Daily Real Estate Exam Prep Question #39 - Forms of Ownership

Daily Real Estate Exam Questions Here!!! Today our question has to do with forms of ownership. Tenants by the entirety Is a special form of co-ownership used in some states that allow a husband or wife to inherit the other spouse's ownership interest upon death. Couples who are tenants by the entirety automatically have the right of survivorship. The surviving spouse immediately becomes the sole owner of the property when the other spouse dies. Neither spouse can terminate the tenancy or sell or transfer his ownership interest without the consent and permission of the other. Tenants by the entirety refers to the fact that the couple is one unit meaning one party cannot divide itself. Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. Community Property varies from state to state, and most states have tenants by the entirety instead. What's better Community Property Laws or Tenants by the entirety? Well, that's kind of up for you to decide. Both have their advantages and disadvantages? Either way, know the difference for the exam. -=-=-=-=- Don’t forget to like and subscribe for more! Want to learn more about the smart way to get your real estate license and start a successful real estate career? Then make sure to visit the Real Estate License Wizard, getting started is easy. Just click the page below: https://realestatelicensewizard.com -=-=-=-=-