Humber/Ontario Real Estate Course 2 Exam Practice

Which statement is NOT correct about the Benson family's co-ownership arrangement for purchasing a Muskoka cottage?

1. Members of the Benson family would be registered on title in accordance with their proportionate interest in the cottage property

2. The Benson family members would take title to the property as tenants in common

3. The Benson family would receive share certificates, as proof of ownership in the cottage

4. All rules concerning maintenance obligations and occupancy times would be established by the family

The correct answer is: The Benson family members would take title to the property as tenants in common

In the co-ownership arrangement for purchasing a Muskoka cottage by the Benson family, the statement that is NOT correct is B. This is because the Benson family members would typically take title to the property as joint tenants, rather than tenants in common. Joint tenancy means that each owner has an equal and undivided interest in the property, with the right of survivorship, which means that if one of the owners passes away, their interest automatically transfers to the surviving owner(s). Options A, C, and D are not the correct answers because: A. Members of the Benson family being registered on title in accordance with their proportionate interest in the property aligns with the concept of joint tenancy. C. The Benson family would not typically receive share certificates for co-owning a cottage property; rather, they would be registered on the property title. D. While rules concerning maintenance obligations and occupancy times can be established by the family, they are typically outlined in a co-ownership agreement rather than being solely established by the family members.