Which of the following describes a joint tenancy?

Joint tenancy is a form of property ownership where two or more individuals hold equal shares in a property with certain legal characteristics. One of the critical aspects of joint tenancy is the right of survivorship, meaning that if one owner passes away, their share automatically passes to the surviving owner(s), rather than being distributed according to a will or law. This structure creates an equal partnership in ownership, where all joint tenants have the same rights and responsibilities concerning the property.

This type of ownership contrasts with other forms, such as tenancy in common, where there may be unequal shares, and the rights of survivorship do not apply. In joint tenancy, all co-owners must acquire the property simultaneously and under the same document to establish this form of ownership.

The other options do not accurately define joint tenancy. Ownership by a single individual refers to sole ownership, and ownership limited to family members does not capture the applicability of joint tenancy, which can involve non-family members. Lastly, the indefinite duration of ownership is not a defining feature of joint tenancy, as it can terminate under certain circumstances, such as when one owner sells their interest in the property.