An option to buy is defined as a contract that grants the right to purchase real property for a specific amount within a specified period of time. Which term best fits this description?

• A. Bilateral Contract
• B. Option (Option to Buy)
• C. Unilateral Contract
• D. Exclusive Agency Listing

Answer: (B)

The key idea here is an option to buy, which is a contract that gives someone the right to purchase real estate for a fixed price within a set time frame. This is a one‑sided promise: the seller agrees to keep the price and terms available if the buyer chooses to exercise the option, but the buyer is not obligated to buy. That makes it a unilateral contract—the seller’s promise is binding only if the option is exercised. If the option is exercised, the deal becomes a typical bilateral contract with mutual promises to complete the purchase. An exclusive agency listing isn’t about purchasing at a predetermined price; it’s a broker’s agreement to market the property. So the term that fits best is an option to buy.