Property Ownership

Which of the following is a characteristic of tenancy in common in Georgia?

AEqual shares required

BRight of survivorship

CUndivided interest but no right of survivorship✓ Correct

DOnly available to married couples

Explanation

Tenancy in common allows co-owners to hold unequal shares with no right of survivorship. Each tenant's interest passes through their estate upon death rather than to the surviving co-owners.

People Also Study

Key Terms to Know

Joint Tenancy

Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.

Tenancy in Common

Co-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.

Fee Simple

The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.

Discount Points

Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.