Which of the following best describes the term lease?
A) an interest in real property given to a lender as security for the repayment of a loan
B) an interest in real property for a person's lifetime
C) the transfer of the right to use real property for a specified period of time
D) a right to use someone else's land without owning or hiring it

Question

Quizplus · Accepted Answer

The term lease refers to the transfer of the right to use real property for a specified period of time. It is an agreement between the landlord, who owns the property, and the tenant, who pays rent to use the property. Option A refers to a mortgage, Option B refers to a life estate, and Option D refers to an easement.

Which of the Following Best Describes the Term Lease