Humber/Ontario Real Estate Course 1 Exam Practice

In the event that a joint tenant in a property dies, what happens to their share?

1. It is transferred to the state

2. It is distributed among their heirs

3. It passes to the surviving joint tenants

4. It is sold off publicly

5. It is divided among creditors

6. It becomes common property for all interested parties

The correct answer is: It passes to the surviving joint tenants

The passing of a joint tenant's share to the surviving joint tenants is a fundamental aspect of the concept of joint tenancy. This legal arrangement includes the right of survivorship, which means that when one joint owner dies, their interest in the property automatically transfers to the remaining owners. This ensures that the property remains intact among the surviving joint tenants and does not go through probate or be affected by the deceased's will. This right of survivorship is one of the primary reasons people choose joint tenancy when co-owning property, as it simplifies asset distribution upon death. The other options represent scenarios that do not align with the principles of joint tenancy. For instance, transferring ownership to the state, distributing it to heirs, or selling it publicly would contradict the intention of joint tenancy, where the surviving tenants retain full ownership immediately upon the death of one owner.