Final answer:
Joint tenancy is a type of ownership where multiple individuals share equal ownership of a property. While joint tenants cannot sell their interest without the approval of other joint tenants, they can own unequal shares of the property. Joint tenancy is not limited to husband and wife and it avoids probate regardless of whether the deceased had a will or not.
Step-by-step explanation:
Joint tenancy is a type of ownership where two or more individuals share equal ownership of a property. One important characteristic of joint tenancy is that all joint tenants have an equal right to possess and enjoy the entire property. This means that no joint tenant can sell or transfer their interest in the property without the consent of all other joint tenants. So, option A is a correct statement about joint tenancy.
On the other hand, joint tenants can own unequal shares of the property. For example, if there are three joint tenants, they can hold ownership interests of 50%, 25%, and 25% respectively. Therefore, option B is incorrect.
Joint tenancy is not limited to husband and wife. While it is commonly used by married couples, any group of individuals can enter into a joint tenancy agreement. So, option C is incorrect.
Joint tenancy does avoid probate when one joint tenant dies. This means that the deceased joint tenant's interest automatically transfers to the surviving joint tenants, without the need for a probate court process. This holds true regardless of whether the deceased joint tenant had a will or not. Thus, option D is incorrect.