What legal interest allows a user rights under specific conditions, but remains revocable?

Prepare for the Metro Brokers Exam with flashcards and multiple choice questions. Each question is accompanied by hints and explanations. Get ready for your certification!

A license is a legal interest that grants a user certain rights under specific conditions, while remaining revocable at any time by the licensor. This type of permission is often granted for activities such as allowing someone to enter private property for a specific purpose without transferring any ownership interest in the property.

The distinctive feature of a license is that it does not create an interest in the land itself; instead, it is merely a privilege to use the land in a manner agreed upon. For example, if someone has a license to fish on a private lake, the owner can revoke that license at any time, unlike a leasehold estate, which would provide more security and longer-term rights that are not easily revoked.

In contrast, a leasehold estate provides the tenant with exclusive rights to occupy and use the property for a specified period, making it less revocable. An easement allows one party to use the property of another under certain conditions, but it typically creates a more permanent interest in the land. Lastly, a fee simple absolute gives full ownership of the property, including rights to sell or bequeath it, which is irrevocable and provides the most control over an estate.

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