Which type of property ownership requires all owners to have identical rights of possession?

Joint tenancy is a form of property ownership that requires all owners to have identical rights of possession, which means each owner has an equal share and the same level of access to and use of the property. This is established through the principle of "unity of possession," which ensures that each co-owner can use the entire property, not just a portion of it.

Another key feature of joint tenancy is the right of survivorship, where if one owner dies, their interest in the property automatically passes to the surviving co-owners. This creates a seamless transfer of ownership without the need for probate, allowing the remaining owners to retain full control.

In contrast, tenants in common do not require identical rights of possession, as each co-owner can have different ownership shares and levels of control. Tenants by the entirety is a ownership arrangement specifically for married couples, and leaseholders do not co-own property but rather hold a lease agreement for a specific time period.