Virginia State Real Estate Exam Practice Question
A property is located in a subdivision that is governed by a property owners' association. In which scenario is the purchaser entitled to receive a property owners' association disclosure packet?
Correct Answer: B
Rationale: A property owners' association (POA) disclosure packet is typically provided to buyers in real estate transactions to ensure they are informed about the rules and regulations governing the community.
Option B is correct as it involves a buyer hiring an agent to purchase a foreclosed property, which usually requires a formal transaction and necessitates the disclosure packet.
Option A is incorrect because a divorce settlement does not involve a traditional sale, and thus, the disclosure packet is not applicable.
Option C is wrong since gifting property does not constitute a sale; therefore, no disclosure packet is required.
Option D is also incorrect, as purchasing from a friend may not involve the formalities that require a disclosure packet, depending on the nature of the transaction.
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