Joint tenancy
National Real Estate Exam glossary · Property Ownership
Definition
A form of co-ownership marked by the right of survivorship: when one joint tenant dies, that interest passes automatically to the surviving joint tenants, not to the decedent's heirs. It requires the four unities of Possession, Interest, Time, and Title (PITT); the destruction of any unity converts the interest to a tenancy in common.
Joint tenancy in plain English
Joint tenancy is a way for two or more people to co-own property with a special feature called the 'right of survivorship': when one owner dies, their share instantly goes to the surviving co-owners, skipping their heirs and skipping probate court entirely. For it to work, all owners must have gotten equal shares, at the same time, on the same document, with equal rights to use the whole thing — memorized as the four unities: Possession, Interest, Time, Title (PITT). It's like a shared bank account among close friends where, if one passes away, their money simply stays with the rest — but if one person sells or splits off their piece, that unity breaks and it becomes ordinary shared ownership (tenancy in common) instead.
Learn these first
Related National Real Estate Exam terms
National Real Estate Exam practice questions · National Real Estate Exam flashcards · National Real Estate Exam study guide