Washington State Real Estate Practice Exam

Which type of property ownership involves a specific portion of real property being owned by more than one individual simultaneously?

1. Joint Tenancy

2. Tenancy in Common

3. Leasehold Estate

4. Life Estate

The correct answer is: Tenancy in Common

In Washington State, as well as in many other jurisdictions, the concept of property ownership where multiple individuals simultaneously hold ownership rights to a specific portion of real property is known as Tenancy in Common. This form of ownership allows each co-owner to hold a distinct, undivided interest in the property, which means that while they share ownership, each person’s rights to use and enjoy the property are equal, regardless of the size of their individual shares. One key characteristic of Tenancy in Common is that each owner can transfer their share independently without needing the consent of the other owners. This flexibility is important, as it allows for more straightforward estate planning and the ability to sell or gift one's share. Moreover, when a tenant in common dies, their interest in the property does not automatically transfer to the other co-owners, but instead, it becomes part of their estate subject to their will or state succession laws. While Joint Tenancy also involves multiple individuals owning property simultaneously, it differs significantly in that it includes the right of survivorship, meaning if one tenant dies, their share automatically passes to the surviving co-owners. The other answer choices, such as Leasehold Estate and Life Estate, relate to different concepts of property interest and do not specifically involve