What type of ownership allows two or more individuals to have equal rights and survivorship?

The correct answer is joint tenancy, which is a form of ownership that allows two or more individuals to own property together with equal rights and survivorship. In a joint tenancy, each owner has an equal share in the property, and when one owner passes away, their share automatically transfers to the surviving joint tenant(s). This right of survivorship is a key feature that distinguishes joint tenancy from other forms of co-ownership, ensuring that the property does not go through probate and is not inherited by the deceased owner's heirs, but rather stays within the surviving owners.

Other forms of ownership do not include the same rights or mechanisms. For instance, in tenancy in common, each owner may have different shares in the property, and there is no right of survivorship; when an owner dies, their share goes to their heirs. Community property typically refers to ownership by married couples, where property acquired during marriage is owned jointly, but it doesn't provide the right of survivorship unless specifically structured. Fee simple ownership is the most complete form of ownership but applies to individual ownership rather than joint ownership among multiple parties.