Which statement is true about a cautious buyer who paid $200 for a four-month option to purchase a property for $30,000?

The correct answer highlights that the optionee has created a legal interest in the property through the option contract. When the cautious buyer pays $200 for the four-month option to purchase a property, they secure the exclusive right to buy the property at the agreed-upon price of $30,000 during that option period. This right gives them a legal interest in the property for the duration of the option, meaning they have the ability to enforce the agreement if they choose to exercise the option to purchase.

The other statements do not accurately reflect the nature of the option to purchase. The optionee cannot enforce the option at any time, as they must do so within the specified timeframe of four months. They also do not guarantee financing for the purchase simply by having the option; financing would need to be arranged separately. Additionally, the entire purchase price does not need to be paid upfront; only the nominal option fee was paid to secure the right to buy later. The concept of options in real estate is focused on providing potential buyers a chance to evaluate a property without fully committing to a purchase right away.