You sold $($wrote$)$ a May American put option on Netscape stock with an exercise price of $$165.$ Which of the following statements is true?

Multiple Choice

You are obligated to sell Netscape shares at $$165$ when the option expires in May, regardless of the stock's market price.

You have the right to buy Netscape shares for $$165$ at any time prior to the option expiration in May, regardless of the stock's market price.

You have the right to sell Netscape shares for $$165$ at any time prior to the option expiration in May, regardless of the stock's market price.

You are obligated to buy Netscape shares at $$165$ when the option expires in May, regardless of the stock's market price.

You are obligated to buy Netscape shares for $$165$ at any time prior to the option expiration in May, if the owner of the option chooses to exercise.