What are the main types of property ownership?

The main types of property ownership encompass various legal structures that dictate how ownership rights are shared or held among individuals or entities. The correct choice highlights freehold, leasehold, joint tenancy, and tenancy in common as the primary forms of property ownership recognized in real estate.

Freehold ownership refers to ownership of real property that is not bound by time limits; the owner has full ownership rights for an indefinite period. Leasehold, on the other hand, denotes a property interest that is limited in time and typically involves renting the property from a freeholder. Joint tenancy allows two or more individuals to hold title to a property together, featuring rights of survivorship, meaning that if one owner passes away, their share automatically transfers to the surviving owner(s). Tenancy in common allows multiple owners to hold ownership shares in a property, which may be unequal, and there are no rights of survivorship—each owner's share can be passed on to heirs.

In contrast, the other options present alternatives that either mischaracterize types of property ownership or include categories that don’t typically apply to real estate ownership structures. Recognizing the distinct characteristics of fee simple, lease, joint use, and communal in the first option shows some understanding but lacks the formal terminology used in legal contexts