My wrong answers

An owner of a single-family home may sell or rent it without being subject to the Virginia Fair Housing Law as long as he or she does not use the services of a licensed broker and he or she: Select one: a. Does not own more than three houses at one time. b. Does not own more than four houses at one time. c. Has never owned more than three houses. d. Is not a licensee.

A

From the time that the contract is ratified or the public offering statement is received, the initial purchaser of a time-share interest has the right to rescind the contract within: Select one: a. 3 days. b. 7 days. c. 10 days. d. 15 days.

B

Which of the following is true when there is a possible violation of the Virginia Fair Housing Law? Select one: a. All fair housing complaints must be filed with HUD. b. The burden of proof is on the complainant. c. The burden of proof is on the defendant. d. Any licensee who violates the law will have his or her license automatically revoked.

B

The tenant of an apartment entered into a 1 year lease on July 1, 2002 and gave the owner a security deposit. On October 31, 2003 the tenant vacated the apartment. Is the tenant entitled to interest on the security deposit and if so, how much? Select one: a. No interest is due. b. Yes, 16 months interest. c. Yes, 12 months interest. d. Yes, 4 months interest.

B When security deposits are held more than 13 months, the landlord is required to pay interest to the tenant at a rate equal to 1 percentage point less than the Federal Reserve Board discount rate as of January 1 of each year.

When security deposits are held more than 13 months, the interest rate to be paid to a tenant on the security deposit is set by the: Select one: a. Landlord. b. Tenant. c. Real Estate Board. d. Virginia General Assembly.

D

Which of the following is correct concerning voting rights for condominium unit owners? Select one: a. Each unit has one vote. b. Each owner has one vote. c. Voting rights are determined by the number of bedrooms in the unit. d. Voting rights are generally determined in proportion to unit size and amenitie

D

The statute of limitations as it applies to time-share properties regarding inaccurate information in the POS or any contract is Select one: a. 2 years. b. 5 years. c. 7 years. d. No time limit.

A

By vote of the unit owners association, a time-share project could be terminated. What percentage of the voting interest is required for such action? Select one: a. 25%. b. 33-1/3%. c. 51%. d. 66-2/3%.

C

Current tenants of a property being converted to a time-share project must be provided with: Select one: a. 30 days' notice of intent to convert, 30 days to contract to purchase unit. b. 30 days' notice of intent to convert, 60 days to contract to purchase unit. c. 90 days' notice of intent to convert, 60 days to contract to purchase unit. d. 90 days' notice of intent to convert, 30 days to contract to purchase unit.

C

Part of the purpose for the Consumer Real Estate Settlement Protection Act (CRESPA) is to: Select one: a. Mirror the purpose of RESPA (Real Estate Settlement Procedures Act). b. Provide that only licensed attorneys would be allowed to conduct real estate settlements. c. Clearly define who can lawfully provide real estate settlement services. d. Establish appropriate fee schedules for conducting a real estate settlement.

C

What can a landlord do if a tenant violates the terms of his or her lease? Select one: a. Evict the tenant immediately. b. Notify the tenant in writing of intent to evict immediately. c. Notify tenant in writing of the violation and give 21 days to correct. d. Notify tenant in writing of intent to evict in 30 days.

C

The amount of security deposit charged the tenant to protect the landlord against unpaid rents or damage to the property is limited to: Select one: a. One month's rent. b. Two month's rent. c. 1/2 month's rent. d. Any amount the landlord wishes.

B

The Virginia Fair Housing laws prohibit discrimination on the basis of each of the following categories, EXCEPT: Select one: a. Familial status. b. Marital status c. Source of income. d. Sexual orientation.

B Familial status is a protected class under the Virginia Fair Housing Act. Source of income and sexual orientation were added to the protected classes by the Virginia Values Act. Marital status is not a protected class.

When a condominium unit is sold by a person, other than the declarant, which of the following statements is true? Select one: a. The buyer may rescind the contract within 10 days after ratification. b. The buyer must obtain the condo documents from the unit owners association and pay any related fees. c. The seller has a three (3) day statutory right of rescission. d. None of the above are true.

D

If a fair housing case results in civil action through the action of the attorney general, the court is allowed to do all of the following EXCEPT: Select one: a. Award preventative relief by an injunction against the respondent to refrain from discriminatory practice. b. Award compensatory or punitive damages. c. Assess a penalty up to $50,000 for a first violation. d. Sentence the respondent to jail.

D The civil court does not issue jail sentences for violations of the Fair Housing Act. In fair housing cases, the civil court may issue an injunction against the respondent, award damages to the complainant, or assess a monetary penalty against the respondent.

Compliance with Virginia Consumer Real Estate Settlement Protection Act (CRESPA) would be required for settlement on a: Select one: a. 4-unit residential condominium building. b. 4-unit office complex. c. 12-unit apartment building. d. 20-unit office condominium.

A All settlements on one- to four-unit residential properties must be conducted in compliance with the Virginia Consumer Real Estate Settlement Protection Act.

If a first time offender is found to have violated the Virginia Fair Housing Laws, what is the maximum civil penalty that the Attorney General can impose? Select one: a. $25,000. b. $50,000. c. $100,000. d. There is no limit.

B

If the initial purchaser of a time-share interest rescinds the contract, the developer is required to refund monies advanced by the purchaser within: Select one: a. 30 days subject to a 10% penalty. b. 45 days, without penalty. c. 60 days, without penalty. d. 90 days, subject to a 10% penalty.

B

Relative to the resale on a time-share interest, which of the following is not true? Select one: a. The buyer of a time-share has a statutory 5-day right to rescind the contract. b. The time-share association may charge up to $100 for the Certificate of Resale. c. The seller is required to provide the buyer with a Certificate of Resale. d. If the buyer closes on a time-share contract, all rights of rescission are waived.

B

At what time is the developer's control of a time-share project transferred to the owners association? Select one: a. When 75 percent of the time-share interests have been sold. b. When 90 percent of the time-share interests have been sold. c. When 75 percent of the time-share interests have been sold or all amenities and facilities are completed. d. When 90 percent of the time-share interests have been sold or all amenities and facilities are completed.

D

If a licensee disclosed information relative to a person being infected with the HIV virus, the licensee would be in violation of the: Select one: a. Virginia Residential Property Disclosure Act. b. Virginia agency law. c. Real Estate Board rules and regulations. d. Fair housing laws.

D

The Virginia Time-Share Act defines a time-share as a right to occupy a unit or any of several units during: Select one: a. Ten or more separated time periods over a period of at least ten years. b. Any number of separated time periods over any period of time. c. Any number of separated time periods over any period of time coupled with either a freehold estate or an estate for years in a time-share project. d. Five or more separated time periods over a period of at least five years coupled with either a freehold estate or an estate for years in a time-share project.

D

The initial purchaser of a new condominium unit has the right to rescind the contract without penalty within: Select one: a. Three days of contract ratification or receipt of public offering statement with reasonable cause. b. Three days of contract ratification or receipt of public offering statement for any reason. c. Ten days of contract ratification or receipt of public offering statement with reasonable cause. d. Ten days of contract ratification or receipt of public offering statement for any reason.

D