Transformer regulation is a measure of the voltage rise on the secondary due to off-load or light-load conditions with the primary input voltage remaining constant. This measure is expressed as a percentage of the secondary voltage; for example, a transformer with 10% regulation and rated at 36v at full load will have an off-load voltage of 39.6v. Regulation varies inversely with power rating (VA) and is approximately linear for any given loading on the secondary. In the above example, if the load was 50% of full load, the voltage would be 5% higher, or 37.8v. A 500VA toroid transformer will hold about a 4% voltage regulation between 0 and 100% load, usually the larger, the better the voltage regulation. Toroid transformers hold better voltage regulation than traditional E-core types. Also beware that the input voltage may be rated at something like 117V AC on the primary, my line voltage is 122V, which adds another 4% to the voltage.
Rectifiers may go because of the large inrush current, and high spike loads. Good quality diodes should not fail if rated correctly.