Which statement accurately distinguishes between a lease and a license?

A lease and a license serve distinct purposes in property use, and the definition highlighting that a lease grants control over property while a license allows action on the property effectively captures this difference.

A lease creates an exclusive interest in a property, allowing the lessee to possess and use the property for a specified term, typically with a degree of control that can include making improvements or modifications. This arrangement often includes rights that are protected by law.

In contrast, a license is merely a permission granted to someone to undertake specific actions on someone else's property without transferring any ownership rights or control. The licensee has less authority and their rights are more limited than those of a lessee. They cannot make substantial changes or improvements to the property and may often be revoked at the licensor's discretion.

The other options do not accurately describe the fundamental differences. For instance, leases can be temporary or long-term and licenses are not necessarily permanent. Leases are often formalized in written agreements, but they can also be verbal; conversely, licenses can be either formal or informal and don't require a specific form. Additionally, while leases typically involve a fee, licenses can be granted for free or involve minimal payment. Thus, the first option provides the most accurate and clear