Practice Quiz

Florida Real Estate Exam

Category - Florida

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A prospective purchaser obtained a four-month option on a parcel of real property by paying $200 to the owner.  All of the following are true EXCEPT:

  1. The optionee has created a legal interest in the property
  2. The optionor is totally restricted by having received a “valuable” consideration’
  3. The agreement imposes no obligation on the optionee to purchase the property
  4. A unilateral contract has been created
Explanation
Answer A - An option is not an interest in property; it is a unilateral contract in which the optionor is bound, but the optionee is not.

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