Humber/Ontario Real Estate Course 2 Exam Practice

Who typically owns property in a co-ownership arrangement?

1. Four maximum owners are allowed

2. Ownership is similar in structure to co-operatives

3. Limited to recreational properties

4. Two or more people as tenants in common

5. Only family members can co-own

6. Applicable only for investment properties

The correct answer is: Two or more people as tenants in common

In a co-ownership arrangement, where two or more individuals own a property together, they typically own the property as tenants in common. This means that each owner has a distinct, proportionate share in the property. Tenants in common have the right to sell, mortgage, or pass on their share of the property through inheritance. This form of ownership is common in various real estate situations where multiple individuals want to own a property together, such as siblings inheriting a family home or friends purchasing an investment property. The other options mentioned are not accurate: A. There is no specific limitation on the number of owners in a co-ownership arrangement. B. Co-operatives have a different ownership structure compared to co-ownership. C. Co-ownership is not limited to recreational properties; it can apply to various property types. E. Co-ownership is not restricted to family members; it can involve any group of individuals. F. Co-ownership can be for various purposes, not only for investment properties.