Humber/Ontario Real Estate Course 4 Exam Practice

Which of the following lists the unities required for joint tenancy?

1. Unity of title, time, survivorship, and possession

2. Unity of title, ownership, interest, and possession

3. Unity of title, time, interest, and possession

4. Unity of spousal interest, survivorship, termination, and possession

The correct answer is: Unity of title, time, interest, and possession

The unities required for joint tenancy are indeed unity of title, time, interest, and possession. Joint tenancy is a legal arrangement in property law where two or more individuals hold title to the same property simultaneously, with rights to the whole. The specific unities that characterize joint tenancy help ensure that the co-owners have equal rights and responsibilities regarding the property. - **Unity of title** means that all joint tenants must acquire their interest in the property through the same deed or will, thus ensuring that all parties are on the same legal level concerning ownership. - **Unity of time** indicates that the joint tenants must obtain their interests at the same time, solidifying the simultaneous ownership aspect of joint tenancy. - **Unity of interest** requires that all tenants have equal shares and identical legal interests in the property; they cannot hold different types or amounts of interests. - **Unity of possession** dictates that all tenants have an equal right to possess and enjoy the entire property, rather than being limited to specific portions. Together, these unities create the unique characteristics of joint tenancy, including the right of survivorship, which allows a deceased tenant's interest to automatically pass to the surviving tenants. The other choices may reference concepts related to property ownership,