What does joint tenancy refer to in property ownership?

Joint tenancy refers to a specific form of property ownership by two or more persons. In this arrangement, each owner holds an equal share of the property, and uniquely, joint tenancy includes the right of survivorship. This means that if one owner passes away, their share automatically transfers to the remaining owners, rather than going through probate. This ownership structure not only allows for shared property rights but also simplifies the legal process involved in transferring ownership upon an owner's death.

The other options represent different concepts. A type of mortgage agreement relates to financing property, a legal process for transferring property pertains to deeds and titles, and a method of renting real estate involves lease agreements, none of which capture the essence of joint tenancy.