Wisconsin Real Estate Sales Practice Exam

What type of ownership allows title to pass to the surviving owner(s) without probate?

1. Survivorship marital property

2. Joint ownership/joint tenants

3. Life estate

4. Tenancy in common

The correct answer is: Survivorship marital property

The type of ownership that allows title to pass to the surviving owner(s) without probate is survivorship marital property. This form of ownership is specifically designed for married couples, ensuring that if one spouse passes away, the property automatically transfers to the surviving spouse. This automatic transfer eliminates the need for probate, simplifying the process and providing immediate access to the property for the surviving spouse. In contrast, joint ownership or joint tenants also allows for the property to pass to the surviving owner(s) without probate, but it is not limited to spouses. Instead, it can apply to any individuals holding property together. A life estate grants an individual the right to occupy and use property for their lifetime, with title passing to a preset remainder person upon death. Tenancy in common allows multiple owners to hold interests in a property, but this method does not feature the automatic transfer to surviving owners; instead, fractional interests can be inherited or sold, potentially requiring probate for the deceased owner's share.