What is the term for a legal arrangement where two or more people share equal ownership of a property, allowing the interest of a deceased tenant to transfer automatically to the surviving tenant?

What is the term for a legal arrangement where two or more people share equal ownership of a property, allowing the interest of a deceased tenant to transfer automatically to the surviving tenant?

• A. Joint Tenancy
• B. Tenancy in Common
• C. Life Estate
• D. Leasehold Estate

Answer: (A)

The correct term for a legal arrangement where two or more people share equal ownership of a property, with the stipulation that the interest of a deceased tenant automatically transfers to the surviving tenant, is known as Joint Tenancy. This arrangement is characterized by the right of survivorship, which ensures that upon the death of one owner, their share of the property does not go to their heirs but is transferred directly to the surviving co-owner(s). This distinguishes Joint Tenancy from other forms of property ownership, such as Tenancy in Common, where there is no automatic transfer of ownership upon death, and the deceased owner's share can be inherited by their heirs. Additionally, a Life Estate grants ownership rights for the duration of someone's life but does not allow for the same equal ownership or automatic transfer. A Leasehold Estate involves rental agreements, not ownership. Therefore, the defining feature of Joint Tenancy, particularly the right of survivorship, makes it the correct answer for this question.

The correct term for a legal arrangement where two or more people share equal ownership of a property, with the stipulation that the interest of a deceased tenant automatically transfers to the surviving tenant, is known as Joint Tenancy. This arrangement is characterized by the right of survivorship, which ensures that upon the death of one owner, their share of the property does not go to their heirs but is transferred directly to the surviving co-owner(s). This distinguishes Joint Tenancy from other forms of property ownership, such as Tenancy in Common, where there is no automatic transfer of ownership upon death, and the deceased owner's share can be inherited by their heirs. Additionally, a Life Estate grants ownership rights for the duration of someone's life but does not allow for the same equal ownership or automatic transfer. A Leasehold Estate involves rental agreements, not ownership. Therefore, the defining feature of Joint Tenancy, particularly the right of survivorship, makes it the correct answer for this question.