Property Management
A Virginia commercial property lease includes a 'right of first refusal' clause for the tenant. This means:
AThe tenant must leave if the landlord finds a better tenant
BIf the landlord decides to sell, the tenant has the right to match any offer before the property is sold to a third party✓ Correct
CThe tenant can terminate the lease without penalty
DThe landlord cannot increase rent
Explanation
A right of first refusal gives the tenant the opportunity to purchase the property by matching any bona fide third-party offer before the landlord can sell to someone else.
Related Virginia Property Management Questions
- Under the VRLTA, a landlord who uses a tenant's security deposit to cover cleaning costs must provide the tenant with:
- Under the Virginia Landlord and Tenant Act (VRLTA), a landlord must return a security deposit within how many days after the tenancy ends?
- A Virginia property management company collects a $1,200 monthly rent. They may charge a management fee of 8% of rents collected. What is the monthly management fee?
- In Virginia, a lease for more than one year must be:
- The maximum security deposit a Virginia residential landlord may collect is:
- A Virginia landlord who improperly attempts to evict a tenant (e.g., changing the locks without a court order) may be liable for:
- A Virginia property manager who holds tenant security deposits must:
- A Virginia landlord wants to convert an apartment complex to condominiums. Under the Virginia Condominium Act, tenants must receive:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →