The right of survivorship applies to which of the following types of concurrent ownership:
- joint tenancy
- tenancy in common
- limited partnership
- both a and b
The answer is A – The most important characteristic of joint tenancy is the right of survivorship. This means that if one tenant dies, the surviving joint tenant(s) acquires the deceased’s interest without a court action such as a probate.
With tenancy in common, there is no right of survivorship, meaning that upon the death of a tenant in common, his or her interest passes to the heirs, not the surviving cotenants. This requires a probate proceeding.