What type of agreement allows a producer to use property in exchange for a fee or royalty?

A licensing agreement is a legal arrangement that permits a producer to utilize intellectual property, such as trademarks, copyrights, or patents, in exchange for a fee or royalty. This type of agreement enables the producer to access and use the property while ensuring that the owner retains their rights. Licensing is common in various industries, including entertainment, technology, and consumer goods, where brands allow others to produce or sell products under their name, thereby expanding market reach and generating additional revenue.

In contrast, a partnership agreement involves two or more parties working together towards a common business goal, sharing profits and responsibilities. A contract agreement is a broad term that covers any legally enforceable agreement between parties and does not specifically address the use of property. A franchise agreement, on the other hand, involves a franchisor allowing a franchisee to operate a business model using the franchisor's brand and systems, usually for a more extensive business operation than simply using property or intellectual rights. Thus, a licensing agreement specifically addresses the use of property for a fee or royalty, making it the correct choice in this context.