Oregon License Law
Which of the following best describes Oregon's 'First Right of Refusal' in real estate?
AA government agency's right to purchase property before private parties
BA contractual right giving a party the opportunity to match a purchase offer before the owner accepts it from a third party✓ Correct
CAn HOA's right to approve or disapprove all sales in a subdivision
DA lender's right to approve the buyer before completing the sale
Explanation
A right of first refusal gives the holder the right to match any offer the seller receives before the seller can accept an offer from a third party. The right holder can either match the price and terms or allow the sale to proceed to the third party.
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