Final answer:
An Option contract is created when an owner of real property grants another party the right to purchase the property at a fixed price within a specific timeframe.
Explanation:
The type of agreement created when an owner of real property gives another party the right to buy their property for a fixed price at any time during a specified time period is an Option contract. In this arrangement, the buyer has the option, but not the obligation, to purchase the property at the predetermined price within the specified time frame.
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