Which of the following is NOT a type of real estate ownership?

The correct answer is that a short-term lease is not considered a type of real estate ownership. Instead, it is a rental agreement where the tenant occupies the property for a specified short duration, typically less than a year. In a lease, the tenant has the right to use the property, but they do not own it; the ownership remains with the landlord or property owner.

On the other hand, fee simple represents the highest form of ownership in real estate, giving the owner complete control over the property and the right to sell it or bequeath it as they wish. Joint tenancy is a form of ownership where two or more individuals hold equal shares in a property, with rights of survivorship; meaning if one owner dies, their share automatically transfers to the other owners. A contract for deed, also known as a land contract, is an agreement where the buyer makes payments towards purchasing a property, and ownership is transferred only once the payment is complete. Both of these are forms of ownership, distinguishing them from a lease agreement.