Illinois Real Estate Practice Exam

What does the right of survivorship entail for joint tenants?

1. Permission to lease the property without consent

2. Ability to sell the property without informing the co-owner

3. Requirement for unanimous decision-making for property maintenance

4. Owners holding title to real estate by joint tenancy

The correct answer is: Owners holding title to real estate by joint tenancy

The right of survivorship as it pertains to joint tenants is fundamentally about how ownership is structured. When property is held in joint tenancy, each co-owner has an equal share, and importantly, if one joint owner passes away, their share automatically transfers to the surviving joint tenants rather than going through the probate process. This automatic transfer is what defines the right of survivorship, emphasizing that joint tenants effectively have unity in ownership and rights that persist until only one remains. The other options touch on various aspects of property rights and obligations among co-owners but do not specifically address the concept of survivorship. For example, while joint tenants can typically sell their individual interest without needing the consent of others, the essence of the right of survivorship is not about transactions but about the transfer of ownership upon death. Similarly, the requirement for unanimous decisions in maintenance does not pertain directly to the right of survivorship; it refers instead to joint management responsibilities among the owners. Thus, understanding that joint tenants not only share ownership but also a remarkable survivorship privilege underlines why this option is the correct choice.