Humber/Ontario Real Estate Course 1 Exam Practice

Which of the following lists the four unities required for joint tenancy?

1. Unity of title, ownership, interest and possession

2. Unity of title, spousal interest, termination and possession

3. Unity of title, time, possession and interest

4. Unity of title, time, survivorship and possession

The correct answer is: Unity of title, time, possession and interest

The correct understanding of joint tenancy involves four essential unities that must be present for the arrangement to be valid. These are unity of title, time, possession, and interest. - Unity of title means that all joint tenants must acquire their interest in the property through the same deed or legal instrument. - Unity of time requires that all tenants must acquire their interests at the same time. - Unity of possession indicates that all joint tenants have equal rights to possess and use the entire property. - Unity of interest ensures that each tenant must hold an equal share or interest in the property. Each unity is crucial to ensure that joint tenancy functions effectively, allowing for the right of survivorship, whereby upon the death of one tenant, their interest is automatically transferred to the surviving tenants. The other choices include incorrect terms or concepts that do not apply to the definition of joint tenancy as established in real estate law, making them unsuitable answers.