Humber/Ontario Real Estate Course 1 Exam Practice

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In the context of concurrent ownership, which characteristic pertains to joint tenancy?

  1. Can only be created if the owners have equal interests in the property

  2. Does not provide for any right of survivorship

  3. Includes right of survivorship in the case of joint tenancy

  4. Refers to situations when no more than two persons own a property at the same time

  5. Allows each owner to sell their share independently

  6. Must have more than two owners

The correct answer is: Includes right of survivorship in the case of joint tenancy

In the context of concurrent ownership, the characteristic that pertains to joint tenancy is the inclusion of the right of survivorship. This means that in a joint tenancy, when one owner passes away, their share automatically transfers to the surviving owner(s) and does not form part of the deceased owner's estate. This feature distinguishes joint tenancy from other forms of concurrent ownership. Options A, B, D, E, and F do not accurately describe joint tenancy. Joint tenancy can be established with unequal interests, it does provide for the right of survivorship, it can involve more than two owners, it does not allow each owner to sell their share independently, and it does not necessarily require that only two persons own the property at the same time.

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