Property Ownership
In Illinois, which of the following is correct regarding joint tenancy in real estate?
AIt requires all joint tenants to have unequal shares
BJoint tenants must have equal shares, equal interests, acquired at the same time by the same instrument✓ Correct
CJoint tenancy automatically becomes a tenancy in common upon the death of one joint tenant
DJoint tenancy can only be created between spouses in Illinois
Explanation
Joint tenancy in Illinois requires the four unities: Unity of Time (interests acquired simultaneously), Unity of Title (by the same instrument), Unity of Interest (equal undivided shares), and Unity of Possession (each has the right to possess all). These unities must be present for a valid joint tenancy, along with survivorship language.
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