Virginia: Disclosure Requirements Exam Questions with correct Answers

The Virginia Residential Property Disclosure Act requires a property condition disclosure statement whenever residential property: - ANSWER-1: Is for sale by owner or through a real estate broker 2: Is a lease with an option to buy The ______ sale of newly built houses requires specific disclosures. Builder-sellers do NOT have to fill out the ______ ______ ; however, they are required to give the buyer written disclosures of any known defects that are considered __________ _______ _______. - ANSWER-first; disclosure form; building code violations Virginia is what type of state? - ANSWER-Caveat Emptor caveat emptor translates to - ANSWER-let the buyer beware caveat emptor ('let the buyer beware') - ANSWER-the buyer is responsible for performing due diligence on the property, and the seller isn't responsible for disclosing all property defects, or for protecting the buyer T/F: Sellers can't lie outright or actively conceal problems. - ANSWER-True T/F: Sellers must answer all potential buyers' questions honestly; otherwise, they are guilty of misrepresentation - ANSWER-True T/F: Seller agents must honestly disclose any material defects that are know about. - ANSWER-True In VA, the burden is on the _______, legally, to prove that the _____ deliberately withheld information or covered up a material defect - ANSWER-buyer; seller