Marcus and Diane purchase a home in Des Moines as joint tenants. Marcus later conveys his interest to his brother Leon without Diane's knowledge or consent. What is the ownership status of the property after the conveyance?
Correct Answer
D) Leon and Diane hold the property as tenants in common, with no right of survivorship.
In Iowa, a joint tenant may unilaterally convey his or her interest to a third party without the other joint tenant's consent. However, doing so severs the joint tenancy as to the conveyed interest. Because the four unities (particularly unity of time and title) are destroyed between Leon and Diane, they hold as tenants in common. Diane retains her original interest, but the right of survivorship between her and Leon is eliminated.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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