What does a rental lease typically define?

A rental lease is fundamentally a legal document that outlines the terms and conditions governing the rental arrangement between a landlord and a tenant. This document serves as a binding agreement that details key components such as the duration of the lease, the amount of rent to be paid, the payment schedule, rules regarding property use, security deposits, and the rights and responsibilities of both parties.

By defining these terms, the lease ensures that both the landlord and the tenant have a clear understanding of their obligations, which helps prevent disputes and misunderstandings during the rental period. This makes option B the correct response, as it encapsulates the primary purpose of a rental lease.

Other options, such as the responsibilities of a real estate agent or the process for buying a property, pertain to different aspects of real estate transactions that are not directly related to the rental arrangement. Similarly, while inspection requirements may be important, they do not encompass the full scope of what a rental lease entails. Thus, the focus on the rental agreement between landlord and tenant makes option B the most accurate and comprehensive choice.