Humber/Ontario Real Estate Course 1 Exam Practice

Which statement is NOT accurate concerning joint tenancy in real estate?

1. Buyers Abdul and Layla can be joint tenants in a property if they have a ⅓ and ⅔ interest, respectively

2. If Buyers Jamie and Hana want to terminate their joint tenancy, this can be done by Court Order

3. If a Court Order is issued to terminate a joint tenancy, then the property would be sold and the proceeds distributed accordingly

4. If Buyers Williamson and Speck acquire a property and meet three unities for joint tenancy (possession, interest and title), the remaining unity of 'time' must also be met

The correct answer is: Buyers Abdul and Layla can be joint tenants in a property if they have a ⅓ and ⅔ interest, respectively

The statement about Buyers Abdul and Layla holding a ⅓ and ⅔ interest respectively in a property as joint tenants is not accurate because joint tenancy requires that all tenants have equal ownership of the property. This means each joint tenant must have the same share—not different proportions. In joint tenancy, the four unities must be present: unity of possession, unity of interest, unity of title, and unity of time. Since Abdul and Layla possess fractional interests that are not equal, they cannot be classified as joint tenants under the principles governing this form of ownership. The other statements accurately describe aspects of joint tenancy. Terminating joint tenancy can indeed be done via a Court Order, which provides a legal method for Buyers Jamie and Hana to dissolve their joint interest. Furthermore, when a Court Order is issued, the property is typically sold and the proceeds are distributed according to the interests of the former co-owners. Lastly, for Buyers Williamson and Speck to establish their joint tenancy, all four unities, including 'time', must be satisfied in addition to possession, interest, and title, which is a fundamental rule of joint tenancy ownership.