What does "sale or lease" encompass?

The term "sale or lease" encompasses every disposition or transfer of real property because it refers to any transaction where ownership rights are conveyed, whether through a sale, lease, or other forms of transfer. This definition is broad and includes not only selling property but also leasing it, which involves granting someone the right to use and occupy the property for a specified period in exchange for payment.

By including all types of transactions, the correct answer reflects the comprehensive nature of real estate dealings. This understanding is crucial for professionals in the field, as it impacts how various agreements and contracts are drafted and interpreted. Other options do not capture the full spectrum of real property transactions, focusing either too narrowly or incorrectly defining the scope of transfers.