Virginia State Real Estate Exam Practice Question
A buyer has signed a contract to purchase a condominium. Once the condominium resale certificate has been provided, the buyer ___.
Correct Answer: B
Rationale: The buyer has three calendar days to review the condominium resale certificate and may choose to terminate the contract based on the findings. This period allows the buyer to ensure that the property's condition and financial obligations are acceptable.
Option A is incorrect because renegotiation of terms based on the resale certificate is not a standard practice; the buyer's right is limited to review and potential termination.
Option C is misleading; while the buyer is generally obligated to close, the resale certificate review can impact that obligation if issues arise.
Option D is also incorrect, as the buyer's immediate action is to review the document, not to deliver it to the closing agent.
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