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

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

Answer: (B)

Co-ownership of real property among multiple people is most clearly described by a form that includes a right of survivorship—the idea that when one owner dies, the surviving owners automatically add the deceased’s share. This is the hallmark of joint tenancy. In joint tenancy, all owners hold equal interests and the property is viewed as a single estate with four unities: possession, interest, title, and time. Because of the right of survivorship, a deceased owner’s share doesn’t go through the will or the probate process; it passes directly to the surviving owners.

It’s helpful to contrast this with other forms. Tenants in common also involve two or more owners, but they do not have a right of survivorship; each owner has a separate, transferable interest that can be unequal and can be inherited or bequeathed. Community property refers to a marital form predominant in certain states, where spouses typically own equal halves of assets acquired during marriage (with nuances). A prenuptial agreement is a contract that can affect ownership rights but is not itself a form of ownership.

So, the term that best fits “two or more people own property together” in the sense highlighted by co-owners who automatically succeed to a deceased owner’s interest is joint tenancy.