What form of real property ownership allows equal shares with undivided possession rights?

The correct answer is joint tenancy, which consists of several key characteristics that define this form of ownership. In joint tenancy, two or more individuals own a property together with equal shares and possess the property collectively rather than separately. This means that each owner has the right to use and enjoy the entire property, and all owners have undivided possession rights.

A significant feature of joint tenancy is the right of survivorship. This means that if one owner passes away, their share automatically transfers to the surviving joint owners, rather than going through probate. This characteristic of joint tenancy is crucial for estate planning, as it ensures that the property remains within the group of owners without the complications of wills or probate.

Comparatively, tenancy in common allows multiple owners to hold shares of a property, but these shares can be unequal, and there is no right of survivorship. Each tenant in common can sell or transfer their share independently, which can lead to potential complications regarding possession and rights.

Partnership, while it can involve shared ownership of property, does not specifically denote equal shares or undivided possession rights in the way joint tenancy does. Community property refers to a specific form of ownership recognized in some states for married couples, where both spouses own property equally, but