What type of estate is held by two or more persons, where each has an undivided interest in the whole property?

The correct answer refers to tenancy in common, which is a form of property ownership that allows two or more individuals to hold an undivided interest in the entire property. This means that each co-owner has the right to use and occupy the whole property, not just a specific portion of it. Each owner can sell or transfer their interest independently, which differentiates it from other forms of co-ownership.

Tenancy in common is particularly important in situations where individuals want to invest together but may want the flexibility to exit the arrangement without requiring the consent of other owners. Moreover, in the event of a co-owner's death, their share of the property typically passes to their heirs rather than to the other co-owners, which further underscores the independence of the owners’ interests.

In contrast, joint tenancy involves a right of survivorship, meaning if one owner dies, their share automatically transfers to the surviving owner(s). Community property relates specifically to property acquired during a marriage and does not apply to all co-ownership situations. A life estate is an interest in property that lasts for the lifetime of a specified individual and does not apply to multiple owners sharing an undivided interest in the property. Thus, tenancy in common stands out as the most appropriate answer