Which statement regarding licenses is accurate?

The statement indicating that licenses may be revoked by the owner if no termination date is specified accurately reflects the nature of property rights associated with licenses in real estate. Licenses are permissions granted by a property owner to another party, allowing them to perform a specific act, such as entering or using the property. Since a license does not convey ownership or a permanent interest in the property, it typically includes provisions for revocation.

When a license is created without a specific termination date, the owner retains the right to revoke that license at any time, as long as they provide appropriate notice. This characteristic distinguishes licenses from other types of property interests, such as easements, which tend to be more permanent and are typically not revocable at will.

In contrast, the other statements do not accurately describe the nature of licenses. A license is not a permanent privilege; it can be temporary and is often contingent on conditions set by the property owner. Additionally, licenses are not assignable, meaning the rights granted cannot be transferred to another party without the property owner’s consent. Lastly, licenses are also not inheritable since they are personal to the licensee and cease upon their death unless specifically stated otherwise.