What type of ownership is characterized by two or more parties named as joint tenants, where the interest passes to surviving tenants upon death?

The correct choice, Joint Tenancy, is a specific form of ownership where two or more people hold title to a property equally, with rights of survivorship. This means that if one owner dies, their share automatically passes to the surviving owners without the need for probate. This feature enhances the joint tenants' ability to transfer property upon death, ensuring that the remaining owners retain full ownership.

In contrast, Community Property typically pertains to property acquired during marriage and does not automatically transfer to the surviving spouse upon death without a will or other legal arrangements. Tenancy by the Entirety is a unique form of joint ownership reserved for married couples, where each spouse has an equal and undivided interest in the property, also featuring rights of survivorship but with additional protections against creditors. Common Law Ownership is not a recognized term in real estate law and does not represent any specific legal concept. Hence, Joint Tenancy is the correct answer as it directly describes the mechanism of property transfer upon the death of one joint owner.