What is meant by a "license" in property law?

In property law, a "license" refers specifically to the permission granted to an individual or entity to do something on another person’s land without obtaining ownership. This is a crucial legal concept because it allows parties to engage in specified activities on property without transferring property rights. A license can be verbal or written and does not create an interest in the land; rather, it is a personal right bestowed upon the licensee.

For example, a landowner might grant a neighbor a license to park their car on a portion of their property. The neighbor can use that space but does not gain any ownership rights or interest in the property itself. This understanding is significant in real estate and property transactions, as it delineates the boundaries of rights, responsibilities, and permissions related to land usage.

The other options presented do not accurately define the term "license" within the context of property law. Permission to own property without fees refers more to ownership rights and does not involve the concept of a license. Permission to alter a property structure often involves a different legal mechanism, such as a lease or an easement. Finally, permission to lease property to third parties would typically fall under a lease agreement.