PSI Property Ownership Practice Exam 2026 - Free Property Ownership Practice Questions and Study Guide

Tenancy in common is characterized primarily by an undivided fractional interest in the property. This means that each co-owner holds a separate interest in the property that is not physically divided. Instead, all owners share access to the entire property, even if their ownership percentages differ. For example, one owner might have a 50% interest, while another has 30%, and a third has 20%. Each owner's rights to the property are equal in the sense that they can occupy and use the whole property, but their individual shares of ownership may vary.

This form of ownership also allows each owner to transfer their interest independently, which is a key aspect of tenancy in common. Unlike joint tenancy, there is no right of survivorship; when a co-owner dies, their share can be passed on to their heirs or sold, rather than automatically transferring to the other co-owners. This flexibility in how interests can be held and transferred is a significant feature of tenancy in common ownership.