What are the three major types of ownership forms in real estate?

The three major types of ownership forms in real estate are indeed sole ownership, joint tenancy, and tenancy in common. These ownership structures define how property is held and the rights of the owners involved.

Sole ownership refers to a situation where one individual has full legal title to a property, giving them complete control and responsibility over it. This form is straightforward, as it involves only one person making decisions regarding the property's use, management, and eventual sale.

Joint tenancy allows two or more individuals to own a property together with equal shares and rights. A key characteristic of joint tenancy is the right of survivorship, meaning that if one owner dies, their share automatically passes to the surviving owners, rather than being inherited by heirs.

Tenancy in common is another co-ownership form where two or more individuals hold title to a property, but unlike joint tenancy, owners can have unequal shares. Each tenant in common has the right to transfer their portion to heirs or sell it independently, and there is no right of survivorship.

The other options do not accurately represent the primary forms of real estate ownership. Leasehold, rental, and cooperative describe different ways to occupy or use property rather than forms of ownership. Similarly, franchise ownership, corporate ownership, and sole propriet