This is the second of two lessons about real estate purchase options. The first lesson explained purchase options and their uses in real estate transactions. It would be advisable to do that lesson, Purchase Options: Their Uses in Real Estate Transactions, before doing this lesson. This lesson explains the problems in using purchase options that arise when the subject of the option is real estate. It requires that application of what was learned in a basic Contracts and Property courses, as well as some concepts that are usually covered by a Real Estate Transactions course. Whenever possible, reference will be made to the appropriate CALI lesson(s) should a student feel the need to fill in a gap in that knowledge or brush up on the material involved.
Upon completing this lesson successfully, a student will be expected to:
1. Demonstrate a knowledge of substantive legal doctrine fundamental to the problems associated with utilizing options in real estate transactions.
2. Identify legal issues and apply legal reasoning and analysis to determine in a logical and structured manner the problems associated with utilizing options in real estate transactions.
3. Communicate the legal reasoning and analysis regarding the problems associated with using options in real estate transactions.
4. Demonstrate a proficiency in reading critically materials related to problems associated with using options in real estate transactions.