Which of these terms best describes a tenant's temporary right to occupy real estate without a formal lease agreement?

The term that best describes a tenant's temporary right to occupy real estate without a formal lease agreement is tenancy at will. This arrangement allows the tenant to use the property for an indefinite period of time with the understanding that either party can terminate the agreement at any time, often without prior notice, depending on local laws.

Tenancy at will typically arises when a landlord permits a tenant to stay on the property even though there is no written lease, indicating a more flexible and less permanent situation compared to other types of tenancy. This contrasts with fixed-term tenancy, where there is a specific duration outlined in a lease, and periodic tenancy, which renews automatically at the end of each period. Implied tenancy, on the other hand, is not a standard legal concept and could create confusion about the nature of the tenancy, making it less applicable in this context.

Overall, tenancy at will captures the essence of the situation where occupancy occurs without a formal and enforceable lease agreement, reflecting the transient nature of the arrangement.