Maine Real Estate License Practice Exam

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If Dan sells his interest in the cottage, what statement about the ownership structure is true?

Sam and Chuck are joint tenants with rights of survivorship and are tenants in common with Brad
Sam, Chuck, and Brad are tenants in common
Sam, Chuck, and Brad are joint tenants
Dan's daughter holds survivor interest

The correct answer is: Sam and Chuck are joint tenants with rights of survivorship and are tenants in common with Brad

The ownership structure described supports the assertion that Sam and Chuck are joint tenants with rights of survivorship and that they are also tenants in common with Brad. This means that Sam and Chuck can each inherit the other's share upon death, which is a characteristic of joint tenancy. Conversely, when it comes to owning property with Brad, the relationship is defined as tenancy in common, where each owner has an individual share that can be sold or passed on without the agreement of the others. In this scenario, if Dan sells his interest in the cottage, the remaining interests and rights of ownership will be affected. Since Sam and Chuck have joint tenancy between them, they would maintain that right of survivorship. Brad's relationship with Sam and Chuck provides him a separate share as a tenant in common, ensuring that while he holds an interest in the property, he does not share the same rights of survivorship as Sam and Chuck. Thus, the ownership structure aligns with the first option provided.