Property Ownership
Which type of co-ownership is most common between married spouses and provides each spouse with equal undivided interest and right of survivorship?
ATenancy in common
BTenancy in partnership
CJoint tenancy✓ Correct
DCommunity property
Explanation
Joint tenancy with right of survivorship is commonly used by spouses. Each joint tenant has an equal, undivided interest, and upon the death of one joint tenant, their share passes automatically to the surviving joint tenant(s).
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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 CommonCo-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.
Community PropertyIn community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
State-Specific Concepts
Community Property
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