Lloyd and Merilyn are married and own a farm in Nebraska in such a way that neither may transfer separately his or her interest during his or her lifetime.Lloyd and Merilyn own the farm as
A)community property owners.
B)joint tenants.
C)tenants by the entirety.
D)tenants in common.

Question

Quizplus · Accepted Answer

Tenants by the entirety is a form of joint ownership that only applies to married couples. It provides that each spouse owns an undivided interest in the property, but neither spouse has the right to sell or transfer their interest without the other's consent. This ensures that both parties have control over the property and must agree on any decisions related to the property. As such, this form of ownership matches the situation of Lloyd and Merilyn.

Lloyd and Merilyn Are Married and Own a Farm in Nebraska