Alice and Bob own a commercial property as joint tenants with the right of survivorship. Alice decides to sell her interest to Carol. What is the resulting form of ownership between Bob and Carol?
A new joint tenancy is formed between Bob and Carol.
A tenancy in common is created between Bob and Carol.
A tenancy by the entirety is created between Bob and Carol.
The joint tenancy remains unchanged between Bob and Carol.
When a joint tenant transfers their interest to a third party, the joint tenancy is severed and converted into a tenancy in common. Bob and Carol now own the property as tenants in common, terminating the right of survivorship between them.
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