What is a tenancy by the entirety?

Tenancy by the entirety is a specific form of concurrent ownership that is exclusively available to married couples. It is characterized by the right of survivorship, meaning that if one spouse passes away, the surviving spouse automatically inherits the deceased spouse's interest in the property without the need for probate. This form of ownership provides certain protections, such as shielding the property from individual creditors of one spouse, indicating the unity and joint ownership of the married couple.

In contrast, the other options describe different types of ownership arrangements. The first option pertains to joint ownership without the right of survivorship, which is not applicable to tenancy by the entirety. The second outlines a general form of ownership between friends, failing to capture the unique legal attributes and protections associated with marriage in the context of property ownership. The final option restricts ownership to business entities, which does not align with the definition of tenancy by the entirety, as it specifically applies only to spouses. Understanding these distinctions helps clarify why the correct answer accurately reflects the characteristics and implications of tenancy by the entirety.