Escrow & Title
The Virginia deed of trust 'power of sale' clause allows the trustee to sell the property without court involvement when:
AThe borrower is one day late on a payment
BThe borrower is in default and proper notice procedures have been followed✓ Correct
CThe lender decides to exit the market
DInterest rates rise significantly
Explanation
The power of sale clause in a Virginia deed of trust permits non-judicial foreclosure after the borrower defaults and the lender/trustee follows statutory notice and advertising requirements.
Related Virginia Escrow & Title Questions
- An owner's title insurance policy in Virginia is issued for which amount?
- In Virginia, a buyer who discovers a title defect after closing should first:
- A buyer in Virginia receives title with a 'clouds on title.' This means:
- In a Virginia real estate closing, the settlement agent prepares a Closing Disclosure (CD). What does the CD show?
- In Virginia, when a broker holds earnest money in escrow and the transaction falls through, the broker may:
- In Virginia, a 'subordination agreement' in real estate lending allows:
- A chain of title in Virginia refers to:
- A Virginia buyer discovers after closing that the previous owner's heir has a claim to the property. Which protects the buyer?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →