Florida Real Estate Practice Exam

Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?

1. Barbie and Midge each own 50%.

2. Barbie and Skipper each own 50%.

3. Barbie, Midge, and Ken's heirs each own one-third.

4. Barbie owns two-thirds, and Midge owns one-third.

The correct answer is: Barbie owns two-thirds, and Midge owns one-third.

This is because when Skipper sold her interest to Midge, she became a joint tenant with Barbie. This means that they each own an equal share of the property. When Ken died, his interest in the property passed to Barbie and Midge as joint tenants. This means that Barbie now owns two-thirds of the property (her original 50%, plus Ken's 50%, which he inherited from Skipper). Midge owns the remaining one-third. Option A is incorrect because it only accounts for Barbie and Midge's current ownership, and not the fact that Ken's interest passed to them through joint tenancy. Option B is incorrect because Skipper's original 50% would have been divided between Barbie and Ken, not just Barbie. Option C is incorrect because it does not take into account the joint tenancy between Barbie, Midge, and the late Ken.