Contracts
A real estate 'option to buy' differs from a right of first refusal in that an option:
ARequires a third party offer first
BCan be exercised at any time within the option period without waiting for a third party offer✓ Correct
CIs only valid for commercial property
DMust be exercised immediately upon signing
Explanation
An option can be exercised by the optionee at any time within the option period at the set price. A right of first refusal is triggered only when the owner receives a third party offer.
Related Georgia Contracts Questions
- The Georgia law requiring real estate contracts to be in writing is based on which principle?
- The Georgia Association of REALTORS (GAR) Purchase and Sale Agreement is an example of a:
- A counteroffer in Georgia real estate constitutes:
- In Georgia, the Statute of Frauds requires that real estate contracts be:
- Under the Statute of Frauds as applied in Georgia, real estate contracts must be:
- In Georgia, a real estate purchase contract becomes 'executed' when:
- In Georgia, what is the effect of adding a 'time is of the essence' clause to a real estate contract?
- An 'as-is' clause in a Georgia contract does NOT protect the seller from liability for:
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →