Humber/Ontario Real Estate Course 1 Exam Practice

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What is a key characteristic of joint tenancy?

Each tenant owns a separate portion of the property
All tenants have equal ownership shares
Tenants can independently transfer their shares
Joint tenancy can only be dissolved by mutual agreement

The correct answer is: All tenants have equal ownership shares

A key characteristic of joint tenancy is that all tenants have equal ownership shares in the property. This means that regardless of when they acquired their interest, each owner has an identical stake in the whole property, giving them equal rights to use and enjoy it. This form of ownership also features the right of survivorship, where upon the death of one tenant, their share automatically passes to the surviving tenant(s) rather than being transferred according to a will or inheritance laws. The notion that each tenant owns a separate portion of the property refers to a different type of ownership, such as tenancy in common, which does not encompass the unity described in joint tenancy. Additionally, joint tenants cannot independently transfer their shares without dissolving the joint tenancy, as this would disrupt the unity of ownership. Lastly, while joint tenancy can be altered by agreement among the parties, it is not limited strictly to mutual agreement for dissolution, as it can also be severed in other ways, such as through partition.