A form of co-ownership where two or more parties hold undivided, possibly unequal interests with no right of survivorship.
Why Tenancy in Common matters on the exam
This term belongs to Property Ownership. The questions below are real items from Freehold's bank that use it - each one cites its source.
Exam questions using Tenancy in Common
Every Freehold question shows why the right answer is right — and cites its source.
Which of the following is a distinguishing characteristic of a tenancy in common?
Each co-owner may sell or will their undivided interest independently
Ownership automatically passes to the surviving co-owners at death
All co-owners must hold equal ownership shares
All co-owners must acquire title at the same time
Show answer & explanation
Each co-owner may sell or will their undivided interest independently — Tenants in common hold undivided interests that can be unequal, acquired at different times, and each interest may be sold, mortgaged, or willed independently. There is no right of survivorship.
Source: PSI National Real Estate Exam Content Outline §1 Property Ownership
The defining feature that distinguishes joint tenancy from tenancy in common is:
Joint tenants must be legally married to each other
Joint tenancy allows the co-owners to hold unequal ownership shares
Joint tenancy can only be created through a will
Joint tenancy includes the right of survivorship
Show answer & explanation
Joint tenancy includes the right of survivorship — Joint tenancy's right of survivorship automatically passes a deceased joint tenant's interest to the surviving joint tenant(s) outside of probate, which tenancy in common does not provide.
Source: PSI National Real Estate Exam Content Outline §1 Property Ownership
When a single individual or a single legal entity owns property with no co-owners, the ownership is described as:
Tenancy in common
Ownership in severalty
Joint tenancy
Community property
Show answer & explanation
Ownership in severalty — Ownership in severalty means title is held solely by one owner, whether an individual or an entity such as a corporation, with no other party sharing title.
Source: PSI National Real Estate Exam Content Outline §1 Property Ownership
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