Virginia State Real Estate Salesperson Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

Question: 1 / 400

Which section of the Residential Contract of Purchase is required by Virginia law?

Property Description

Notice to Purchaser Regarding Settlement Agent

Virginia law mandates the inclusion of a specific section in the Residential Contract of Purchase that addresses the "Notice to Purchaser Regarding Settlement Agent." This section is crucial as it informs buyers about the settlement process and the role of the settlement agent in real estate transactions. The notice aims to ensure that buyers are aware of their rights and the responsibilities that come with choosing their settlement agent, thus enhancing transparency and protecting consumers in the real estate process. By requiring this section, Virginia law seeks to promote informed decision-making among buyers and safeguard their interests during the settlement of property transactions.

The other sections, while they may be important in the context of a contract, do not carry the same legal mandate and therefore do not have the same level of necessity as the notice to the purchaser regarding the settlement agent.

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Buyer’s Rights and Responsibilities

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