Which arrangement allows owners to have undivided interests in a property?

The correct answer is tenancy in common because it allows multiple owners to hold an undivided interest in a property. Each owner, or tenant in common, has the right to use the entire property, rather than being limited to a specific portion. This arrangement also means that each owner can transfer their interest independently and without the consent of the other co-owners, providing each party with more control over their share of the property.

In contrast, joint tenancy includes the right of survivorship, meaning that if one owner passes away, their interest automatically transfers to the remaining co-owners, which alters the ownership dynamic. A leasehold estate refers to a temporary right to occupy or use property and does not convey ownership interests. Timeshare ownership involves multiple owners sharing access to property for specific time periods, which resembles joint tenancy but does not provide the same level of undivided ownership interest as tenancy in common does.