What does tenancy refer to in real estate?

Tenancy in real estate primarily refers to the holding or possession of property by any form of title, which encompasses various legal arrangements and relationships between individuals and property. This concept includes various forms of ownership, such as fee simple, leasehold, or joint tenancy, and not just ownership but also occupancy rights under different legal frameworks.

The essence of tenancy revolves around the right to use and possess property, irrespective of outright ownership. This can include tenants renting an apartment, co-owners sharing the ownership rights of the property, or individuals holding property through different forms of legal title. Thus, the understanding of tenancy is crucial for appraisers when evaluating property rights and functions in determining property value, making this option the most comprehensive and accurate representation of the term in real estate.