Ontario Mortgage Agent Practice Exam

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What characterizes joint tenancy in real property ownership?

Exclusive ownership by one party
Shared ownership by all parties without individual interests
Individual interest ownership by all owners
Ownership by relatives only

The correct answer is: Individual interest ownership by all owners

Joint tenancy in real property ownership is a type of ownership where each owner has an individual interest in the property. This means that each owner has an equal share of ownership, unlike exclusive ownership (A) where only one party has complete ownership. Additionally, joint tenancy differs from shared ownership (B) because in shared ownership, there are no individual interests and all parties share ownership equally. Ownership by relatives (D) is not a defining characteristic of joint tenancy as it can include unrelated individuals as well. Therefore, individual interest ownership by all owners (C) accurately characterizes joint tenancy in real property ownership.