Contracts (alternative)
In Maryland, an option contract typically expires if the optionee (buyer):
AFails to list the property with a broker
BDoes not exercise the option within the specified time period✓ Correct
CThe property value increases
DThe optionor (seller) dies
Explanation
An option contract has a fixed expiration date. If the optionee does not exercise the option (by paying the full purchase price or giving notice of exercise) before the deadline, the option expires.
Related Maryland Contracts (alternative) Questions
- Maryland's Residential Property Disclosure is NOT required for which of the following transactions?
- In Maryland, consideration in a real estate contract can be:
- Under Maryland contract law, 'mutual mistake' may allow a contract to be:
- A Maryland buyer's home inspection contingency typically gives the buyer the right to:
- In Maryland, a purchase contract contingent on the sale of the buyer's home can be made more attractive to the seller by including a:
- In Maryland, earnest money in a real estate contract is typically held by:
- A Maryland buyer's agent who submits an offer electronically has satisfied the contract's requirement for a written agreement if:
- In Maryland, when a buyer terminates a contract within a statutory rescission period (such as for a condo purchase), they are entitled to:
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