Final answer:
A right to buy property with no fixed price and no time limit is called a purchase option (option b).This option allows the holder to buy the property at any time at an agreeable price, unlike lease agreements, listing contracts, or exclusive agency agreements, which have specific terms and conditions.
Step-by-step explanation:
A right to buy property that has no fixed price and no time limit is known as a purchase option. This type of agreement grants the holder the right, but not the obligation, to buy a piece of property. Unlike a lease agreement or a standard purchasing contract, a purchase option does not establish a fixed price or a set timeframe during which the transaction must occur. The holder can exercise this option at any time, provided they become willing to pay an agreeable price to the owner.
Having a purchase option means that the individual or firm with this right must own the property in order to enter into a contract with other parties regarding the property. The owner needs to have the legal capability to make such contracts, which implies not only owning the property but also ensuring that the property's title is free from undisclosed encumbrances that might affect the transaction.
The options listed, such as a lease agreement, a listing contract, and an exclusive agency agreement, involve specific timeframes, prices, and conditions for the sale or use of property, which differentiate them from a purchase option. A lease agreement typically involves renting property for a set period, a listing contract is an agreement with a real estate agent to sell property, and an exclusive agency agreement grants one agent the exclusive right to sell a property.