Contracts
In Iowa, an option contract in real estate gives the optionee the:
AObligation to purchase the property within the option period
BRight but not the obligation to purchase the property within the option period✓ Correct
CRight to list the property for sale
DFirst right of refusal on any future sale
Explanation
An option contract gives the optionee the right to purchase the property at a fixed price within a specified period. The optionee is not obligated to buy; the optionor (seller) is bound if the option is exercised.
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