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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Which of the following statements is accurate regarding a landlord's first right of refusal concerning a tenant's home in a land lease community?

If such a right exists in a tenancy agreement, the landlord has 72 hours to buy the property on the same terms after another offer is received.
The landlord in a land lease community does not have a first right of refusal regarding any tenant's home.
If such a right exists in a tenancy agreement, the landlord has 48 hours to match another offer received.
The landlord has an automatic first right of refusal on all tenant homes or mobile homes within the land lease community.
The landlord can refuse any offer made on the property without justification.
The landlord needs written permission from the tenant to exercise any right of refusal.

The correct answer is: If such a right exists in a tenancy agreement, the landlord has 72 hours to buy the property on the same terms after another offer is received.

In a land lease community, a landlord's right of first refusal regarding a tenant's home is a significant aspect that protects both the landlord's interests and the tenant's rights. If such a right exists in the tenancy agreement, it stipulates that when a tenant receives an offer from a potential buyer for their home, the landlord is obligated to be given the opportunity to purchase the property on the same terms. The correct timeframe specified indicates that the landlord must respond within 72 hours of being notified of the other offer. This timeline allows the landlord to assess the offer and decide whether to exercise their right to purchase the home before the tenant can proceed with the sale to an external party. This provision helps maintain stability within the community and ensures that the landlord has control over who may occupy the home on their land. It is essential for both landlords and tenants to understand this aspect of tenancy agreements in land lease communities, as it plays a critical role in property transfers and the management of community relationships.