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Real Estate Licensing Virginia Real Estate Salesperson Exam - Topic 1 Question 13 Discussion

A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:
B) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
A) This alternative to foreclosure is an option only available to friends or family of the lender.
C) This alternative to foreclosure is handled by legal representatives known as 'friends of the court.'
D) This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.

Real Estate Licensing Virginia Real Estate Salesperson Exam - Topic 1 Question 13 Discussion

Actual exam question for Real Estate Licensing's Virginia Real Estate Salesperson exam
Question #: 13
Topic #: 1
[All Virginia Real Estate Salesperson Questions]

A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

Show Suggested Answer Hide Answer
Suggested Answer: B

A deed in lieu of foreclosure is when a borrower voluntarily conveys the property title back to the lender to avoid foreclosure.

It is called a ''friendly foreclosure'' because it requires mutual consent between borrower and lender, avoiding the formal court-ordered process.

Other options:

(A) Wrong -- not limited to friends/family.

(C) Wrong -- not related to ''friends of the court.''

(D) Wrong -- buyer's relationship irrelevant.


Virginia Real Estate Principles & Practices -- Foreclosure Alternatives

by Dante at May 05, 2026, 07:08 AM

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Tiera
2 hours ago
Wait, is it really called "friendly"? Sounds weird.
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Nell
5 days ago
Totally agree, it's a cooperative process!
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Shawna
10 days ago
It's B, both parties have to agree.
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Nan
16 days ago
I feel like I’ve seen similar questions before, and they usually emphasize the mutual agreement aspect. B sounds correct to me, but I’ll double-check my notes.
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Herminia
2 months ago
I’m confused about this one. I thought it was just a way to avoid the hassle of foreclosure, but I can’t recall why it’s called "friendly."
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Latanya
2 months ago
I remember practicing a question like this, and I’m pretty sure it’s about the agreement between the lender and borrower. B seems right, but I’m not 100% sure.
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Mel
2 months ago
I think a deed in lieu of foreclosure is called "friendly" because it involves cooperation, so I’m leaning towards B.
upvoted 0 times
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