What are the two most common types of ownership?

• A. Sole Ownership; Tenancy by the Entirety
• B. Joint Tenancy; Tenancy in Common
• C. Community Property; Tenancy in Severalty
• D. Cooperative Ownership; Leasehold

Answer: (B)

Understanding forms of co-ownership: the two most common are joint tenancy and tenancy in common. Joint tenancy means all owners hold equal shares and there is a right of survivorship—if one owner dies, their interest passes automatically to the surviving owners. This relies on the four unities: time, title, interest, and possession—everyone's interest is acquired at the same time, in the same way, and with equal rights to use the property. Tenancy in common, on the other hand, allows owners to hold undivided interests that may be equal or unequal, and there is no right of survivorship. When someone dies, their share goes to their heirs or as dictated by a will, not automatically to the other co-owners. In practice, these two forms cover most multi-owner scenarios, while other arrangements like community property, tenancy by the entirety, or sole ownership describe different legal setups that aren’t as commonly used for typical Manitoba real estate co-ownership.