Contracts
A Kansas real estate 'option' contract requires the optionor (seller) to keep the offer open for a period in exchange for:
AThe buyer's promise to purchase
BOption consideration (payment) from the optionee (buyer)✓ Correct
CMLS co-brokerage agreement
DCourt approval of the option terms
Explanation
An option requires the optionor to keep the property available for purchase during the option period in exchange for valuable consideration (option money) paid by the optionee.
Related Kansas Contracts Questions
- A Kansas listing agreement that automatically renews unless cancelled is called a(n):
- In Kansas, when a buyer makes an offer that contains a typographical error (wrong price), the seller accepts the erroneous offer. The contract is most likely:
- In Kansas, what is a 'novation' in a real estate contract context?
- In Kansas, a 'novation' in a real estate transaction means:
- A Kansas purchase agreement clause that says 'buyer accepts the property in its present physical condition' is:
- A Kansas buyer and seller agree verbally on a $10,000 price reduction after inspection. Before putting it in writing, the seller changes their mind. Is the verbal modification enforceable?
- A buyer submits an offer to purchase a property. The seller makes changes to the price and initials them. This creates:
- In Kansas, a purchase agreement that is 'contingent upon satisfactory inspection' but does not define 'satisfactory' is:
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →