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 is a form of co-ownership in Iowa where each owner holds a separate, divisible interest that may be equal or unequal in size. There is no right of survivorship — when a tenant in common dies, their share passes through their estate to their heirs or devisees, not automatically to the other co-owners. Each co-owner may also sell or transfer their individual share independently.
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Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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