I have a late 2012 model iMac that I'm preparing to sell. I want to reset it to factory defaults, so Internet Recovery sounds perfect. However, Cmd + Option + R during boot does not work. For that matter, Cmd + R doesn't either. How can I enter Internet Recovery?
If you hold Option while booting, a screen will show up that gives you the option to boot into OSX or enter into Recovery (or boot into Windows, if you've installed bootcamp). This is Recovery option is the normal kind of recovery that will reinstall your current OS. This is not Internet Recovery.
However, on this screen, if you press Cmd + Option + R, this will boot into Internet Recovery.