What occurs to a share of property in a Joint Tenancy upon the death of a tenant?

Prepare for the Leasing Agent License Exam with flashcards and multiple choice questions. Each question includes hints and explanations to enhance your knowledge and confidence. Ace your exam with proper preparation!

In a joint tenancy, property is owned by two or more individuals with equal rights to the entire property. One of the defining features of joint tenancy is the right of survivorship, which dictates what happens to a tenant's share upon their death. When a tenant in a joint tenancy dies, their share does not go to their heirs or get divided among surviving tenants; instead, it automatically transfers to the surviving joint tenants. This means the remaining tenants absorb the deceased tenant's share, maintaining equal ownership among them.

This process occurs seamlessly and does not require probate or any legal action to transfer the ownership because of the inherent nature of joint tenancy. The key aspect of joint tenancy is that it ensures a streamlined transition of ownership to the remaining tenants without any additional complications or delays.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy