Virginia License Law
A Virginia buyer who is being represented by an agent questions why the agent is recommending a particular lender. The agent should:
ARefuse to answer the question
BDisclose any financial relationship with the lender and explain the recommendation✓ Correct
CChange lenders immediately
DStop representing the buyer
Explanation
If an agent has a financial relationship with a recommended lender (e.g.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
State-Specific Concepts
License Law
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