Which of the following duties does an executor or administrator assume upon being granted authority to manage real estate?

The correct answer involves the responsibility of the executor or administrator to manage the real estate on behalf of the estate. When they are granted authority, one of the practical actions they can take is to rent the property on a monthly basis. This is a key aspect of managing the estate's assets, as it allows for the generation of income while the property is being maintained or liquidated.

Renting the property helps in maximizing the value of the estate, ensuring that it remains productive during the probate process. The duties of an executor or administrator are closely tied to the financial responsibilities of the estate, and renting real estate can contribute significantly to fulfilling those responsibilities.

While selling the property, modifying lease agreements, or evicting tenants may be actions that could be considered depending on the circumstances, they all come with additional legal and procedural requirements. Renting the property is typically a more straightforward and immediate responsibility that falls under the management duties granted to an executor or administrator. Thus, it is seen as an essential duty related to property management for the estate.