Final answer:
Transitional species is the term used for fossils that share common traits and represent a separate species.
Step-by-step explanation:
The term that scholars have suggested for transitional fossils that share common traits and may represent a separate species is transitional species. A transitional species is an organism that shows traits that are intermediate between two different groups, indicating a possible evolutionary link between them. Examples of transitional species include Archaeopteryx, Tiktaalik, and the fossils from South Australia.