Which term describes a form of ownership of real property in which two or more people own property together?

Which term describes a form of ownership of real property in which two or more people own property together?

• A. Tenants in common
• B. Basis
• C. Community property
• D. Joint tenancy

Answer: (D)

Joint tenancy describes a form of ownership where two or more people hold real property together with the right of survivorship. That right means if one owner dies, the surviving co-owners automatically inherit the deceased’s share, avoiding probate for that portion. For a joint tenancy, the owners must share equal interests, hold title at the same time, have equal rights to possess the whole property, and hold the same type of interest—the four unities. This setup is what makes joint tenancy a distinct way for multiple people to own property together with survivorship at its core. Tenants in common is another co-ownership form but lacks survivorship, so a decedent’s share goes to heirs or according to a will, and shares can be unequal. Community property is a state-specific regime primarily for married couples (with its own rules, sometimes including survivorship). The key feature of joint tenancy—right of survivorship—sets it apart as the typical answer when two or more people own property together.

Joint tenancy describes a form of ownership where two or more people hold real property together with the right of survivorship. That right means if one owner dies, the surviving co-owners automatically inherit the deceased’s share, avoiding probate for that portion. For a joint tenancy, the owners must share equal interests, hold title at the same time, have equal rights to possess the whole property, and hold the same type of interest—the four unities. This setup is what makes joint tenancy a distinct way for multiple people to own property together with survivorship at its core.

Tenants in common is another co-ownership form but lacks survivorship, so a decedent’s share goes to heirs or according to a will, and shares can be unequal. Community property is a state-specific regime primarily for married couples (with its own rules, sometimes including survivorship). The key feature of joint tenancy—right of survivorship—sets it apart as the typical answer when two or more people own property together.