A tenancy by the entirety in Delaware:
Why Is a form of joint ownership available only to legally married spouses Is Correct
Answer B: Is a form of joint ownership available only to legally married spouses
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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