Florida Real Estate Sales Associate Examination Content OutlineReal Estate Property and OwnershipMedium
A real estate agent is explaining different forms of concurrent ownership to a married couple. The couple wants to own the property with rights of survivorship, meaning if one spouse dies, the other automatically inherits the deceased's share without probate. Which form of ownership would best suit their needs?
- AJoint tenancy
- BTenancy in common
- CCommunity property
- DTenancy by the entirety
Show answer & explanationAnswer & explanation
Correct answer: D. Tenancy by the entirety
In Florida, tenancy by the entirety is the preferred form of ownership for married couples who desire rights of survivorship and protection from individual creditors. It automatically transfers full ownership to the surviving spouse upon death without probate.
Why the other options are wrong
- A. Joint tenancy includes rights of survivorship, but tenancy by the entirety offers additional protections for married couples in Florida.
- B. Tenancy in common does not include rights of survivorship; shares pass to heirs.
- C. Community property is not a recognized form of marital ownership in Florida.
Tenancy by the Entirety
A form of concurrent ownership available only to married couples, offering rights of survivorship and protection from individual creditors.
- Requires the four unities plus the unity of marriage.
- Property automatically passes to the surviving spouse.
- Cannot be partitioned by one spouse alone.
Memory trick: Entirety = ENTIRELY for spouses!