Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

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What is the main difference between joint tenancy and tenancy in common?

Joint tenants own divided shares of a property
Tenants in common own undivided interests in a property
Joint tenancy grants exclusive property ownership
Tenancy in common allows for individual property sales

The correct answer is: Tenants in common own undivided interests in a property

Joint tenancy and tenancy in common both involve multiple individuals owning a property together. However, the main difference is that joint tenants each have an equal share of the property, while tenants in common have ownership interests that may differ in size. Additionally, joint tenancy typically includes the right of survivorship, meaning that if one joint tenant passes away, their share of the property automatically transfers to the remaining joint tenants. In contrast, tenants in common do not have the right of survivorship and can sell or transfer their ownership interest without the approval of the other tenants. Option A is incorrect because it describes joint tenancy, not tenancy in common. Option C is incorrect because joint tenancy does not grant exclusive ownership and joint tenants share ownership of the property. Option D is incorrect because tenants in common can also sell their ownership interests.