The Virginia Residential Property Disclosure Act applies to which category of real property transactions?
Correct Answer
A) Sales of residential real property, with certain statutory exemptions such as transfers between family members
The Virginia Residential Property Disclosure Act (Va. Code § 55.1-700 et seq.) applies to sales of residential real property but includes specific statutory exemptions. Exempt transfers include those between co-owners, transfers to a spouse or lineal descendant, court-ordered transfers, foreclosure sales, and certain other transactions. Candidates must know both the general applicability and the exemptions.
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