Retrieve date from one JotFOrm Table to multiple forms

...whereas having a dropdown element linked to a table of possible selections.

eg. We have to update several forms when a new option needs to be added, several times a year. Could we update this list once in a table, and have the forms update their possible options all at once?

Unfortunately, no, that is not possible. JotForm Tables is attached to a specific form and cannot be used to retrieve data for multiple forms.