Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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If a property owner and their sibling have a tenants in common ownership arrangement, what occurs when one passes away?

The surviving sibling automatically receives full ownership
Joint tenancy applies, transferring the interest solely to survivors
The deceased's interest transfers according to the will, not to the co-owner
The interest terminates and goes to the government
The surviving co-owner must buy out the deceased's interest
The property is equally divided among remaining family members

The correct answer is: The deceased's interest transfers according to the will, not to the co-owner

In a tenants in common ownership arrangement, each owner has a specific share of the property, which is not necessarily equal. When one owner passes away, their share of the property does not automatically transfer to the surviving owner, as it would in a joint tenancy. Instead, the deceased owner's share of the property will pass according to their will or, if there is no will, according to the laws of intestacy. This means that the deceased's interest transfers according to the will, not automatically to the co-owner. This is why option C is the correct answer.