Contracts
In Alaska, a lease with an 'option to purchase' allows the tenant to:
AForce the landlord to sell at any time
BPurchase the property at a predetermined price within the option period✓ Correct
CTransfer the option to a third party without the landlord's consent
DDeduct option payments from rent if they decide not to purchase
Explanation
A lease-option gives the tenant the right — not the obligation — to purchase the property at a specified price during the option period. A portion of rent may be credited toward the purchase price. The option consideration is typically non-refundable if the tenant chooses not to exercise the option.
Related Alaska Contracts Questions
- A buyer makes an offer to purchase a property. Before the seller responds, the buyer calls to withdraw the offer. The withdrawal is:
- Under Alaska law, a lease agreement for residential property must include:
- A contract is 'void' rather than 'voidable' when:
- In Alaska, a purchase agreement is legally binding when:
- An Alaska seller receives two offers simultaneously. The seller's BEST course of action is to:
- In Alaska, a 'backup offer' is:
- Which of the following is true about an 'assignment' of a real estate purchase contract?
- In Alaska, a listing agreement is a contract between:
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