ContractsCâu 65 / 120
An option contract gives the holder (optionee) the:
a.Right, but not the obligation, to buy within a set time and price
b.Obligation to purchase the property immediately
c.Right to occupy the property rent-free forever
d.Power to change the property's zoning
Giải thích
An option contract gives the optionee the right, but not the obligation, to buy (or lease) property on set terms within a specified period. The optionor (owner) is bound to keep the offer open in exchange for consideration. If the option is not exercised, it simply expires.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The transfer of one's rights and obligations under a contract to another person is called:
- A contract signed by a minor is generally considered:
- 'Time is of the essence' in a real estate contract means:
- Which of the following typically makes a contract 'void' rather than merely voidable?
- In most residential purchase contracts, the earnest money deposit is:
- A 'meeting of the minds,' essential to contract formation, refers to:
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