How does a joint tenancy differ from a tenancy in common?

The distinction between joint tenancy and tenancy in common fundamentally revolves around the issue of survivorship. A joint tenancy is characterized by the right of survivorship, meaning that when one joint tenant dies, their interest automatically passes to the surviving joint tenants. This right of survivorship is a defining feature of joint tenancy, ensuring that the ownership interest does not devolve to heirs or beneficiaries of the deceased tenant.

In contrast, tenancy in common does not provide for the right of survivorship. Instead, when a tenant in common dies, their share of the property passes to their heirs or according to their will, rather than to the other co-tenants. This key difference impacts how the property is handled upon the death of an owner, making option B the correct answer.

The other choices do not accurately capture the differences between the two forms of property ownership. Joint tenancy does not relate to commercial leases, confirming that option C is incorrect. Option A incorrectly states that joint tenancy does not include rights of survivorship, which is contrary to its definition. Lastly, option D misrepresents the nature of joint tenancy by implying that equal division requires agreement, which is not a characteristic inherent to joint tenancy ownership.