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!

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Why does joint tenancy not apply to buyers with unequal interests in a property?

Reed and Boothe are considered joint tenants regardless.
Title automatically transfers to the surviving owner.
Joint tenancy requires identical ownership interests.
Reed and Boothe's interests must match the title document.
Joint tenancy is unaffected by purchase timing.
Different buyer names invalidate joint tenancy.

The correct answer is: Joint tenancy requires identical ownership interests.

Joint tenancy is a form of property ownership where each owner holds an equal and undivided interest in the property. This means that all owners have the same ownership rights, share the property equally, and have the right of survivorship. In joint tenancy, if one owner passes away, their interest automatically transfers to the surviving owner(s). Given this definition, option C is correct because joint tenancy indeed requires identical ownership interests. If buyers have unequal interests in a property, they cannot hold the property as joint tenants since joint tenancy specifically requires that all owners have the same ownership share. Unequal interests would not meet the criteria of joint tenancy, and therefore, it cannot apply in such a scenario.