Humber/Ontario Real Estate Course 4 Exam Practice

In real estate terms, what does concurrent ownership mean?

1. Ownership involving rights at different periods.

2. Involves joint tenancy, where a tenant's interest is distributed to surviving tenants upon death.

3. Includes joint tenancy and tenants in common.

4. Only pertains to joint tenancy agreements.

The correct answer is: Includes joint tenancy and tenants in common.

Concurrent ownership, in real estate terms, refers to a situation where two or more individuals simultaneously hold ownership rights to the same property. This arrangement allows for shared access and control over the property among the co-owners. Under concurrent ownership, the two most common forms are joint tenancy and tenancy in common. In joint tenancy, each owner possesses an equal share in the property and has the right of survivorship, meaning that if one owner passes away, their share automatically transfers to the remaining co-owners. On the other hand, in tenancy in common, owners may have unequal shares, and there is no right of survivorship; each owner's share can be passed on to heirs. The correct choice encompasses both of these forms of concurrent ownership, highlighting the comprehensive nature of this ownership structure, which allows for various arrangements among co-owners. It's important to recognize that other options might focus on singular aspects of ownership or specific agreements without encompassing the broader definition, which is why they do not fully capture the essence of concurrent ownership.