Virginia State Real Estate Exam Practice Question
A lease option with first right of refusal allows a tenant to
Correct Answer: B
Rationale: A lease option with first right of refusal grants a tenant the opportunity to purchase the property before the owner can entertain offers from other potential buyers. This ensures the tenant has priority in acquiring the property they are leasing.
Option A is incorrect because the lease option does not guarantee renewal without a rent increase; terms are negotiable. Option C is misleading, as foreclosure typically terminates the lease, and the tenant would not retain rights under such circumstances. Option D misrepresents the agreement; the tenant does not have the right to unilaterally terminate the lease upon sale of the property.
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