Contracts
An option contract in Georgia gives the optionee the:
AObligation to purchase the property at a set price
BRight but not the obligation to purchase within a specified time✓ Correct
CRight to list the property for sale
DObligation to lease the property for one year
Explanation
An option contract grants the optionee (buyer) the right — but not the obligation — to purchase the property at a specified price within a specified time period.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
State-Specific Concepts
GREC RegulationLicense Law
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