Property Ownership
Tenants in common in Oklahoma differ from joint tenants primarily because tenants in common:
AMust hold equal shares
BHave the right of survivorship
CCan hold unequal shares and pass their interest by will✓ Correct
DMust be related by blood or marriage
Explanation
Tenants in common can hold unequal percentage interests and may pass their share to heirs through a will or intestate succession. There is no right of survivorship in tenancy in common, unlike joint tenancy.
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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.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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