Florida Real Estate Sales Associate Examination Content OutlineReal Estate Property and OwnershipMedium
A married couple in Florida wishes to purchase a vacation home. They want to ensure that if one spouse passes away, the surviving spouse automatically inherits the deceased's share of the property without going through probate. Which form of concurrent ownership should their real estate agent recommend?
- AJoint Tenancy with Right of Survivorship
- BTenancy in Common
- CTenancy by the Entireties
- DCommunity Property
Show answer & explanationAnswer & explanation
Correct answer: C. Tenancy by the Entireties
In Florida, Tenancy by the Entireties is the appropriate form of ownership for married couples who want automatic right of survivorship and protection from individual creditors. While Joint Tenancy also offers survivorship, Tenancy by the Entireties is specifically for married couples and offers additional protections.
Why the other options are wrong
- A. Joint Tenancy with Right of Survivorship allows automatic inheritance, but Tenancy by the Entireties is specifically for married couples in Florida and offers more protection.
- B. Tenancy in Common does not include the right of survivorship; the deceased's share would go to their heirs.
- D. Community Property is a form of ownership in some states, but not recognized in Florida for this purpose, and does not automatically include survivorship in all cases.
Tenancy by the Entireties
A form of concurrent ownership available only to married couples, offering the right of survivorship and protection from individual creditors.
- Only for married couples.
- Includes right of survivorship (automatic inheritance by surviving spouse).
- Protects property from individual debts of one spouse.
Memory trick: Entireties ensures the ENTIRE property goes to the surviving spouse.