Virginia State Real Estate Exam Practice Question
A redemption right refers to the
Correct Answer: C
Rationale: A redemption right allows a foreclosed borrower to repurchase their property after a foreclosure sale, providing an opportunity to reclaim ownership.
Option A is incorrect; it suggests a lender's ability to cancel a sale, which does not align with the concept of redemption rights. Option B misinterprets the term, as it incorrectly associates it with managing other mortgages rather than focusing on the borrower's rights. Option D describes a buyer's immediate possession at a foreclosure sale, which is unrelated to the borrower's right to redeem their property. Thus, only option C accurately reflects the definition of a redemption right.
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