Final answer:
The third type of co-ownership in property, alongside community property and tenancy in common, is joint tenancy, characterized by equal shares and the right of survivorship.
Step-by-step explanation:
The three types of co-ownership in property are community property, tenancy in common, and the third is joint tenancy. In a joint tenancy, each owner has an equal share and the right of survivorship, meaning that when one owner dies, their share automatically passes to the other owners without the need for probate. This is in contrast with tenancy in common, where each owner can have a different share and there's no right of survivorship; and community property, which typically applies to property acquired by a married couple during the marriage.