Which form of concurrent ownership allows co-owners to hold unequal undivided shares and does not include an automatic right of survivorship unless created separately?
Correct Answer
C) Tenancy in common
Tenancy in common is the flexible default co-ownership form. Co-tenants may hold unequal undivided shares, and when one dies that share generally passes by will or intestacy rather than automatically to the other co-owners.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
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