Ted Is the Only Person Who Holds Title to a House

question 69

Multiple Choice

Ted is the only person who holds title to a house. He does not have to consult with anyone to determine how the house can be used. He is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the house. This is an example of _____.

• A) joint tenants with right of survivorship
• B) sole ownership
• C) tenants in common
• D) tenants by the entirety

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Definitions:

Withdraws

The act of removing funds from an account or the business use of assets by owners, reducing the capital or equity amounts.

Remaining Partners

The partners who continue the partnership business after one or more partners leave or are removed.

Noncash Assets

Assets owned by a business that are not in the form of cash but can potentially be converted into cash, such as inventory and equipment.

Book Value

The net value of a company's assets minus its liabilities, often used to determine a company's value should it decide to liquidate.