Maryland Home Improvement PSI Practice Exam

Which term describes the unequal ownership of property by multiple owners?

1. Joint tenancy

2. Tenants in common

3. Community property

4. Life estate

The correct answer is: Tenants in common

The term that best describes the unequal ownership of property by multiple owners is tenants in common. In this arrangement, each owner holds a specific share of the property that can be unequal in size or value, meaning that one owner might have a larger percentage of ownership compared to another. This type of ownership allows flexibility for the co-owners to independently sell, transfer, or will their share to someone else without needing the consent of the other owners. In contrast, joint tenancy involves co-owners having equal shares and includes the right of survivorship, meaning that upon the death of one co-owner, their interest automatically passes to the remaining co-owners. Community property typically refers to a form of joint ownership between married couples, where both partners equally own any property acquired during the marriage, regardless of who purchased it. A life estate grants a person the right to use and enjoy a property during their lifetime, after which the property ownership passes on to another individual, which does not relate to the concept of multiple ownership.