Illinois Real Estate Practice Exam

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Which party is the seller in an option contract?

Grantee
Grantor
Optionee
Optionor

The correct answer is: Optionor

The seller in an option contract is referred to as the optionor. In the context of real estate, the optionor grants the optionee the right to purchase property at a specified price within a certain period of time. This relationship establishes the optionor as the party providing the opportunity for the buyer, while the optionee is the party who has the option to buy but is not obligated to do so. In option contracts, terminology is important: the optionor (the seller) maintains control over the property until the option is exercised or the option period expires. This dynamic is crucial in real estate transactions, where the seller (optionor) has the flexibility to market the property while also securing a potential buyer (optionee) during the option period. Thus, identifying the role of the optionor as the seller is essential to understanding the transaction structure within an option contract.