What is the term for an agreement in which a tenant purchases the right to occupy real property?

The correct answer is lease. A lease is a legal contract between a landlord and a tenant, which grants the tenant the right to occupy and use a specific piece of real property for a designated period of time in exchange for rent. It outlines the terms and conditions of the rental agreement, including the duration of the lease, payment amounts, and obligations for both parties.

In the context of real property management, a lease provides tenants with security and ensures that landlords have a commitment from tenants to fulfill payment responsibilities. Understanding the concept of a lease is essential for anyone involved in property management as it establishes the legal framework for the landlord-tenant relationship.

The other terms listed do not apply in this context. An acceleration clause typically relates to loans and mortgages, allowing lenders to require full repayment in certain situations. A statute refers to a written law passed by a legislative body, which does not describe an agreement between parties. An application usually refers to a form submitted by a potential tenant seeking permission to rent a property but does not constitute an agreement to occupy the property.