Define "tenant" in real estate.

The definition of "tenant" in real estate refers specifically to an individual or entity that rents or leases property from a landlord. This relationship is typically governed by a lease agreement, which outlines the terms under which the tenant has the right to occupy and use the property.

A tenant does not own the property outright; instead, they pay rent to the landlord for the right to use the space for a specified period. This arrangement is fundamental in real estate, as it establishes the legal rights and responsibilities of both the tenant and the landlord, such as maintenance obligations and payment schedules.

Other potential definitions presented in the choices focus on ownership or management roles that do not align with the typical legal definition of a tenant. For example, an individual who owns property outright is a property owner, while a property manager is responsible for overseeing rental properties but does not have the same rights as a tenant. Lastly, an organization that owns multiple rental properties is also an owner rather than a tenant. This clarity helps to solidify the role of a tenant within the real estate framework.