easy · National Real Estate Exam contracts
A buyer pays a fee for the right to purchase a property within the next six months at a set price.
What kind of contract gives the buyer this right?
- A lease contract: it obligates the buyer to make monthly payments for six months.
- A listing contract: it obligates the seller to pay the buyer a commission.
- A bilateral contract that obligates the buyer to purchase no matter what.
- An option contract: the buyer may buy within the period but is not obligated to.
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