Humber/Ontario Real Estate Course 1 Exam Practice

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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!

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Within which type of ownership structure does the term "tenant in common" apply?

Joint tenancy
Tenancy by the entirety
Common tenancy
Tenancy in partnership
Tenancy in severalty
Tenancy in common

The correct answer is: Tenancy in common

The correct answer is F. Tenancy in common. In a tenancy in common ownership structure, each owner holds a distinct share of the property. This share can be equal or unequal and can be transferred or inherited. Unlike joint tenancy or tenancy by the entirety where there is a right of survivorship (meaning if one owner dies, their interest automatically passes to the surviving owner), in a tenancy in common, there is no right of survivorship. Each owner is free to sell or leave their share of the property to whomever they choose. This type of ownership provides flexibility and allows for individual ownership interests within a shared property. Options A, B, D, and E do not accurately describe the ownership structure where the term "tenant in common" applies.