Under Alabama law, which form of co-ownership includes the right of survivorship and requires that all co-owners acquire their interests at the same time, through the same instrument, with equal shares?
Correct Answer
B) Joint tenancy
Joint tenancy requires the four unities — time, title, interest, and possession — and carries the right of survivorship, meaning a deceased co-owner's share passes automatically to the surviving co-owners rather than through probate. Alabama recognizes joint tenancy when these unities are expressly created.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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