Contracts
In Ohio, a 'lease with option to purchase' gives the tenant:
AAn obligation to purchase the property at lease end
BThe right (but not obligation) to purchase the property at a specified price within a set period✓ Correct
CAn automatic purchase of the property after the lease ends
DPriority over other buyers only if they exercise within 30 days
Explanation
A lease with option to purchase gives the tenant an option — the right, but not the obligation — to buy the property at a pre-agreed price within the option period. If the tenant does not exercise the option, it expires.
Related Ohio Contracts Questions
- What is a material breach vs. a minor breach in Ohio contract law?
- What is a contingency in a real estate purchase contract?
- What is the Statute of Frauds requirement for Ohio real estate contracts?
- What is a land contract (contract for deed) in Ohio?
- What is a time is of the essence clause in a real estate contract?
- What is a 'time is of the essence' notice in the context of a defaulting party?
- What is a right of first refusal and how does it differ from an option?
- What is substantial performance in contract law?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →