Which of the following best describes a "joint tenancy"?

A joint tenancy is a form of co-ownership in which two or more individuals hold title to a property equally, with each having an identical share in the property. One of the defining features of joint tenancy is the right of survivorship, meaning that when one joint tenant dies, their share automatically passes to the surviving joint tenant(s) rather than being transferred according to the deceased tenant's will or estate plan. This characteristic distinguishes joint tenancy from other forms of ownership, as it ensures that the ownership remains intact among the surviving owners.

In contrast, other forms of co-ownership do not have this right of survivorship or do not imply equal shares among the owners. For example, sole ownership by one person does not involve any co-ownership aspect. Additionally, in ownership structures where tenants have independent stakes or where co-ownership exists without the right of survivorship, the distribution of property upon death does not follow the same automatic transfer process found in joint tenancies. Therefore, the defining characteristics of joint tenancy make it a unique and specific form of property ownership.