Metro Brokers Academy Practice Test

In real estate, the expiration of a license can happen for various reasons, but one of the most definitive triggers is permanent revocation by the landowner. A license gives permission to perform a specific act on someone else's property, and if the landowner unilaterally revokes that permission, the license ceases to be valid.

This situation emphasizes that a license is not a property right but rather a privilege that can be rescinded at the discretion of the landowner. When a landowner decides to permanently revoke access, it effectively terminates any rights the licensee had to utilize the property as per the previously granted permission. Consequently, the act of permanent revocation represents a significant and clear point of termination for the license.

In contrast, the other options either relate to circumstances that do not directly result in expiration or involve conditions that might not apply universally. For example, a change in ownership of the property does not automatically invalidate a license unless paired with specific conditions set forth by the license agreement. Similarly, the expiration of a fixed term may apply to certain licenses, but it is not the only method of expiration and is less severe than a permanent revocation. The failure to use the license within a year could also be exaggerated and wouldn't