Humber/Ontario Real Estate Course 1 Exam Practice

What is concurrent ownership?

1. Ownership by two persons at different time periods

2. A single ownership type achieved through joint tenancy

3. Having multiple owners both jointly and in common

4. Includes joint tenancy and tenants in common

5. Refers to divided time ownership

The correct answer is: A single ownership type achieved through joint tenancy

Concurrent ownership refers to a situation where two or more individuals own property at the same time. The correct understanding of this concept encompasses various forms of ownership, including joint tenancy and tenancy in common. The notion of joint tenancy is a specific type of concurrent ownership where co-owners have equal shares in the property and a right of survivorship, meaning that if one owner passes away, their share goes to the surviving owner(s). This definition aligns with concurrent ownership, which captures the essence of simultaneous ownership by multiple parties, rather than ownership occurring at different times. Other choices describe concepts that either do not accurately reflect the definition of concurrent ownership or pertain to specific types of ownership arrangements that do not encompass the full scope of what concurrent ownership means. For instance, while joint tenancy is a relevant aspect of concurrent ownership, it does not alone represent the entire concept without considering forms like tenants in common. Understanding concurrent ownership therefore requires recognizing both joint tenancy and tenants in common, among other forms.