California Real Estate Practice Exam

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What action is required to dissolve a tenants in common ownership if the owners cannot reach an agreement?

Liquidation
Partition
Dissolution
Arbitration

The correct answer is: Partition

A tenants in common ownership can be dissolved through a process called partition. This involves dividing the property into separate portions or selling it and then distributing the proceeds among the owners. Option A, liquidation, refers to the sale of all assets to pay off debts, and may not be appropriate or necessary in this situation. Option C, dissolution, is often used in the context of dissolving a business partnership, but may not necessarily apply to co-ownership of a property. Option D, arbitration, is a legal process used to resolve disputes, but it may not necessarily result in the dissolution of the ownership. In this scenario, partition would be the most practical and effective way to dissolve the tenants in common ownership when the owners cannot reach an agreement.