# Real Estate Exam [California] 39, Options, Lease Options, and Promissory Notes

Page: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-39-options-lease-options-and-promissory-notes
Text version: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-39-options-lease-options-and-promissory-notes.md
Podcast: [Real Estate Exam Prep](https://stenobird.com/podcast/real-estate-exam-prep-7644240)
Published: 2026-07-13T00:21:14+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/de8e2c2e-6a78-40e2-b7dc-e1eee053acf5.mp3
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Duration seconds: 197

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - An option is a unilateral contract binding only the seller, while a purchase agreement is a bilateral contract binding both parties. - A Right of First Refusal allows a holder to match a third-party offer, whereas an option grants the right to buy at a predetermined price. - The promissory note serves as evidence of the debt (the IOU), while the deed of trust secures the debt to the physical property. - In seller carryback financing, the property's seller also acts as the lender for the buyer. - Arranging loans with multiple investors or selling shares in notes can trigger securities laws, a major exam red flag requiring a different license. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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