Which of the following statements is true about joint tenancy?
A) All the co-owners own equal shares of the property.
B) Upon the death of the tenant, his or her heirs receive the property interest.
C) An owner may not sell his or her shares in the interest without the consent of the other owners.
D) Owners' interest in the property cannot be attached by creditors.

Question

Quizplus · Accepted Answer

Joint tenancy is characterized by the unity of possession, meaning that all owners have equal shares and rights to the property. Upon the death of a joint tenant, the property interest automatically passes to the surviving joint tenants, not to the heirs of the deceased tenant. Joint tenants may sell or transfer their shares without the consent of the other owners, but doing so will sever the joint tenancy and create a tenancy in common. Creditors can attach the interest of a joint tenant, but only while the tenant is alive.

Which of the Following Statements Is True About Joint Tenancy