If different persons have different interests in real property and took title at different times, how do they likely hold title?

Get ready for the Michigan Real Estate Salesperson Licensing exam. Study with multiple choice questions and hints, ensuring you're fully prepared for your exam!

When different persons hold varying interests in real property and acquired their ownership at different times, they typically hold title as tenants in common. This form of ownership allows each party to own a separate but undivided interest in the property. Each tenant has the right to possess the entire property, but their individual shares can differ in size and may also be sold or transferred independently without the consent of the other co-owners.

Tenants in common do not have the right of survivorship, meaning if one owner passes away, their share does not automatically go to the other owners but can be passed on to their heirs. This structure accommodates different ownership interests and acquisition times well, making it the ideal scenario for your question.

In contrast, joint tenancy requires all parties to have equal interests and to acquire their interests at the same time, which does not apply here. Tenancy by the entirety is a form of joint ownership that is only available to married couples, and common interest typically refers to developments with shared facilities or interests but does not specifically define a ownership structure like tenants in common does.

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