National Real Estate Practice Exam

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Which term refers to a property ownership type where a husband and wife hold title together?

Tenant in common
Joint tenancy
Tenancy by the entirety
Severalty

The correct answer is: Tenancy by the entirety

The term that refers to a property ownership type where a husband and wife hold title together is "tenancy by the entirety." This specific form of co-ownership is designed exclusively for married couples, allowing them to own property jointly with equal rights, and it includes features such as the right of survivorship. This means that if one spouse passes away, the surviving spouse automatically inherits the deceased spouse's share of the property, circumventing the probate process. Tenancy by the entirety also provides certain protections; for example, creditors of one spouse cannot attach the property to satisfy individual debts, as the property is considered jointly owned. This type of ownership emphasizes both partnership and unity within the marriage, reinforcing the communal aspect of property ownership between spouses.