Special Webinar Question: Characteristics and Consequences of Property Titling

Posted by Adam Scherer, CFP®, MS

Jun 11, 2020

This question is a part of BIF's Special Webinar series which was created to help students affected by the July 2020 CFP® Exam postponement to September 2020.

Choose the property titling type(s) that only to married couples may use:

    1. Joint Tenants with Rights of Survivorship (JTWROS)
    2. Tenancy by the Entirety
    3. Tenancy in Common
    4. Community Property
  1. I only
  2. I, II, and IV
  3. II and IV
  4. IV only

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Correct answer: C. II and IV

Instructor insight:

Property titled Tenancy by the Entirety can only be owned by spouses.

Community property applies to married couples residing in a community property state. This allows for each spouse to have a separate, undivided, and equal interest in the property.

JTWROS can be owned by spouses and non-spouses, each Joint Tenant (JT) owns equal interests in the income (if any) and the property.

Tenancy in Common involves multiple owners with separate interests in the property. This is not limited to married couples.

CFP® Exam insight:

For each property ownership title, be able to identify the following characteristics:

  • The number and type(s) of owners
  • Whether the owner(s) can transfer property
  • Presence of survivorship rights
  • Inclusion in the probate estate
  • Inclusion in the gross estate

 

Topics: Practice Questions

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Last updated: December 28, 2023

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We are confident that you will be satisfied with your learning experience. However, if you need to cancel your online course enrollment for any reason, we grant refunds within the first 15 days of purchase. The 15 day refund period begins on the date of your initial purchase.

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