Let x = number of hours it takes for both to paint the house
1/16 = portion of house painted by Tom in 1 hour
1/12 = portion of house painted by Bob in 1 hour
1/x = portion of house painted by both in 1hour
1/16 + 1/12 = 1/x
Multiply by 48x (the LCD): 3x + 4x = 48
7x = 48
x = 48/7 hours