Preoption is a word frequently used in the real estate industry, which means the right of first refusal. It refers to the option given to someone to purchase a specific property before it is offered to others for sale. However, there are many synonyms to this word, including preference, choice, selection, electing, opting, or picking. All these words denote a choice that is made before the actual event or occurrence, taking one ahead of others. These words can be easily interchanged with preoption in many contexts, depending on the requirement and formality of the situation.