Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following correctly describes a tenancy in common?

1. All tenants possess equal ownership shares in the property.

2. Unity of time, title, interest, and possession must all be present.

3. Any tenant can independently sell their share without consent from others.

4. Share ownership automatically transfers to surviving tenants upon the death of a tenant.

The correct answer is: Any tenant can independently sell their share without consent from others.

Option C correctly describes a tenancy in common. In a tenancy in common, each tenant owns a distinct share of the property. This means that any tenant can sell or transfer their share without needing permission from the other co-owners. This aspect of independent ownership and transfer distinguishes tenancy in common from joint tenancy, where a co-owner cannot freely dispose of their interest without the consent of the other owners. Options A, B, and D do not accurately describe a tenancy in common. In a tenancy in common, ownership shares do not have to be equal (unlike in joint tenancy), unity of time, title, interest, and possession is not required (unlike in joint tenancy), and ownership shares do not automatically transfer to surviving tenants but rather pass according to the individual co-owner's will or the laws of intestate succession.