Virginia Real Estate Exam Practice Question
How long does a buyer have to cancel a contract if they decide not to complete the purchase of a timeshare?
Correct Answer: C
Rationale: Buyers typically have a specific period to cancel a timeshare purchase to protect their rights. Option C, seven days following execution of the purchase agreement, aligns with many state regulations that provide a cooling-off period for consumers.
Option A is incorrect because cancellation rights usually expire before occupancy, not any time before. Option B is misleading; while some agreements allow cancellation shortly after acceptance, it often does not extend to five days. Option D is also incorrect, as three days is shorter than the standard period, which may not offer sufficient time for buyers to reconsider their decision.
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