Virginia State Real Estate Exam Practice Question
When a purchaser does NOT receive the Property Owners' Association resale certificate prior to closing, ___ occurs.
Correct Answer: B
Rationale: When a purchaser does not receive the Property Owners' Association resale certificate prior to closing, the buyer can terminate the contract without penalty. This provision protects buyers by ensuring they have access to essential information about the property before finalizing the purchase.
Option A is incorrect since the purchase contract is not automatically null and void; termination is at the buyer's discretion. Option C misplaces responsibility, as the buyer's agent is not held liable in this situation. Option D is also wrong because the buyer is not obligated to proceed with closing without the required documentation.
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