Contracts
In Virginia, an option contract in real estate gives the optionee (buyer) the right to:
AForce the seller to reduce the price
BPurchase the property at a set price within a specified time, without the obligation to do so✓ Correct
CImmediately take possession of the property
DAssign the option only with the seller's permission
Explanation
An option contract gives the optionee the right (but not the obligation) to purchase the property at a predetermined price within a specified period. The optionor (seller) is bound; the optionee is not.
Related Virginia Contracts Questions
- In Virginia, a 'back-up offer' in real estate is one that:
- A Virginia seller provides the Residential Property Disclosure Statement but the buyer later discovers the seller failed to disclose known foundation issues. The buyer's recourse includes:
- In Virginia, a ratified contract refers to a contract that:
- Which Virginia contract contingency allows a buyer to have the property inspected and negotiate repairs or void the contract?
- Under the Virginia Residential Property Disclosure Act, what is the seller's primary obligation?
- A counteroffer by a seller in Virginia legally acts as:
- A Virginia purchase contract contains a 'time is of the essence' clause. What does this mean?
- A Virginia seller defaults on a sales contract by refusing to close. The buyer's most powerful legal remedy is:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →