Which of the following best describes tenancy in common?
Correct Answer
B) Co-owners may hold unequal shares and there is no right of survivorship
Tenancy in common allows two or more people to co-own property with potentially unequal shares. Unlike joint tenancy, there is no right of survivorship — when a tenant in common dies, their interest passes to their heirs or through their will, not automatically to the other co-owners. Each co-owner may also freely transfer their individual interest.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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