Ontario Mortgage Agent Practice Exam 2025 – Your All-in-One Guide to Exam Success!

In the context of property ownership, what distinguishes joint tenancy from tenancy in common lies primarily in the nature of the ownership interest that each type of arrangement confers.

With tenancy in common, co-owners hold undivided interests in the property. This means that each owner has the right to use the entire property, rather than just a specific portion of it. This arrangement allows for multiple individuals to share ownership without defining their proportion of the property amongst themselves, enabling flexibility in how they manage their shares, including selling or bequeathing their interest independently.

This contrasts with joint tenancy, which is characterized by several key features, such as the right of survivorship. In joint tenancy, co-owners must have equal shares and a right of survivorship means that if one owner passes away, their interest automatically transfers to the surviving joint tenants, rather than being passed through their estate.

Understanding these fundamental differences helps clarify why tenancy in common is defined by co-ownership of undivided interest, allowing greater autonomy for individual owners regarding their share in the property.