Incorporeal property refers to legal interests in real property that do not include the right of possession. Examples include easements and licenses, which grant specific, limited rights without conferring ownership or possession of the land.
In real estate, 'let' refers to granting the use of realty (real estate) for compensation. The term does not always imply the act of leasing but can also refer to the granting of a license.
A grant of permission or privilege, whether by private individuals or governmental authority, that legalizes the performance of specific activities. In property law, a license is a personal, revocable privilege concerning land use.
