What is a key characteristic of tenancy in common?

Study for the Rhode Island Real Estate Sales Test. Access multiple choice questions with detailed explanations. Prepare effectively and ace your exam with confidence!

A key characteristic of tenancy in common is the concept of undivided fractional interest. This means that each co-owner holds a separate ownership interest in the property, but these interests are not physically divided. Instead, each owner has the right to use and occupy the entire property, regardless of the size of their ownership share. For example, one co-owner might hold a 50% interest, while another holds 25%, and a third holds 25%, but each has equal access to the whole property.

This arrangement allows for flexibility in ownership percentages and does not require that the shares be equal, unlike joint tenancy, which has a right of survivorship aspect. In tenancy in common, if one owner passes away, their share will not automatically transfer to the remaining owners, further distinguishing it from joint tenancy. There are no restrictions on the number of owners in a tenancy in common either, which highlights the democratic and flexible nature of this ownership structure.

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