Contracts
A 'right of first refusal' in a residential real estate context gives a person the right to:
AA. Refuse to pay the full purchase price
BB. Match any third-party offer before the owner can accept it✓ Correct
CC. Refuse inspections during the due diligence period
DD. Accept or reject the seller's counteroffer
Explanation
A right of first refusal (ROFR) entitles the holder to match any offer the owner receives from a third party. The owner must present any offer to the ROFR holder before accepting it. If the holder matches the terms, the owner must sell to the holder.
Related Georgia Contracts Questions
- In Georgia real estate contracts, a 'special stipulation' is used to:
- An earnest money deposit in Georgia is best described as:
- An 'arm's length transaction' in real estate means:
- A real estate buyer who discovers after closing that the seller concealed a material defect may have a claim for:
- A contingency clause in a purchase contract gives the:
- Under the Statute of Frauds as applied in Georgia, real estate contracts must be:
- A sublease differs from an assignment of a lease in that:
- The doctrine of merger in real estate law means that once a deed is delivered at closing:
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →