Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

In a co-ownership situation, if one owner dies, what happens to their share of the property?

Their share automatically goes to the surviving co-owner(s).
Their share becomes part of their estate.
Their share is auctioned off.
Their share is taken over by the government.
Their share becomes null and void.
Their share cannot be inherited.

The correct answer is: Their share becomes part of their estate.

In a co-ownership situation, when one owner dies, their share of the property typically becomes part of their estate. This means that the deceased owner's share will be distributed according to their will or the laws of intestacy if there is no will. The correct answer is B because the share of the property does not automatically transfer to the surviving co-owner(s) but instead forms part of the deceased owner's estate for distribution. Options A, C, D, E, and F are not correct because in a co-ownership situation, the share of the property does not automatically transfer to the surviving co-owner(s), get auctioned off, taken over by the government, become null and void, or cannot be inherited.