46. How is title to a property held if one owner holds 75 percent interest and a second owner holds 25 percent?
Answer: C
Title to the property is held as tenancy in common.
In this scenario, one owner holds a 75 percent interest while the second owner holds a 25 percent interest, indicating that they share ownership without equal shares. This arrangement is characteristic of tenancy in common.
A) joint tenancy
Joint tenancy involves equal ownership shares among all owners, along with the right of survivorship. Since one owner holds a 75 percent interest and the other only 25 percent, this form of ownership does not apply.
B) tenancy in severalty
Tenancy in severalty refers to ownership of property by a single individual. In this case, there are two owners, so this option is not applicable.
C) tenancy in common
Tenancy in common allows two or more owners to hold different percentages of a property. In this situation, one owner has a 75 percent interest and the other has a 25 percent interest, making this the correct form of ownership.
D) tenancy by the entirety
Tenancy by the entirety is a form of joint ownership available only to married couples, where both spouses have equal rights to the property. Since there is no indication that the owners are married or that they have equal shares, this option is incorrect.
Conclusion
The ownership structure described fits the definition of tenancy in common, where different percentages of ownership are held by multiple parties. All other options fail to apply due to the specific ownership interests not being equal or the presence of only one owner. Thus, tenancy in common is the definitive answer to how the title to the property is held.