New York State Real Estate Salesperson Licensing Practice Exam

The right of first refusal is a key aspect of condominium associations that allows them to maintain a level of control over who can purchase or lease a unit within the property. This right gives the association the opportunity to buy the unit before it can be sold or leased to an outside party. By exercising this right, the condo association can ensure that new owners or tenants align with the community's interests and standards, which is crucial for maintaining property values and the overall tone of the community.

In this context, the other options offered do not pertain to the typical governance and control mechanisms that a condo association possesses. A lease-back option often refers to a financial arrangement rather than a right reserved by the association. An equity sharing agreement involves different parties sharing ownership of a property, which does not directly relate to condo association rights over leasing or purchasing. Exclusive listing agreements are usually contracts between a seller and a real estate agent to sell the property, not something that pertains to the condo association's rights concerning unit purchases or leases.