PSI Virginia Real Estate Practice Exam

What is required if a property has a septic system in need of repair?

1. The seller must provide maintenance records

2. A specific disclosure about the septic system's condition

3. Independent inspections by potential buyers

4. Notification to local authorities only

The correct answer is: A specific disclosure about the septic system's condition

When a property has a septic system that requires repair, it is essential for the seller to provide a specific disclosure regarding the condition of the septic system. This requirement ensures that potential buyers are fully informed about any issues related to the system before proceeding with a purchase. The disclosure may include details about any repairs needed, the history of system performance, and any inspections that have been conducted. Providing this information helps to protect buyers from unexpected repair costs and potential health or environmental issues associated with a failing septic system. It also fosters transparency between the buyer and seller, which is crucial in real estate transactions. In many jurisdictions, including Virginia, there are laws that mandate such disclosures to safeguard buyers' interests. While maintenance records can be relevant and beneficial, and independent inspections may also be advisable, the primary requirement under the scenario provided focuses on the necessity of disclosing the current condition of the septic system. Notification to local authorities may be a legal obligation in some circumstances, but it does not address the immediate needs of the buyer in terms of understanding the property’s condition.