Question

Jim, Manny, and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend Wendell. After the conveyance, Jim and Manny?

A. Form a real estate business.
B. Assess the market value of the land.
C. Consult a business attorney.
D. Explore new investment opportunities.

Answer 1

Harry conveys his interest in the land to his friend Wendell. Jim and Manny did not engage in any new business activities.

Step-by-step explanation:

In this scenario, Harry conveys his interest in the parcel of land to his friend Wendell. As a result, the ownership of the land is now jointly held by Jim, Manny, and Wendell. Jim and Manny did not form a real estate business, assess the market value of the land, consult a business attorney, or explore new investment opportunities. These are not relevant actions in this context.