At the Time the Expiration of an Option to Purchase

question 21

Multiple Choice

At the time the expiration of an option to purchase, the optionee

• A) can request his deposit back.
• B) can renew the option or the same time period and terms.
• C) can repossess the property.
• D) forfeits his option money if he doesn't buy the property.

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Definitions:

Statute

A written law passed by a legislative body, governing society and establishing rules that constituents must follow.

Foreclosure

The legal process by which a lender takes control of a property used as collateral for a loan that has not been repaid according to the terms of the mortgage or deed of trust.

Mortgagor

The owner of the property that has been mortgaged or pledged as security for a debt.

Secured Credit

A loan or credit extended where the borrower pledges some asset as collateral for the loan, providing the lender a measure of protection against the borrower's default.