Property Ownership

In Illinois, which form of co-ownership is available ONLY to married couples and includes right of survivorship?

AJoint tenancy

BTenancy in common

CTenancy by the entirety✓ Correct

DCommunity property

Explanation

Tenancy by the entirety is a form of co-ownership available only to legally married couples. It includes the right of survivorship and typically provides protection from the creditors of one spouse.

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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.

Tenancy in Common

Co-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.

Community Property

In community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.

Net Operating Income (NOI)

The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.