Which two forms of beneficial co-ownership are mentioned for property?

• A. Joint Tenancy (JT) and Tenants in Common (TIC)
• B. Sole ownership and Joint Tenancy
• C. Partnership and TIC
• D. Community ownership and JT

Answer: (A)

Beneficial co-ownership refers to when two or more people hold an interest in the same property. There are two recognized forms: joint tenancy and tenancy in common. In a joint tenancy, all owners have equal shares and there is a right of survivorship—on a co-owner’s death, their share passes to the surviving co-owners. In tenants in common, shares can be unequal, there is no right of survivorship, and each owner’s share passes to their own executors or heirs. The other options mix in unrelated concepts: sole ownership is just one person; partnership is a business structure, not a standard form of co-ownership of property; and “community ownership” is not the standard term used for this context. Therefore, the two forms mentioned for property are joint tenancy and tenancy in common.