What type of ownership involves two or more individuals of a single piece of property?

The correct choice reflects a type of ownership known as "tenancy in common," which allows two or more individuals to own a single piece of property together. In this arrangement, each co-owner, or tenant, holds an individual share of the property, and there are no rights of survivorship, meaning that if one co-owner passes away, their share can be transferred to their heirs or beneficiaries rather than automatically going to the other co-owners.

Tenants in common can also hold unequal shares, unlike joint tenants who must have equal stakes. This flexibility allows for various ownership agreements, making it a common choice for friends, family members, or business partners who want to invest in property together without the complexities often associated with joint tenancy.

The other ownership types differ significantly in structure and rights. Sole ownership pertains to a single individual holding full rights to the property. Joint tenancy implies a right of survivorship, meaning if one owner dies, their share automatically goes to the remaining owners. Community property typically applies to married couples and involves shared ownership of property acquired during the marriage, which also has different implications for ownership rights compared to tenants in common.