New York Real Estate Salesperson ExaminationProperty OwnershipMedium
A married couple in New York purchases a property together, intending for the property to pass automatically to the surviving spouse upon the death of the other, without going through probate. Which form of ownership should they choose to achieve this goal?
- ATenancy in Common
- BSeveralty
- CTenancy by the Entirety
- DJoint Tenancy
Show answer & explanationAnswer & explanation
Correct answer: C. Tenancy by the Entirety
Tenancy by the Entirety is a special form of joint tenancy available only to married couples in New York, offering the right of survivorship and protection against individual creditor claims.
Why the other options are wrong
- A. Tenancy in Common does not include the right of survivorship; each owner's share passes to their heirs.
- B. Severalty is ownership by one person only, which is not applicable to a couple.
- D. Joint Tenancy includes the right of survivorship but lacks the additional protections for married couples against individual creditor claims found in Tenancy by the Entirety.
Tenancy by the Entirety
A special form of co-ownership available only to married couples, characterized by the right of survivorship and protection against individual creditor claims.
- Requires the 'four unities' plus the fifth unity of marriage.
- Property automatically passes to the surviving spouse.
- Creditors of one spouse cannot attach the property.
Memory trick: Common is separate; Joint is together; Entirety is married, no tether.