Define the term "joint tenancy" in real estate.

Joint tenancy in real estate is defined as a form of property ownership where two or more individuals hold equal shares of the property, and they possess a right of survivorship. This means that, if one tenant passes away, their share automatically transfers to the surviving joint tenants rather than being passed on through the deceased tenant's will or estate.

This arrangement is notable because it creates a direct relationship among the owners, and all parties have equal control over the property. The concept of right of survivorship also emphasizes the unique aspect of joint tenancy, distinguishing it from other forms of ownership, such as tenancy in common, where there is no automatic transfer of ownership upon death.

The other choices provided do not accurately capture the essence of joint tenancy, as they pertain to different real estate concepts such as mortgages, leases, and tax agreements, which are unrelated to the principles governing joint ownership of property.