What form of ownership exists when two or more people hold title with equal, undivided interests and the right of survivorship?

Joint tenancy. Upon the death of one joint tenant, their interest passes automatically to the surviving joint tenant(s), bypassing probate.

What are the four unities required to create a valid joint tenancy?

Time, title, interest, and possession (TTIP). All four must exist simultaneously for a joint tenancy to be valid.

In a tenancy in common, what happens to an owner's interest upon their death?

The deceased owner's interest passes to their heirs or as directed by their will. There is no right of survivorship in a tenancy in common.

Which form of co-ownership is available exclusively to legally married couples in New York and includes a right of survivorship?

Tenancy by the entirety. Both spouses hold equal, undivided interest, and neither can convey their share without the other's consent.

What is ownership in severalty?

Ownership by a single individual or entity alone, with no co-owners. The term 'severalty' refers to being severed or separate from others.

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Property Ownership – New York Real Estate Salesperson Exam

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