Alabama Real Estate Practice Exam

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What does optioning property allow?

Exclusive right to lease
Right to buy property within a stated time
Automatic ownership transfer
Free property upgrade options

The correct answer is: Right to buy property within a stated time

Optioning property allows an individual to have the first right or opportunity to buy a property within a specific time period. This means that the owner of the property cannot sell it to anyone else during that time and must give the option holder the chance to purchase it. Optioning property does not automatically transfer ownership or provide free property upgrades like the other options suggest. The key difference between optioning and leasing is that optioning gives the individual the right to buy the property, while leasing gives the individual the right to use the property for a set period of time. Optioning property is common in real estate transactions and can be a strategic way to secure a property for potential purchase in the future.