Affiliate Broker Tennessee (TN PSI) National Practice Exam `

What characteristic is essential for establishing joint tenancy?

1. Ownership in unequal shares

2. Unity of possession

3. Separate titles

4. Statutory requirements

The correct answer is: Unity of possession

To establish joint tenancy, the concept of "unity of possession" is essential. This characteristic means that all co-owners have equal rights to possess the entire property. It underscores the idea that each tenant has an undivided interest in the whole property rather than just a portion of it. This shared ownership creates a right of survivorship, where if one joint tenant passes away, their interest automatically transfers to the surviving tenants rather than being passed on through inheritance. In joint tenancy, all co-owners must have equal rights to occupy and use the property, reflecting a cohesive ownership structure. This unity of possession is integral to defining the relationship and legal arrangement among joint tenants. While other factors like ownership shares, titles, and statutory requirements may pertain to real estate ownership and may affect how property is held, they are not fundamental to the establishment of joint tenancy itself. Joint tenancy specifically requires that all tenants have the right to possess the same undivided interest, which is why unity of possession is the correct answer in this context.