It is very important, one of the basics.  I will admit, grown a bit lazy in that reguard as most properties in Tucson AZ are Fee Simple.   If I were to practice somewhere else, that is something I would want to brush up on as that is not the case in other areas.  Just up the road in Mt Lemon, very few cabins/homes available with Fee Simple.

Hi Tony,  Cute baby!  If you're studying for your license and interested in a successful career in real estate and interacting here on ActiveRain with all these awesome professionals... here a couple of posts that might be useful:
To alll Real Estate Students

The Hardest Part Of Being A Real Estate Agent

It's one of those very basic things you need to get before you hit the streets.  If you don't understand this, you risk looking like a complete fool to any prospective client you encounter.

it's most important to understand that information.... but the attorney who represents your client would be the one to discuss it with them in detail and help them make the right decision....we don't play attorney,,,

Knowledge is power.   Get back to class.   Get powerful.  

Those decisions are made at closing, and you as the buyers representative will be expected to help explain the diffences such as right of survivorship. It's not about giving advise its more about being competent to help explain the process.

For one, you need to know how to answer your clients question regarding forms of ownership. I like to be able to let them know the different types but when it come sfor them to choose what is best, i tell them to consult their lawyer for that

It is title company will handle.

Great answers. And interesting subject. 

You have many great answers here.

Part of the basics of the business.

It is a very cute profile picture;) Is a baby taking a real estate classes? It is about time:) 

Tony Trotter it's always a good idea to learn as much as we can for any property - including forms of ownership.

I would want to know this if I had the seller. 

Tony,
It is important not to advise your client but to point them to an attorney and tax pro for advice.

Well one thing would be so that you don't find yourself trying to buy or sell a home that is not buyable or saleable.

It is not.  Those questions should be referred to the title company or a real estate attorney.

A real estate professional should understand the benefits and disadvantages of different forms of ownership in the state.

Types of ownership are important, but you will 'probably' only encounter a couple routinely. Still, you better know. Google this for your state.

ALSO, there needs to be a distinction between 'type of ownership' (fee simple etc.) and 'ways to hold title' (TIC, CP, JT etc) . . .

Lenders and title companies help decide this is a more automatic fashion. Knowing the differences is a part of your responsibility on being a trusted real estate source. I have never told anyone what to do on this.

I'd say the most important reason is so you can explain this to your clients so they can decide which is best for them.

We actually are not supposed to be offering any ADVICE on any of them ! That is practicing Law without a license to do so !

Knowlwdge is power. There does come a time when you say: "consult your attorney"!