In a tenancy in common, what is a key characteristic regarding ownership shares?

In a tenancy in common, a key characteristic is that ownership shares can indeed be unequal and are not required to correspond to physical divisions of the property. Each tenant in common has a separate and distinct share of the entire property, which can vary in size and percentage. This means that one owner may have a larger or smaller stake in the property compared to others, based on their investment or other agreements made among them.

This flexibility allows for various arrangements of ownership, where individuals can invest different amounts or receive different portions of the property without needing to divide the physical space or asset. It contrasts with other forms of ownership, such as joint tenancy, where co-owners typically have equal shares and rights.

The other options do not accurately represent the nature of a tenancy in common. Ownership does not need to be equal, joint decisions are not mandatory among all owners, and while interests can be passed to heirs, this is not exclusive to this form of ownership and doesn't capture the essence of how shares work in tenancy in common.