PSI Oklahoma Real Estate Practice Test

What type of ownership involves two or more people sharing equal title to a property?

1. Tenancy in common

2. Joint tenancy

3. Estate in severalty

4. Fee simple

The correct answer is: Joint tenancy

Joint tenancy involves two or more people sharing equal title to a property, with each co-owner having an identical share of the property. One of the defining features of joint tenancy is the right of survivorship; if one owner passes away, their share automatically transfers to the remaining co-owners, rather than being passed on through the deceased's will or estate. This creates a strong equal partnership among owners, with shared rights and responsibilities regarding the property. In contrast, tenancy in common allows for ownership shares that can be unequal, and there is no right of survivorship—each owner's interest can be passed on according to their will. Estate in severalty refers to ownership by a single individual, which doesn't apply in the context of multiple owners. Fee simple is a type of ownership that refers to the most complete ownership interest in real estate and can be held by an individual or multiple owners, but it does not specifically indicate equal title among multiple owners. Therefore, joint tenancy is the most accurate answer to the concept of shared equal title among multiple owners.