In which ownership arrangement do co-owners share equal ownership and have the right of survivorship?

The correct ownership arrangement where co-owners share equal ownership and have the right of survivorship is joint tenancy. In joint tenancy, each co-owner has an equal share in the property, and if one co-owner passes away, their interest in the property automatically transfers to the surviving co-owners. This right of survivorship distinguishes joint tenancy from other forms of co-ownership, as it ensures that ownership remains intact among the living co-owners without having to go through probate.

In contrast, tenancy in common allows co-owners to hold unequal shares and does not involve a right of survivorship, meaning that upon the death of a co-owner, their share can be inherited by their heirs. Community property typically applies to married couples and involves joint ownership but does not provide for the right of survivorship explicitly. Tenancy by the entirety is a form of joint ownership available only to married couples, with a right of survivorship, but it is not characterized by equal ownership among just any co-owners, as it solely applies within the context of marriage.