Humber/Ontario Real Estate Course 1 Exam Practice

What does the right of survivorship entail?

1. It pertains to tenants in common arrangements

2. It applies to all real estate co-ownership types

3. It allows a deceased tenant's interest to go to the joint tenant

4. It mandates a deceased tenant’s interest to be handled as an estate asset

5. It requires probate court validation

6. It is only relevant in commercial real estate

The correct answer is: It pertains to tenants in common arrangements

The right of survivorship specifically refers to a feature in joint tenancy arrangements, rather than tenants in common. In the context of joint tenancy, when one co-owner dies, that individual's share automatically passes to the surviving co-owners, rather than being treated as part of the deceased's estate. This characteristic of joint tenancy distinctly separates it from tenancy in common, where upon death, a tenant's share does not automatically transfer to the other tenants but rather is distributed according to the deceased's will or state law. In residential real estate, the right of survivorship simplifies the transition of property ownership upon the death of an owner and ensures that the surviving joint tenants retain control over the property without the need for probate, which is why it’s important in such arrangements.