Humber/Ontario Real Estate Course 4 Exam Practice

What does concurrent ownership entail?

1. Ownership rights at different time periods for multiple persons.

2. Includes joint tenancy and tenants in common.

3. Joint tenancy where interest is transferred to surviving tenants upon death.

4. Is only achieved through joint tenancy.

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

Concurrent ownership refers to a situation where two or more individuals hold an ownership interest in the same property simultaneously. This concept inherently includes various forms of co-ownership, with joint tenancy and tenants in common being two of the most recognized forms. Joint tenancy allows co-owners to have equal shares of the property with the right of survivorship, which means that upon the death of one tenant, their share automatically passes to the surviving tenants. Tenants in common, on the other hand, may own different percentages of the property, and there is no right of survivorship; instead, a deceased owner's share is passed according to their will or the laws of intestacy. The inclusion of both joint tenancy and tenants in common as forms of concurrent ownership means that option B accurately describes what concurrent ownership encompasses. By understanding these forms of ownership, one can distinguish how rights and responsibilities are shared among co-owners, which is crucial for navigating real estate transactions and ownership structures. The other options, while they touch on elements of concurrent ownership, either limit the definition too narrowly or mischaracterize the nature of concurrent ownership types, which is why they do not provide a complete or accurate representation of the concept.