Contracts
An option contract in real estate gives the optionee:
AThe obligation to purchase the property at the agreed price
BThe right but not the obligation to purchase the property within a specified period✓ Correct
CAn ownership interest in the property immediately
DPriority over other buyers if the property is listed
Explanation
An option contract gives the optionee (buyer) the exclusive right — but not the obligation — to purchase the property at a stated price within a set time. The optionor (seller) is bound to sell if the option is exercised; the optionee may choose not to buy.
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