Humber/Ontario Real Estate Course 2 Exam Practice

What is true about co-ownership properties?

1. They can have up to 10 co-owners

2. They resemble structures of co-operatives

3. They are limited to residential purposes

4. They involve shared ownership by individuals

5. They require unanimous decisions

6. They are regulated by tenancy laws

The correct answer is: They involve shared ownership by individuals

The correct answer is D because co-ownership properties involve shared ownership by individuals. This means multiple individuals collectively own the property, each having a designated share or interest in the property. Co-ownership can take various forms such as joint tenancy or tenancy in common, where each co-owner has rights and responsibilities regarding the property. Option A is incorrect as the number of co-owners in a co-ownership can vary and is not limited to 10. Option B is incorrect as co-operatives and co-ownership properties have different structures and ownership models. Option C is incorrect as co-ownership properties are not limited to residential purposes and can also include commercial properties. Option E is incorrect as decision-making in co-ownership properties can vary depending on the agreement among co-owners. Option F is incorrect as co-ownership properties are regulated by property and real estate laws rather than tenancy laws.