SIE Exam Question 351: Answer and Explanation

Question: 351

A husband and wife wish to open a brokerage account in which the husband will own 60% and the wife 40%. At either owner's death, the owner's portion will be liquidated and distributed to his/her beneficiary. What type of account should they open?

  • A. Tenancy by the Entirety
  • B. Joint Tenancy with Rights of Survivorship
  • C. Tenancy in common
  • D. Partnership

Correct Answer: C

Explanation:

C - Under a Tenancy in Common (or Joints Tenants in Common account), each owner has a specified percentage of the entire account. At each owner's death, his/her portion of the account is liquidated and distributed to his/her beneficiary.

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