Humber/Ontario Real Estate Course 1 Exam Practice

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Which of the following is NOT an example of concurrent ownership?

Three individuals that own a large home as joint tenants.
An individual who owns two pieces of property at the same time.
Five individuals that own a cottage property as tenants in common.
Two individuals who take possession of the property at the same time, but have differing percentages of ownership.

The correct answer is: An individual who owns two pieces of property at the same time.

The assertion that an individual who owns two pieces of property at the same time is not an example of concurrent ownership is correct. Concurrent ownership refers specifically to a scenario where two or more individuals share ownership of the same piece of property simultaneously. In this case, one person owning multiple properties does not fall under the definition of concurrent ownership, as there is no shared ownership with other parties involved. In contrast, the other options illustrate concurrent ownership scenarios where multiple individuals share ownership interests in a singular property, regardless of the specific terms under which they hold that ownership, such as joint tenants or tenants in common. This demonstrates the essence of concurrent ownership—multiple owners coexisting in relation to the same asset.