Paralegal Advanced Competency Exam (PACE) Practice Exam

What defines a joint tenancy?

1. Equal ownership of property by two or more persons

2. Ownership solely by the first tenant, with rights for others to use

3. Ownership that can be transferred without consent from other tenants

4. Ownership that limits the death of a tenant to the tenant’s heirs

The correct answer is: Equal ownership of property by two or more persons

A joint tenancy is primarily defined by equal ownership of property shared among two or more persons. This means that each tenant has an equal right to the whole property, not just a specific portion of it. A key feature of joint tenancy is the right of survivorship, where upon the death of one tenant, their share automatically passes to the remaining tenants, enhancing the importance of equal ownership. The first choice accurately captures the essence of joint tenancy. Ownership being equal among tenants ensures that all parties have the same level of authority and interest in the property. This framework is critical as it establishes not only the relationship between the co-owners but also the legal implications of ownership sharing. The other choices do not accurately represent the concept of joint tenancy. Sole ownership with rights for others to use describes a different form of property ownership, such as a lease or license, rather than the shared rights inherent in joint tenancy. The ability to transfer ownership without consent pertains more to interests held in a tenancy in common, where such transfers do not affect the interests of other owners. Lastly, limiting death to a tenant’s heirs contradicts the principle of survivorship in joint tenancy. Instead of passing to heirs, the property directly goes to the surviving tenants, demonstrating the unique characteristics that