ContractsEASY
A one-of-a-kind contract giving the buyer a purchase option at a set price is:
Correct Answer
D) Option contract
An option contract gives the buyer the right, but not the obligation, to purchase property at a predetermined price within a specified time period.
Answer Options
A
Executed contractB
Express contractC
Implied contractD
Option contractVideo Explanation2 min
Audio Lesson2 min
Study Infographics
Why This Is the Correct Answer
Sign up free to unlock full analysis
Was this explanation helpful?
More Contracts Questions
An offer to purchase real estate is terminated by all of the following EXCEPT:
Kansas REALTORS provides:
Johnny purchases a house, doesn't want furniture left behind. He signs Tuesday, changes mind Thursday, calls agent to add furniture to contract. What is this?
Which of the following is required for a valid contract in California?
Alaska REALTORS provides:
- → Earnest money in Kansas must be:
- → Kansas requires disclosure of:
- → Vermont closings typically involve:
- → Pennsylvania's Real Estate Recovery Fund provides:
- → Earnest money (down payment) in NY is typically held by:
- → Oregon carbon monoxide alarm requirements:
- → Earnest money in Oregon must be:
- → Earnest money in Nevada must be:
- → In Texas, which organization creates the promulgated contract forms that licensees must use?
- → Earnest money in Vermont must be:
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam