Which form of concurrent ownership involves two or more owners holding undivided interests with no right of survivorship?

• A. Joint tenancy
• B. Tenancy in common
• C. Tenancy by the entirety
• D. Cooperative ownership

Answer: (B)

Undivided interests with no right of survivorship describe tenancy in common. In this arrangement, two or more owners share ownership of property and possess the whole in common, but each has a defined, but possibly unequal, fractional interest. There is no automatic transfer of a deceased owner’s interest to the other co-owners—the deceased’s share goes to their heirs or as directed by a will. Each owner can sell or otherwise transfer their own interest without the consent of the others, which can change who holds what share in the property. This lack of survivorship and the ability to have unequal shares are the defining features that set tenancy in common apart from other concurrent ownership forms.

For contrast, joint tenancy includes a right of survivorship, so when one co-owner dies, their interest passes to the surviving co-owners. Tenancy by the entirety is a form of ownership for married couples that also includes survivorship. Cooperative ownership involves owning shares in a corporation that holds title to the property, rather than owning an undivided interest in the real estate itself.