Oregon Real Estate Practice Test

What does concurrent ownership signify?

1. Ownership by a single entity

2. Property ownership shared by more than one person

3. Public ownership of land

4. Owner's exclusive rights without restrictions

The correct answer is: Property ownership shared by more than one person

Concurrent ownership signifies property ownership shared by more than one person. In this arrangement, multiple individuals hold legal rights to the same property simultaneously. This type of ownership can take various forms, such as joint tenancy, tenancy in common, or tenancy by the entirety, each with its own specific rights and obligations for the co-owners. For example, in joint tenancy, all owners have equal shares in the property and rights of survivorship, which means that if one owner passes away, their share automatically transfers to the surviving co-owners. In contrast, under tenancy in common, owners can have unequal shares, and their shares do not automatically transfer to other co-owners upon death, instead passing on to their heirs. This concept contrasts with ownership by a single entity, where one person or organization has exclusive control over the property, or public ownership, where land is owned by the government or a public entity for public use. Additionally, exclusive rights without restrictions describe a scenario where a single owner can exercise full control over the property without sharing that control or facing co-ownership obligations, which does not reflect the nature of concurrent ownership.