Contracts
An option contract in NJ real estate gives the optionee (buyer) the right to:
ACompel the seller to reduce the price
BPurchase the property at a set price within a specified period, without the obligation to do so✓ Correct
CList the property with another broker
DReceive a refund of the option fee if they don't purchase
Explanation
An option contract gives the optionee the exclusive right—but not the obligation—to purchase the property at a specified price during the option period. The option fee is generally non-refundable.
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