New Jersey Real Estate Exam Practice Question
A feature of joint tenancy with survivorship is that
Correct Answer: D
Rationale: Joint tenancy with survivorship allows co-owners to automatically inherit the deceased tenant's share, thus eliminating the need for probate, which can be a lengthy legal process.
Option A is incorrect because joint tenancy primarily concerns real property, not personal possessions. Option B is wrong as only individuals can hold joint tenancy; corporations cannot be joint tenants. Option C is misleading; while surviving tenants may receive the property, any existing liens against the deceased's share remain attached, meaning they are not free and clear.
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