Property Management
A Virginia property manager discovers that the rental property has a structural defect that makes it dangerous. The manager should:
AContinue renting until the owner is available
BNotify the owner immediately, document the condition, and advise them to address it urgently✓ Correct
CAllow the tenant to self-help repair
DLower the rent to compensate for the defect
Explanation
When a property manager discovers a dangerous condition, they must immediately notify the owner, document the situation, and ensure the owner takes corrective action. Continuing to rent a dangerous property exposes all parties to liability.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
DRE Regulation
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