In real estate, which type of ownership involves shared ownership and rights?

The correct choice involves joint tenancy, which is a form of shared ownership where two or more individuals hold property together with equal rights and obligations. In this arrangement, each tenant has the right to the whole property and not just a specific portion.

One of the defining characteristics of joint tenancy is the right of survivorship, meaning that upon the death of one joint tenant, their interest in the property automatically passes to the surviving tenant(s) rather than being included in the deceased’s estate. This creates a strong unity of ownership, as all parties have an equal stake in the property from the outset.

In contrast, sole ownership refers to property held by a single individual without shared rights. Tenancy in common also involves shared ownership but differs significantly from joint tenancy, as it does not include the right of survivorship; each tenant can own varying shares of the property, and their interest can be passed to heirs upon death. Leasehold, on the other hand, does not represent ownership of the property itself but rather a temporary interest in it, typically through a rental agreement.