Humber/Ontario Real Estate Course 4 Exam Practice

In a tenancy in common arrangement, which of the following is correct?

1. No right of survivorship exists.

2. Tenants must hold the same interest in the property.

3. The unity of time must be present.

4. Termination must be by court order.

The correct answer is: No right of survivorship exists.

In a tenancy in common arrangement, the defining characteristic is that there is no right of survivorship. This means that when a tenant in common passes away, their share of the property does not automatically go to the other co-owners. Instead, it becomes part of the deceased individual's estate and can be distributed according to their will or the laws of intestacy if there is no will. This allows for greater flexibility in the transfer of property interests among co-owners and can facilitate individual ownership objectives. The other options mentioned do not accurately reflect the nature of a tenancy in common. It's not necessary for tenants to hold the same interest in the property, which distinguishes this arrangement from joint tenancy, where equal shares are required. Additionally, there is no requirement for the unity of time in a tenancy in common, meaning that co-owners can acquire their interests at different times. Lastly, termination of a tenancy in common can occur through various means, including mutual agreement, partitioning, or sale, rather than being restricted to a court order.