Humber/Ontario Real Estate Course 2 Exam Practice

Which term refers to multiple owners sharing property equally without divided interest?

1. Joint tenancy

2. Tenant sharing

3. Concurrent ownership

4. Common properties

5. Equal partnership

6. Co-tenancy arrangement

The correct answer is: Joint tenancy

Joint tenancy refers to a type of concurrent ownership where multiple owners share equal rights to the entire property. In joint tenancy, the owners have a right of survivorship, meaning that if one owner passes away, their ownership share is automatically passed on to the surviving owner(s). This is what distinguishes joint tenancy from tenancy in common, where owners can have unequal interests in the property and do not have a right of survivorship. The other options are not correct because they do not specifically refer to the concept of multiple owners sharing property equally without divided interest as in joint tenancy. Options B, D, E, and F do not accurately describe this type of ownership structure, while option C, concurrent ownership, is a broad term that encompasses various forms of shared ownership, including joint tenancy.