Introduction to Concurrent Ownership Self-Quiz

 

 

 

 

 

 

 

 

A difference between the relationship of co-tenants between each other and the relationship between a present interest holder and a future interest holder is that…
Choice 1 Co-tenants each own an interest in the property
 Choice 2 Co-tenants may sell their interest in the property
 Choice 3 Co-tenants each have the right to possess the property
 Choice 4 Co-tenants have a right to sue each other if one of them damages the property
Mr. Lodge is selling his house for $500,000. Jughead and Archie decide to buy it. Jughead pays Mr. Lodge $300,000 and Archie pays $200,000. Mr. Lodge conveys the house by a deed “to Archie and Jughead.” Which of the following is correct?
Choice 1 Archie and Jughead will definitely each get a one-half interest in the house.
 Choice 2 There is a presumption that Archie and Jughead will each get a one-half interest in the house, but that presumption can probably be overcome in this case
 Choice 3 There is a presumption that Jughead will get 60% of the house and Archie will get 40% of the house, but that presumption can be overcome in this case
 Choice 4 Jughead will definitely get a 60% interest in the house and Archie will definitely get a 40% interest in the house.
Archie owns a 75% interest in a seaside cabin. Jughead owns a 25% interest in the same cabin. Jughead and Archie both want to use the cabin over a weekend. Archie claims that, since he owns a 75% interest, he should have first shot at use of the cabin. Is he correct?
Choice 1 Yes, because he owns 75% of the cabin; so he always gets first shot at using the cabin
 Choice 2 Yes, but he must give Jughead first crack at the cabin 25% of the time
 Choice 3 No, neither gets first shot at using the cabin, but Jughead must pay Archie some rent money if he uses it because Archie owns most of the interest in the cabin
 Choice 4 No, because co- tenants share an equal right of possession even if one owns more than a one-half interest

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