PSI Oklahoma Real Estate Complete Practice Test

Tenancy at will refers to a rental arrangement where the tenant occupies the property with the landlord's consent but without a formal lease that specifies a set duration. This type of tenancy is characterized by its flexibility, as it can be terminated by either party at any time, allowing the landlord to reclaim possession of the property whenever they choose. Therefore, while the tenant has an indefinite right to occupy the property, that right is contingent on the landlord's will, making option B the correct choice.

This type of tenancy does not guarantee any specific duration of occupancy, and since it can be terminated at the discretion of the landlord, it lacks the security typically associated with a fixed-term lease, which is another reason why option C is not applicable here. While mutual agreement on terms might exist in some contexts, the defining feature of tenancy at will is its inherently flexible nature, which doesn't require both parties to agree on conditions continuously.