What does the term "tenancy" refer to in leasing?

The term "tenancy" specifically refers to the situation where an individual has possession or occupancy of a property without holding ownership rights to that property. In a leasing context, this means that a tenant has the right to live in or utilize a property under the terms specified in a lease agreement, but they do not own the property itself. This concept is fundamental in real estate, as it distinguishes the responsibilities and rights of tenants from those of property owners.

Other options do not align with the definition of "tenancy." Full ownership of property would imply complete rights over the property, including the right to sell it, which is not what "tenancy" denotes. The rights to pass ownership to heirs pertains to property ownership rather than rental arrangements. Lastly, a group of people owning a property together signifies co-ownership or joint tenancy, which again does not reflect the essence of tenancy as involving possession without ownership.