What does a license in real estate signify?

A license in real estate signifies a personal privilege to enter the land for a specific purpose. This means that a license is not an ownership interest in the property but rather a temporary permission granted by the property owner to another party. This permission can be for a variety of activities, such as accessing the land for recreational purposes or conducting repairs.

For example, if a person has a license to fish on someone else's property, that license allows them to engage in an activity that they would not have the right to do without the owner’s permission. Importantly, this privilege can be revoked at any time by the property owner, making a license distinct from a lease or a deed, both of which confer more durable rights concerning the property.

The other options refer to concepts that relate more closely to ownership or financial agreements rather than the essence of what a license entails in the context of real estate.