What is the right of first refusal?

The beginnings of the right of first refusal date back to ancient Rome, where landowners had the right to sell their land first to their neighbors. In some countries, such as France, the right of first refusal is particularly important in the field of agriculture to maintain local farmers on the lands. In today's world, the right of first refusal is often used to protect the rights of tenants. Throughout history, many conflicts have arisen from the right of first refusal, but at the same time, it is a tool that regulates the real estate market and protects the interests of many parties. What exactly is the right of first refusal? How does the priority of property acquisition differ from the right of first refusal? How much time is there to exercise the right of first refusal? If you have any experience with the right of first refusal, please share it in the comments.