Which of the following statements about joint tenancy is true?

Joint tenancy is a specific form of property ownership that includes four key features: unity of possession, unity of interest, unity of time, and unity of title. A critical aspect of joint tenancy is the right of survivorship, which means that when one joint tenant dies, their share of the property automatically transfers to the surviving joint tenants, rather than being passed on to heirs or through a will. This principle distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where the deceased tenant's share would go to their heirs instead of the other owners.

The other options related to joint tenancy do not accurately describe this form of ownership. For instance, it can be established by any individuals, not just family members, and it does not allow for unequal shares, as all joint tenants must have equal shares of the property. Additionally, while having a written agreement can be beneficial for clarity, joint tenancy can be created informally, such as through the process of purchasing property together without a formal contract. Thus, the statement about the right of survivorship is what makes joint tenancy a unique and important concept in property law.