Practice Quiz

Illinois Real Estate Exam

Category - Real Estate

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The distinguishing characteristic of a real estate option when compared to a conventional contract of sale is its:
  1. Lack of mutuality in obligation
  2. Irrevocability
  3. Mutuality of contract
  4. Both “1” and “2”
Explanation
Answer: A. Only one party is bound by the contract in a real estate option: the optionee has the right to either purchase or not purchase.
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