Humber/Ontario Real Estate Course 4 Exam Practice

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Considering a co-ownership arrangement, which statement is incorrect regarding the Kavanagh family's purchase of a cottage?

The family would hold title to the property as tenants in common.
The family would receive share certificates as ownership proof.
Family members' names would be registered on title based on their interest share.
Maintenance and occupancy rules would be set by the family.

The correct answer is: The family would receive share certificates as ownership proof.

In a co-ownership arrangement, such as tenants in common for the Kavanagh family's purchase of a cottage, individuals typically do not receive share certificates as proof of ownership. Instead, ownership is documented through a legal document such as the deed of the property. Share certificates are more commonly used in the context of owning shares in a corporation. Therefore, option B is incorrect.