Timmy and June Owned a House in a Joint Tenancy

question 61

Multiple Choice

Timmy and June owned a house in a joint tenancy. Timmy died and in in his will, left his share of the property to his estranged wife Mavis. Mavis is insisting on moving into the property but June has objected to this. Which of the following statements most accurately describes the legal position?

• A)Mavis is now a joint tenant of the property with June.
• B)Mavis will not have an interest in the property until June dies.
• C)Mavis cannot be legally excluded from the property as she is now a part owner of it.
• D)Mavis has no ownership interest in the property.
• E)Both A and C

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Definitions:

Hicks Version

Refers to a model or approach in economics that elaborates on how consumer demand for goods is affected by changes in income and substitution effects.

Income and Substitution Effects

The changes in consumer behavior resulting from changes in relative prices and purchasing power, affecting choices between goods.

Utility Function

A mathematical representation of how a series of choices provides different levels of happiness or satisfaction to an individual or entity.

Budget Constraint

An economic model that represents all the combinations of goods and services that a consumer can afford, given their income and prices of goods.