Final answer:
The statement that must be true for Jones, Smith, and Williams, who own property as joint tenants, is that the last surviving owner takes the entire property due to the right of survivorship inherent in joint tenancy agreements. Other options regarding separate and divisible interests, unilateral conveyance without consent, and unequal ownership shares are incompatible with the principles of joint tenancy.
Step-by-step explanation:
When Jones, Smith, and Williams own property as joint tenants, a specific set of conditions apply to their ownership. Being joint tenants implies that each owner has an equal and undivided interest in the property, and upon the death of one joint tenant, their interest automatically passes to the surviving joint tenants, a principle known as the right of survivorship.
C) The last surviving owner takes the entire property is the statement that must be true. This is because, in a joint tenancy, the right of survivorship guarantees that the interests of a deceased owner pass directly to the remaining owners without passing through probate. Therefore, as each joint tenant passes away, their interest is re-distributed to the remaining tenants until the last surviving owner possesses the whole property.
For clarification, A) Each owner has a separate and divisible interest is incorrect because joint tenancy means each owner's interest is indivisible and equal. B) One owner can convey their interest without consent of the others is incorrect because, while a joint tenant can sell their interest, this act would convert the tenancy into a tenancy in common for the part sold, which alters the original equal and undivided nature of the joint tenancy. Finally, D) Ownership shares may be unequal is also incorrect, as joint tenancy requires equal ownership shares.