Property Ownership
In Illinois, what is 'joint tenancy with right of survivorship' and how does it pass on death?
AEach joint tenant's share passes to their heirs upon death
BUpon the death of one joint tenant, their share automatically passes to the surviving joint tenant(s), bypassing probate✓ Correct
CThe property must be sold and proceeds divided among heirs
DThe surviving joint tenant must purchase the deceased's share at market value
Explanation
Joint tenancy with right of survivorship is a form of co-ownership where, upon the death of one owner, their interest passes automatically to the surviving owners without going through probate. This is the key advantage of joint tenancy: the automatic transfer at death.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Math Concepts
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