What type of ownership allows two or more persons to hold an undivided interest with rights of survivorship?

The correct choice refers to Joint Tenancy, which is a specific form of co-ownership that allows two or more individuals to hold property together with an undivided interest. One of the defining features of Joint Tenancy is the right of survivorship. This means that when one co-owner passes away, their share of the property automatically transfers to the surviving co-owner(s), rather than being passed according to a will or through intestate succession.

The right of survivorship is significant because it ensures that the property bypasses probate, streamlining the process of ownership transfer and providing reassurance to co-owners about the continuity of their shared asset. This characteristic of Joint Tenancy makes it distinct from other forms of property ownership, such as Tenancy in Common, where there is no right of survivorship, and each owner's share can be inherited by their heirs.

Community Property pertains primarily to married couples and is a form of ownership that does not include the right of survivorship. Shared Ownership is a more general term that can encompass various forms of ownership, but it does not specifically denote the rights associated with Joint Tenancy and its survivorship aspect. Thus, Joint Tenancy is the most accurate answer for the question posed.