Virginia State Real Estate Exam Practice Question
A feature of joint tenancy with survivorship is that
Correct Answer: D
Rationale: Joint tenancy with survivorship allows property to pass directly to the surviving tenant(s) upon the death of one owner, thus eliminating the need for probate, which is a legal process for settling estates.
Option A is incorrect as joint tenancy addresses real property ownership rather than personal possessions. Option B is misleading; while corporations can own property, they cannot be joint tenants in the traditional sense, which typically involves individuals. Option C is also incorrect; surviving joint tenants may still inherit liens or debts associated with the property, depending on the circumstances.
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