Idaho Real Estate Practice Exam

Which type of concurrent ownership allows an owner to sell their portion of the property without consent from the other owners?

1. Joint tenants

2. Tenants in common

3. Community property

4. Life estates

The correct answer is: Tenants in common

The correct answer is Tenants in common. This form of concurrent ownership allows each co-owner to hold a separate and distinct share of the property. One of the key characteristics of tenants in common is that each owner has the right to sell, transfer, or encumber their share of the property without needing the consent of the other co-owners. This flexibility is beneficial for individuals who may wish to liquidate their investment or pass on their share through estate planning. In contrast, joint tenants typically have a right of survivorship, which means that if one joint tenant passes away, their share automatically transfers to the remaining joint tenants. Consequently, selling a joint tenant's share usually requires the agreement of all joint owners, making it more restrictive than tenants in common. Community property is a form of ownership that applies to married couples, where both spouses have equal ownership of property acquired during the marriage. In this case, selling or transferring the property usually requires both spouses' consent. Life estates grant ownership for the duration of a person's life, after which the property passes to a remainderman. The life tenant does not generally have the ability to sell the property without consent from the remainderman, which restricts ownership compared to tenants in common. Understanding