The answer "b. their homes and a fraction share of all other community land" is the most accurate representation of ownership in a community grant. In this scenario, each owner has private ownership of their own homes, but they also have a shared ownership or a fractional share of the remaining community land. This means that while they have exclusive ownership over their individual homes, they also have a collective stake in the community land. This arrangement allows for both individual ownership and communal participation in the use and management of shared resources within the community.