Which of the following best defines the term ‘lease’ in real estate?

The term 'lease' in real estate is best defined as an agreement that allows a person to occupy a property for a specified period. This definition captures the essence of what a lease entails—it's a contractual arrangement between a landlord (lessor) and a tenant (lessee) that grants the tenant the right to use and inhabit the property under specific conditions agreed upon in the lease document.

Leases typically include details such as the duration of the occupancy, the amount of rent to be paid, responsibilities for maintenance, and other conditions governing the use of the property. This structured framework protects the rights of both parties and clearly outlines what is expected during the rental period.

In contrast, a definition focusing solely on the responsibilities of the landlord misses the vital component of tenant rights and does not encompass the reciprocal nature of the lease agreement. The option relating to financial transactions refers more broadly to real estate investments, lacking the specificity needed to define a lease. Lastly, the method of buying property outright does not pertain to leasing, as a lease is fundamentally about temporary occupancy rather than ownership transfer.