26. An option is a contract that:

NY Real Estate Practice Exam Questions Quiz

Question Number 26

26. An option is a contract that:

a. specifies a time limit within which the optionee may choose to purchase or lease real property

b. is a bilateral implied contract

c. does not define a specific sales price

d. conveys title when the optionee signs the contract

✔ Correct Answer:

a. specifies a time limit within which the optionee may choose to purchase or lease real property

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NY Real Estate Practice Exam Questions Quiz

Question Number 26

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