Real Estate Council of Alberta Fundamentals Practice Exam

Which of the following is NOT a condition of joint tenancy?

1. Time

2. Title

3. Contribution

4. Possession

The correct answer is: Contribution

In the context of joint tenancy, the three essential conditions that must be met are time, title, and possession. Time refers to the requirement that all tenants acquire their interests in the property simultaneously. This means that each joint tenant must receive their share of the property at the same time. Title indicates that all tenants must hold the title to the property together, which signifies that they are co-owners of the property under a single legal title. Possession asserts that all joint tenants have equal rights to possess and use the entire property. This principle ensures that no single joint tenant can exclude another from enjoying the property fully. The concept of contribution, while it can be relevant in discussions of property ownership and financial responsibilities, is not a necessary condition for joint tenancy. Each tenant in a joint tenancy can hold an equal share in the property without necessarily having contributed an equal amount of money for the purchase. For example, one tenant may have financed a larger share than another, but as long as they hold the title together and meet the conditions of time and possession, they still establish a joint tenancy. Thus, contribution does not fulfill any of the fundamental requirements to form a joint tenancy, making it the correct choice for what is not a condition of joint tenancy.