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- In todays real estate exam prep video were gonna discuss option contracts, everything you need to know for your real estate exam and were starting, or right now. Hey everyone, my name is Paul Vojchehoske and welcome to the Real Estate Classroom YouTube channel where our mission is simple and that is to help you pass your real estate exam the first time. In todays real estate exam prep video were gonna discuss a key contract that you have to know about for your exam and quite frankly for the real estate profession as well, its called an option contract. Now there are two types of option contracts were gonna discuss in todays video. Number one is the option to purchase. And the second one is a lease option to purchase. Now, before I get into the details of each one understand a couple of things. Remember, weve talked about in several times in other videos, every party to a contract has a legal name. We have a street name, and then theres a legal name. So a landlord and tenant