Florida Broker Practice Exam

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Prepare for the Florida Broker Exam. Study with interactive quizzes, flashcards, and multiple choice questions that include hints and explanations. Ace your exam and start your real estate career today!

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What term describes property ownership shared by two or more persons?

Co-ownership
Joint tenancy
Leasehold
Tenancy in common

The correct answer is: Co-ownership

The term that describes property ownership shared by two or more persons is co-ownership. Co-ownership encompasses various forms of ownership structures where multiple individuals hold a legal right to the property. This arrangement can take different forms, including joint tenancy and tenancy in common, both of which are specific types of co-ownership. While joint tenancy involves co-owners having equal shares and the right of survivorship, tenancy in common allows for ownership shares that may vary among co-owners and does not provide the right of survivorship. Leasehold, on the other hand, refers to a different arrangement altogether where one party has the right to use and occupy a property owned by another party for a specified period under a lease agreement. Therefore, co-ownership is the broader term that accurately describes the general concept of shared property ownership among two or more people.