Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

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In a land lease community, if a landlord has the first right of refusal in the tenancy agreement, how long do they have to purchase a tenant's home on the same terms after receiving another offer?

72 hours.
48 hours.
24 hours.
96 hours.
120 hours.
36 hours.

The correct answer is: 72 hours.

In a land lease community, when a tenancy agreement includes a first right of refusal for the landlord, it establishes the landlord's opportunity to purchase the tenant's home under the same terms as another offer the tenant has received. The correct timeframe for this right is typically established to ensure that the landlord can exercise their option promptly and maintain the integrity of the lease community. The reason the timeframe is set at 72 hours is to create a balance between allowing the landlord enough time to make a considered decision and ensuring that the tenant is not left waiting indefinitely. It allows the landlord to assess the offer and decide whether to match it, while also keeping the tenant's options moving forward in a timely manner. This arrangement is common in land lease agreements to foster stability within the community by giving landlords the chance to retain control over the properties within their jurisdiction, thus promoting a cohesive living environment.