Contracts
An option contract in real estate gives the optionee (buyer) the right to:
APurchase the property at a specified price within a specified time, but not the obligation✓ Correct
BLease the property indefinitely at a fixed rent
CReceive a mortgage at below-market rates
DCancel any existing liens on the property
Explanation
An option contract gives the buyer the right — but not the obligation — to purchase the property at a fixed price within a set time period. The seller is bound to sell if the buyer exercises the option.
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