Tennessee Real Estate Exam Practice Question
In an option contract the party who receives the option right is the
Correct Answer: A
Rationale: In an option contract, the party who receives the option right is referred to as the optionee. This individual has the exclusive right to purchase or lease the property within a specified timeframe.
Option B, the buyer, is too broad; while the optionee may eventually become a buyer, the term does not specifically refer to the party holding the option right. Option C, the broker, represents one of the parties in a transaction but does not hold the option right. Lastly, Option D, the tenant, is not relevant unless the option pertains to a lease, but it does not inherently define the party with the option right.
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