Humber/Ontario Real Estate Course 1 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which statement is accurate regarding concurrent ownership?

Joint tenancy requires the unities of title, time, possession, and interest.
Joint tenancy only requires possession.
Tenants in common inherit property through survivorship.
All tenants in common must derive title from the same instrument.

The correct answer is: Joint tenancy requires the unities of title, time, possession, and interest.

Joint tenancy is a form of concurrent ownership that requires the unities of title, time, possession, and interest. This means that joint tenants must acquire the property at the same time, through the same deed or will, have an equal interest in the property, and have an equal right to possess the whole property. This distinguishes joint tenancy from other forms of concurrent ownership like tenancy in common, where these unities are not required. Therefore, option A is the correct statement regarding concurrent ownership.