Humber/Ontario Real Estate Course 3 Exam Practice

In a tenancy in common arrangement, which of the following is accurate?

1. Termination must be through a court order.

2. The unity of time must be present.

3. No right of survivorship exists.

4. Interest must be held equally by all tenants.

5. The tenants inherit each other's shares automatically.

6. The property must be owned as a business asset.

The correct answer is: Termination must be through a court order.

In a tenancy in common arrangement, it is accurate to say that there is no automatic right of survivorship, which is a defining characteristic of this type of ownership. Each tenant in common has a distinct, separate share of the property, which does not pass to the other tenants upon their death, allowing for individual control over their share and the right to bequeath it to heirs. The concept of termination through a court order can indeed occur, particularly if one tenant wants to end the arrangement and the other tenants do not agree. Courts may become involved to partition the property or resolve disputes. In a tenancy in common, the unity of time does not need to be present, meaning that tenants can acquire their shares at different times. Additionally, interests do not have to be held equally; each tenant can own a different percentage of the property. Also, the property ownership does not inherently need to be classified as a business asset, nor is inheritance automatic among co-tenants.