Contracts
A right of first refusal in a Vermont real estate contract means:
AThe holder must buy the property before anyone else
BThe holder has the right to match any third-party offer before the owner accepts it✓ Correct
CThe seller must offer the property to the agent first
DThe lender has priority over other buyers
Explanation
A right of first refusal gives the holder the opportunity to match any bona fide third-party offer before the owner accepts it. If the holder declines, the owner may proceed with the third party.
People Also Study
Related Vermont Questions
- Vermont's 'right of first refusal' granted to a tenant under a lease means:Property Ownership
- In Vermont, a buyer's 'right of first refusal' in a lease option agreement gives the buyer the right to:Contracts
- A Vermont seller accepts an offer contingent on the buyer obtaining financing within 30 days. On day 28, the buyer is denied financing. The contract is:Contracts
- A Vermont real estate contract contingency gives the buyer the right to:Contracts
- A Vermont 'bump clause' (right of first refusal) is different from a kick-out clause in that it:Contracts
- Vermont's condominium association's right of first refusal allows:Property Ownership
- A Vermont 'timeshare' interest gives the owner the right to use a property for:Property Ownership
- Vermont's 'first mortgage' position in a multi-lien property means the first mortgage holder receives:Finance
Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More Vermont Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Vermont Quiz →