Humber/Ontario Real Estate Course 2 Exam Practice

Which correctly describes concurrent ownership in real estate?

1. Means multiple individuals have ownership rights at different times.

2. Includes joint tenancy and tenants in common as types of ownership.

3. Designates that a joint tenant’s interest passes to surviving tenant(s) upon death.

4. Is established only via joint tenancy.

5. Requires all owners to have equal share in the property.

6. Means property is shared equally among all surviving family members.

The correct answer is: Includes joint tenancy and tenants in common as types of ownership.

Concurrent ownership in real estate refers to the situation where multiple individuals have ownership rights to a property simultaneously. Option B correctly identifies joint tenancy and tenants in common as types of concurrent ownership. In joint tenancy, the ownership rights include the right of survivorship, meaning that if one joint tenant passes away, their interest automatically transfers to the surviving joint tenant(s). On the other hand, tenants in common each have a separate and distinct share of the property, without the right of survivorship. The other options are incorrect: - Option A is incorrect because concurrent ownership means multiple individuals have ownership rights at the same time, not at different times. - Option C is incorrect because it specifically describes the right of survivorship in joint tenancy but does not represent the full scope of concurrent ownership. - Option D is incorrect because concurrent ownership can be established through joint tenancy as well as tenants in common. - Option E is incorrect because concurrent owners do not necessarily have to have an equal share in the property. - Option F is incorrect because concurrent ownership is not just limited to surviving family members; it can involve any individuals who have ownership rights to the property.