Contracts
An 'option contract' in Alaska real estate grants the optionee (buyer) the:
AObligation to purchase the property
BRight, but not the obligation, to purchase the property at a fixed price within a specified time✓ Correct
CRight to list the property for sale on behalf of the owner
DRight to occupy the property during the option period
Explanation
An option contract gives the optionee the right — not the obligation — to purchase the property at a predetermined price within the option period. The optionor (seller) is bound but the optionee has discretion.
Related Alaska Contracts Questions
- A buyer in Alaska submits an offer with a 48-hour acceptance deadline. The seller makes a counteroffer at hour 47. Which statement is TRUE?
- The doctrine of 'time is of the essence' in a real estate contract means:
- For a real estate contract in Alaska to be enforceable, it must be:
- A buyer submits an offer on a home. Before the seller accepts, the buyer calls the agent to withdraw the offer. This is:
- An Alaska exclusive right-to-sell listing agreement means:
- Under an Alaska exclusive agency listing, the seller may:
- An Alaska purchase agreement includes an 'as-is' clause. This provision means:
- An Alaska property management agreement is an example of a(n):
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →