A guardian of the estate may lease any real property of the protected minor or any interest in real property:
1. Without securing prior court approval, where the tenancy is from month to month or for a term not to exceed 1 year and the reasonable fixed rental for the property or the protected minor’s proportionate interest in such rental does not exceed $250 per month.
2. With prior approval of the court by order, for such period of time as may be authorized by the court, not exceeding any time limitation prescribed by law, and upon such terms and conditions as the court may approve. Such lease may extend beyond the period of minority of a protected minor.