If You Pay $1000 for a 90-Day Option on Property

question 23

Multiple Choice

If you pay $1000 for a 90-day option on property offered to you at $200,000, which of the following is true?

• A) You have bought a 90-day period of time within which you may or may not accept the offer of the land.
• B) With the signing of the option agreement, you have entered into two contracts-a contract for time and another for land.
• C) You have agreed that you will accept the offer of land within the 90-day period.
• D) If you do not exercise the option, you can get your $1000 back.
• E) The seller of the land can revoke the offer of the land any time before acceptance.

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Definitions:

Louisville

A city in Kentucky, significant for its historical and contemporary cultural and social contributions.

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A major city in the Pacific Northwest of the United States, known for its significant technology industry, vibrant music scene, and iconic Space Needle.

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African-American Voters

A term referring to the demographic of United States citizens who are of African-American descent and are eligible to vote in elections.