PSI Oklahoma Real Estate Practice Test

After the death of a joint tenant, what happens to the property ownership?

1. The property must be sold and proceeds divided

2. The property is equally divided among heirs

3. The surviving joint tenant owns the property in severalty

4. The property goes into probate

The correct answer is: The surviving joint tenant owns the property in severalty

When a joint tenant dies, the principle of "survivorship" takes effect, meaning that the surviving joint tenant automatically receives full ownership of the deceased joint tenant's share of the property. This process is known as "joint tenancy with right of survivorship," which allows the surviving owner to take immediate and complete title to the property without the need for probate proceedings. This is significant because it ensures that the deceased's interest does not pass through their estate or get distributed among heirs, as would typically occur in other forms of property ownership like tenancy in common. Instead, the survivor retains sole ownership, referred to as owning the property in severalty. This aspect of joint tenancy helps to simplify the transfer of property upon a joint tenant's death and can avoid potential disputes among heirs. In contrast, selling the property and dividing proceeds, equally dividing among heirs, or going through probate would apply in different circumstances, especially when property is owned in other forms or if there are no surviving joint tenants.