Which of the following accurately describes Tenancy in Common?

Tenancy in Common is a form of concurrent ownership where two or more individuals hold title to a property. The correct answer highlights a key characteristic of Tenancy in Common: there is no right of survivorship. This means that if one owner dies, their share of the property does not automatically pass to the surviving owner(s). Instead, it becomes part of the deceased's estate and can be transferred according to their will or state succession laws.

In contrast, the other choices are not accurate representations of Tenancy in Common. Ownership in this arrangement does not require equal shares among all owners; different percentages of ownership can be established as agreed upon by the co-owners. Since the share does not have to be equal, it contradicts the idea that all owners must possess the property equally. Furthermore, ownership can be freely transferred or inherited by an heir, which undermines the notion that ownership cannot be transferred to heirs. Thus, the absence of the right of survivorship is the defining feature that validates the choice made.