In NC, what happens to a joint tenancy when one joint tenant sells their interest to a third party?
Why The joint tenancy is severed as to that interest, creating a tenancy in common between the purchaser and the remaining joint tenants Is Correct
Answer B: The joint tenancy is severed as to that interest, creating a tenancy in common between the purchaser and the remaining joint tenants
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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Key Terms to Know
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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