Oregon Real Estate Practice Test 2026 - Free Real Estate Practice Questions and Study Guide

The main purpose of Oregon's "right of first refusal" is to allow a person the opportunity to purchase a property before it is made available to other potential buyers. This legal agreement grants the holder the preemptive right to buy the property under specified conditions, typically at a predetermined price or based on the terms set forth in the agreement.

This mechanism is particularly beneficial as it gives the holder a sense of security and priority in the purchasing process, enhancing their position in the marketplace. For example, if a property owner intends to sell, the holder of the right of first refusal can act quickly to secure the purchase, potentially preventing the property from being sold to other buyers who might bid higher or respond more quickly.

This option is a strategic tool in real estate transactions, enabling interested parties to maintain control over their investment opportunities. The other options presented do not accurately reflect the purpose of this legal right, as they relate to market valuation, rental agreements, or financing, none of which encapsulate the primary function of enabling a preferential buying opportunity.