Property Ownership
In NJ, a 'right of first refusal' in a real estate context gives the holder:
AThe absolute right to purchase the property at any time
BThe right to match any bona fide offer the owner receives from a third party before the owner may accept it✓ Correct
CA lien on the property
DThe right to occupy the property without purchase
Explanation
A right of first refusal requires the property owner to offer the right-holder the opportunity to match any third-party offer before accepting it. If the holder declines or fails to match, the owner may proceed with the third party.
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