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 allows a deceased tenant's interest to go to the joint tenant

The right of survivorship is a key feature of joint tenancy arrangements in real estate. This legal concept stipulates that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenants, rather than being included in the deceased tenant’s estate. This ensures a seamless transition of ownership without the need for probate, which is a legal process of distributing a deceased person's assets. In contrast, the right of survivorship does not apply to tenants in common arrangements, where each owner can will their share to heirs or others upon their death, effectively making their interest subject to probate. The other options listed do not recognize this fundamental principle of joint tenancy, which distinguishes it from other forms of property ownership and explains why the right of survivorship is primarily associated with joint tenancy. Understanding this distinction is crucial for navigating co-ownership scenarios in real estate, particularly in Ontario, where these legal principles are outlined in property laws.