National Real Estate Practice Exam

What is a primary characteristic of Joint Tenancy?

1. Ownership can only be transferred through a will

2. Rights of survivorship apply

3. Ownership is divided equally among heirs

4. It is only applicable to commercial properties

The correct answer is: Rights of survivorship apply

A primary characteristic of Joint Tenancy is the inclusion of rights of survivorship. This means that when one joint tenant passes away, their share of the property automatically transfers to the surviving joint tenants, rather than being passed through an estate or will. This feature distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where the decedent's share would go to their heirs or as designated in their will. In joint tenancy, all tenants must acquire their interests at the same time, through the same deed or title, and have equal shares in the property. The right of survivorship offers a simple and efficient way to transfer property upon death, avoiding the potential complexities and delays associated with probate. This characteristic underscores the unique nature of joint tenancy as it promotes a cohesive ownership structure among co-owners.