Contracts
In Oklahoma, an option contract gives the optionee (the party receiving the option) the right to:
AForce the property owner to list with a specific broker
BPurchase the property at a predetermined price within a specified time period, while the option holder is not obligated to buy✓ Correct
CSell the property to a third party immediately
DTake title without any further consideration
Explanation
An option contract is a unilateral contract where the seller (optionor) is bound to keep the offer open, while the buyer (optionee) has the right but not the obligation to purchase at the specified price within the option period. Consideration must be paid to make the option binding.
Related Oklahoma Contracts Questions
- Under Oklahoma contract law, if a buyer's earnest money check is returned for insufficient funds after the seller has accepted the offer:
- A 'time is of the essence' clause in an Oklahoma contract makes the closing date:
- In Oklahoma, earnest money deposited on a purchase contract is typically held by:
- Under Oklahoma law, an offer becomes a binding contract when:
- A contract contingency that protects a buyer if they cannot obtain financing is known as a:
- Time is of the essence in a real estate contract means:
- In Oklahoma, earnest money deposited by a buyer is:
- In Oklahoma, a buyer's right to inspect a property under the purchase contract is typically exercised within the:
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