Which of the following represents an example of tenancy at will?

Tenancy at will is characterized by a rental agreement that does not have a specified duration and can be terminated by either party at any time with proper notice. In the context of this question, a tenant renting without a written lease agreement exemplifies this concept. This type of arrangement allows for flexibility, as there is no defined lease term binding either party.

A tenant with a 12-month lease agreement represents a fixed-period tenancy, which does not fit the definition of tenancy at will because it specifies the duration of the tenancy. A real estate agent with a contract to sell a property pertains to a different aspect of real estate and doesn’t involve tenancy issues. A landlord renting to a new tenant periodically suggests a month-to-month arrangement or similar, but without the explicit lack of a formal lease, it is not the pure representation of tenancy at will as defined. Thus, the option highlighting a tenant renting without a written lease best illustrates the concept of tenancy at will.