Contracts
An option contract in real estate gives the buyer:
AThe obligation to purchase the property within a stated period
BThe right, but not the obligation, to purchase the property at a set price within a stated period✓ Correct
CA lien on the property during the option period
DImmediate possession of the property
Explanation
An option contract grants the buyer (optionee) the exclusive right to purchase property at a predetermined price within a stated time frame, without obligating them to do so.
People Also Study
Related Nebraska Questions
- An option contract in real estate gives the optionee (buyer) the right to:Contracts
- A Nebraska purchase agreement includes a financing contingency. If the buyer cannot obtain financing within the stated period, the contract is:Contracts
- A right of first refusal in a Nebraska real estate contract gives the holder the right to:Contracts
- In Nebraska, 'time is of the essence' is most commonly stated in a purchase agreement to ensure that:Contracts
Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More Nebraska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nebraska Quiz →