Which of the following is an example of reversionary right? During a lease transaction, either party has the right to change their mind and cancel the agreement. During a lease transaction, the lessor retains the rights to possession of the property after the lease term has expired. Prior tenants have priority over new tenants if they both want to lease the same property. The lessor can offer a discount on the rent for a few months and then revert to the standard amount with one month’s notice.