Options & Rights of First Refusal

National · Contracts & Transfer of Title — free cheat sheet for the real estate licensing exam.

📄 Contracts & Transfer of Title

📋 The 1-minute cheat sheet

Option: seller (optionor) MUST sell if buyer (optionee) exercises; buyer may walk
Option needs its own consideration — usually non-refundable
Unilateral contract: only the optionor is bound until exercise
Right of first refusal: match any bona fide offer BEFORE the owner can sell to others
Lease-option: lease + option to buy; rent credits are negotiable

Is Options & Rights of First Refusal on the real estate exam?

Yes. Contracts & Transfer of Title is a scored domain on the real estate licensing exam, and this topic appears in the national portion.

Is this cheat sheet free?

Yes — every page on CinnaPrep's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.