when your not #1 to land, you never, or rarely (only if aircraft is over the numbers) get a "cleared for the option". That would be just to dangerous.
Though it is not required, here at my field most pilots always readback their intentions, after receiving a "cleared for the option".
It basicly saves radio time. Instead of the controller asking, "What are your intentions?" and thus engaging in a lengthy dialog, he can say "Cleared for the option", or give a more specific instruction.