Final answer:
In a tenancy-in-common arrangement, each owner has an undivided interest in the property, and survivorship rights do not apply. Equal ownership shares are not a characteristic of this type of ownership, and joint management of the property is not required.
Step-by-step explanation:
If a husband and wife own property as tenants-in-common, the correct statement is that each has an undivided interest in the property. The concept means that each owner has a personal share of the property, which could be equal or unequal in size, but there is no physical division of the property into separate parcels for each owner. Instead, all tenants-in-common share concurrent ownership rights to the entire property.
Option B, Survivorship rights, would not apply to tenancy-in-common as they typically characterize a joint tenancy. Under tenancy-in-common, when one owner dies, their interest in the property passes to their heirs or as directed by their will, not to the other tenant-in-common. Therefore, there are no survivorship rights in tenancy-in-common arrangements.
Options C and D also do not constitute features of tenancy-in-common. Ownership shares can be unequal, meaning that Option C (Equal ownership shares) is not inherently true. Similarly, Option D (Joint management required) is not a requirement in a tenancy-in-common. Each tenant-in-common has individual autonomy regarding their share of the property, although they must not interfere with the rights of the other tenants-in-common.
Answer: A) Each has an undivided interest