Contracts
An option contract in real estate gives the optionee (buyer) the:
AObligation to purchase the property at the option price
BRight but not the obligation to purchase the property within a specified time✓ Correct
CRight to use the property before purchasing it
DObligation to purchase if the option is exercised by a third party
Explanation
An option contract gives the optionee the right—but not the obligation—to purchase the property at a fixed price within a specified period. The optionor (seller) is bound by the option but the optionee can choose not to exercise it.
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