice!

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Which form of ownership allows different percentages of ownership among co-owners?

Joint Tenancy
Tenancy by the Entirety
Tenancy in Common
Community Property

The correct answer is: Tenancy in Common

The form of ownership that allows for different percentages of ownership among co-owners is Tenancy in Common. In this arrangement, each co-owner, or tenant in common, can own an unequal share of the property. This means that one co-owner might possess a 50% interest, while another might own only 25%, and a third co-owner could have a 25% share, reflecting their individual contributions or agreements regarding the property. This flexibility in ownership percentages is a key feature of Tenancy in Common, making it distinct from Joint Tenancy or Tenancy by the Entirety. In contrast, Joint Tenancy requires equal ownership shares among co-owners; if one owner sells or transfers their share, the joint tenancy is severed. Tenancy by the Entirety is specifically for married couples and also mandates equal shares. Community Property applies specifically to married couples and typically presumes equal ownership of property acquired during the marriage, barring specific exceptions. Thus, Tenancy in Common stands out as the only arrangement that accommodates varying ownership percentages among co-owners, providing a tailored approach to property ownership.