Florida Real Estate Practice Exam

An option contract provides the optionee with what right?

1. The right to rent the property at a future date

2. The right to purchase the property at a future date

3. The right to sell the property at a future date

4. The right to renovate the property at any time

The correct answer is: The right to purchase the property at a future date

An option contract is a legally binding agreement between two parties, where one party (the optionee) is given the right, but not the obligation, to buy or sell an asset at a predetermined price within a specified time period. In this case, the optionee is given the right to purchase the property at a future date. Options A, C, and D are incorrect because they do not accurately describe the rights provided by an option contract. Option A is incorrect because the optionee does not have the right to rent the property, only to purchase it. Option C is incorrect because the optionee does not have the right to sell the property, only to purchase it. Option D is incorrect because the optionee does not have the right to renovate the property, only to purchase it.