Question of the Day

Joe gave Stephen an option for the purchase of his property. In law, such an option is regarded as:

an involuntary lien on the real property.

a contract to keep the offer open.

an offer to revoke a contract.

an agreement identical with the vendee/vendor relationship under a land contract.

Explanation

A real estate purchase option is a contract on a specific piece of real estate that allows the buyer the exclusive right to purchase the property. Once a buyer (Stephen) has an option to buy a property, the seller (Joe) cannot sell the property to anyone else during the agreed-upon time period. An optionor can not rescind their offer to the optionee.

Not subscribed to our Question of the Day?
Click Here To Join.

Pass Your Real Estate Exam

Leave nothing to chance when it comes to your new career

Join the 300,000+ students who chose PrepAgent for their real estate exam prep.

State & National Practice Questions
Engaging Core Concept Videos
Hours of Audio Lessons
Interactive Flashcards
Live Online & On-Demand Webinars
100% Money Back Guarantee

Get Started - It's Risk-Free!

Privacy Manager

Under certain US state laws, you have the right to opt out of the sale or sharing of your personal information. While we do not sell your personal information, we do share it with our partners to deliver personalized ads across different websites and apps.

Your privacy is a priority for us. You can manage your privacy preferences below. Switching the toggle to “OFF” or gray indicates “Do not sell or share my personal information”

We may sell or share your personal information on this website:

off

*Please note: This setting will be saved for this browser. If you use a different browser or clear your cookies, you will need to set your preference again.

Question of the Day

Joe gave Stephen an option for the purchase of his property. In law, such an option is regarded as:

Explanation

Pass Your Real Estate Exam

Privacy Manager

Company

Legal

Follow Us