Contracts
In New Jersey, a 'right of first refusal' clause in a lease gives the tenant:
AThe right to refuse any proposed rent increase
BThe right to match any offer made by a third party before the landlord can sell or lease to that third party✓ Correct
CThe right to terminate the lease without notice
DPriority seating at homeowner association meetings
Explanation
A right of first refusal (ROFR) gives the holder (tenant) the opportunity to match any bona fide offer from a third party before the property owner accepts that offer. If the tenant matches the terms, they get priority; if not, the owner can proceed with the third party.
Related New Jersey Contracts Questions
- Which of the following is a required element of a valid real estate contract in New Jersey?
- The NJ attorney review period begins:
- A buyer signs a contract to purchase a home but later discovers the seller misrepresented material facts. The buyer may elect to:
- Unconscionability as a contract defense means:
- An earnest money deposit in a NJ real estate transaction demonstrates the buyer's:
- Mutual mistake in a NJ contract occurs when:
- Under the Statute of Frauds in NJ, real estate contracts must be:
- A New Jersey purchase contract specifies that the sale is contingent on the buyer obtaining a mortgage at a rate not to exceed 7%. If the buyer qualifies only for a loan at 7.5%, the buyer may:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →