Contracts
In Ohio, an option contract gives the optionee:
AThe obligation to purchase the property at the agreed price
BThe right, but not the obligation, to purchase the property within a specified time at a set price✓ Correct
CThe right to list the property for sale
DThe right to lease the property indefinitely
Explanation
An option contract gives the optionee the exclusive right to buy the property at a specified price within a set time period, without any obligation to do so. The option consideration is typically non-refundable.
Related Ohio Contracts Questions
- An Ohio buyer submits an offer that is contingent on the property appraising at or above the purchase price. If the appraisal comes in lower, the buyer may:
- Which type of Ohio listing agreement gives the broker the exclusive right to earn a commission regardless of who sells the property?
- What is the Statute of Frauds' primary requirement for real estate contracts in Ohio?
- In Ohio, a 'novation' in a real estate loan assumption occurs when:
- What is an 'as-is' clause in an Ohio real estate contract?
- Under Ohio contract law, which element is NOT required for a valid real estate contract?
- What is the difference between an executed and an executory contract?
- An 'escalation clause' in an Ohio purchase offer allows:
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →