Contracts
An option contract in real estate gives the optionee (buyer) the:
AObligation to purchase the property at the agreed price
BRight, but not obligation, to purchase the property within a specified time at a specified price✓ Correct
CRight to list the property for sale on behalf of the optionor
DRight to occupy the property during the option period
Explanation
An option contract gives the optionee the right, but not the obligation, to purchase the property at a specified price within a specified time period. In exchange, the optionee pays option consideration (usually non-refundable) to keep the offer open.
Related Illinois Contracts Questions
- What is an 'addendum' to a real estate contract and how does it interact with the main contract in Illinois?
- A purchase contract for an Illinois residential property typically requires the seller to deliver a deed at closing that is free from which type of liens?
- A real estate contract can be discharged (ended) by mutual rescission, which means:
- An earnest money deposit in Illinois is typically held by:
- In Illinois, a 'short sale' occurs when:
- A real estate contract that violates the Statute of Frauds (not in writing) is:
- What is the significance of 'delivery and acceptance' in an Illinois deed?
- What is a 'right of first refusal' clause in an Illinois real estate contract or lease?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →