AICPA每日一练之REG【2016-2-29】

高顿网校2016-02-29 09:26Lynn.yu
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Long, Fall, and Pear own a building as joint tenants with the right of survivorship. Long gave Long’s interest in the building to Green by executing and delivering a deed to Green. Neither Fall nor Pear consented to this transfer. Fall and Pear subsequently died. After their deaths, Green’s interest in the building would consist of

a. A 1/3 interest as a joint tenant.

b. A 1/3 interest as a tenant in common.

c. No interest because Fall and Pear did not consent to the transfer.

d. Total ownership due to the deaths of Fall and Pear.

Answer:B

In a joint tenancy, each joint tenant has an equal and undivided interest in the property. Each joint tenant can transfer his/her interest in the property without the prior consent of the other joint tenants. When this occurs, the conveyance destroys the joint tenancy and creates a tenancy in common between the remaining joint tenants and the third party. When Long gave his/her interest in the building to Green, Green became a tenant in common with a 1/3 interest in the property. Therefore, an swer (a) is incorrect.

Answer (d) is incorrect because Green would have total interest in the building after the deaths of Fall and Pear only if Green had been a joint tenant rather than a ten ant in common.

Answer (c) is incorrect because a joint tenant may convey rights in property without the consent of other joint tenants.

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