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. Each tenant in common holds a separate, undivided interest in the whole property and may sell, transfer, or will their share independently. There is no right of survivorship — when a tenant in common dies, their interest passes through their estate, not automatically to the other co-owners.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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.
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