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A JTROS is a joint tenancy with right of survivorship. In many instances the right of survivorship is implicit in a joint tenancy, meaning that the remaining tenants acquire the ownership of any deceased tenants as a matter of law, rather than having it go to the estate of the decedent for distribution to his or her heirs. Of course, you can also have JTROS with your heirs apparent, which just makes probate a whole lot easier.
Other effects of JTROS involve the respective obligations for upkeep and taxes, division of rental income, joint or separate liens, among other things, but those would belong to answers of more specific questions.
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