Contracts
In Kentucky, an option contract requires the optionor (property owner) to:
ASell the property if the optionee exercises the option✓ Correct
BWait for the optionee to make up their mind indefinitely
COffer the property to the public while the option is in place
DReturn the option consideration if the optionee does not exercise
Explanation
During the option period, the optionor is bound to sell if the optionee exercises the option at the agreed price. The optionee has the right but not the obligation to purchase.
Related Kentucky Contracts Questions
- A Kentucky listing agreement that has no expiration date is:
- Under Kentucky law, can a real estate agent legally prepare a document that creates or transfers interests in real estate beyond standard forms?
- A Kentucky earnest money deposit that is being held in a broker's trust account during a disputed transaction should:
- Under Kentucky law, a purchase contract signed by a mentally incompetent person is:
- A Kentucky buyer who exercises an option to purchase must do so:
- In a Kentucky residential lease, which of the following would be an unenforceable clause?
- A Kentucky purchase contract is assigned by the buyer to a third party before closing. Unless the contract prohibits assignment, the original buyer:
- A Kentucky lease-option agreement gives the tenant the right to purchase the property for $200,000 during the lease period. If the property value rises to $250,000, the option:
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →