Property Ownership

The right of survivorship in a joint tenancy means that:

AThe estate passes to the deceased joint tenant's heirs

BWhen one joint tenant dies, their interest passes automatically to the surviving joint tenant(s)✓ Correct

CThe surviving spouse retains the right to possess the property

DThe property goes through probate when one tenant dies

Explanation

The right of survivorship is the defining characteristic of joint tenancy. Upon the death of one joint tenant, their interest automatically and immediately passes to the surviving joint tenant(s) — bypassing probate.

People Also Study

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.

Fee Simple

The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.

Amortization

The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.