VA Real Estate

Under the Virginia Residential Landlord and Tenant Act, if applicant fails to rent and application fee was over $_____, landlord shall refund to the applicant within ______ days after the applicant's failure to rent the unit If, however, the application fee or deposit was made by cash, certified check, cashier's check, or postal money order, such refund shall be made within_____days

$32 20 days 10days

Which 3 does the VA board NOT do? -Handle disputes between salespeople and brokers or between brokers. -Standardize any other forms used in real estate practice. -Establish commission rates or splits. -Prescribes standards for licensure and for professional conduct -Administers the provisions of the license laws -Enforces the license laws -Issues, renews, denies or suspends real estate licenses. -Develops and distributes an association annual report form for use

-Handle disputes between salespeople and brokers or between brokers. -Standardize any other forms used in real estate practice. -Establish commission rates or splits.

A 20-unit apartment building rented for $750 per month. The annual gross income multiplier was 9. What is the value of the property?

1,620,000

The transfer tax (computed when the value of the interest exceeds $______) is calculated based upon the property's sale price at the rate of $.50 for each $500 or fractional part thereof.

100

A specific Mechanic's Lien Notice requires that the owner provide an affidavit stating that all persons performing labor or furnishing materials within _______ days prior to settlement have been paid in full. This lien may be not filed later than the earlier of_____days from the last day of the month in which the lienor last performed work.

120 90

Upon the death or disability, the estate can conclude the broker's business for _______ days. Depending on the changes, the board must be informed either within____ days or ____ days

180 10 , or 30

Lead-based paint disclosure is necessary for any residential structures built prior to _______

1978

The security deposit may not be more than __________' rent

2 months

Licenses must be renewed every _____ years on the _____ day of the month during which the license was issued

2 years last

Salesperson/Broker Requirements Age ? Be at least ____ years of age (___ w/ exception) education? Must have a __________ diploma or equivalent. Have not been found guilty of violating the ________ Laws of any jurisdiction. Pass a written license examination within ______months of the application. Have not had a real estate license _________ or _______ in any state. Have not been convicted anywhere in the United States for a ____________

20, (18) high school Fair Housing 12 months revoked or suspended misdemeanor.

All initial applicants are required to pay an additional $_____ fee, which goes into the Recovery Fund

20.00

If the tenant violates the lease, or in some way violates the law in Virginia: The tenant will be given ______ days to correct this violation. If not, then lease will terminate after _____ days If correction needs repairs, must be done within ____days unless emergency

21 30 14

The state recordation tax rate is _______ cents on every $100 (or fraction of $100) of the consideration OR the actual value of the property conveyed, whichever is _________

25 greater

Each licensee is responsible for retaining proof of their continuing education completion for _______ years

3

Escrow funds Must be kept for _____ years from the date of closing or ratification, if the transaction does not close. When a broker is asked by the board to turn over information regarding a transaction, the broker has ______days to comply.

3 3

If the LANDLORD is violating the lease or the law in some way, the tenant may notify the landlord of such in writing, and allow the landlord ______days to correct this violation If not corrected and tenant still lives there, must make rent payable to _________?

30 general district court

If you change your home address, you must notify VA board within ______ days

30 calendar

The terms of VA Real Estate Board members are ____ years in length

4

The security deposit any accrued interest and any deductions, damages and charges shall be itemized by the landlord in a written notice given to the tenant together with any amount due the tenant within _____ days after termination The written notice of itemized charges must be given to tenant within _____ days of termination

45 30 days

Educational Requirements for Salespeople State-approved _____-hour course. State examination within ______ months to apply for a license. For brokers license ,act in the capacity of real estate salesperson for ____ of the previous 48 months before applying for a broker's license. Complete ______ hours of board-approved real estate study.

60 12 36 180

If the tenant is away from the rental property for longer than ______ days, the landlord has the right to enter the property to make sure everything is protected.

7

he Virginia Real Estate Board is composed of _______ members who have been licensed real estate brokers or salespersons for at least ____ consecutive years and ____ citizen members

7 5 2

The final inspection of the property is required by Virginia law to be held within __________ of the tenant vacating the property

72 hours

Continuing education: At least ______ hours in Fair Housing Law, Ethics and Standards of Conduct, Legal Updates and Trends, and Contracts. The remaining hours must be in real estate-related topics approved by the Board. Complete the _______ hour post license curriculum within ______ year of the Board issuing their license. Do Referral agents have to complete the continuing education requirements?

8 30, 1 year yes

A brokerage relationship must have a specific date of termination. Otherwise, the relationship will automatically terminate ______ days after it was begun.

90

_______________ - inducing a person to sell a dwelling by making representations regarding the entry into the neighborhood of a person in one of the protected classes.

Blockbusting

________ is doing anything wrong with other people's money - depositing too late, taking out too soon, or using the money without written permission

Commingling

A ____________ License is issued to brokers active in more than one real estate firm or business

Concurrent

If license has been expired for more than 12 months, how do reinstate it?

If the license remains expired after 12 months, the license may not be reinstated.

______ _______ expenses may NOT be deducted from a deposit.

Incidental closing

____ _______ makes information about released sex offenders and "violent sex offenders" available to the public

Megan's Law

Does payment to a real estate broker create a brokerage relationship

No

______________ - refusing to make mortgage loans in specific areas for reasons other than the economic qualifications

Redlining

__________ - channeling of prospective homebuyers to or away from particular neighborhoods, thereby limiting their choices.

Steering

If the transaction is not consummated, the funds will remain in escrow The funds are disbursed through court order & WHO will decide to whom the funds belong?

The broker

what is the purpose of the security deposit charged to tenant and due at time property is leased?

To protect against non-payment of rent or damage made to the property by the tenant

Who administers? The Virginia Fair Housing, Condominium and Time-Share Act Common Interest Community Management Information Fund The Virginia Transaction Recovery Fund

VA Real estate board

The ______ _______ _______ _______ _______ provides relief to consumers who have suffered losses through the improper and dishonest conduct of a licensed real estate broker or real estate salesperson. It only pays ACTUAL losses, not interest or punitive damages. However, it can include attorney's fees and court costs.

Virginia Real Estate Transaction Recovery Fund

The rights and responsibilities of landlords and tenants are established by the ____________(VRLTA). **The VRLTA applies to ALL apartments; however, single family rental houses in Fairfax County are covered by the VRTLA only if the landlord rents more than four single family units

Virginia Residential Landlord and Tenant Act

_______ _______ ______ _______ Act mandates that a residential property owner either provide a residential property disclosure statement or to provide a disclaimer in a form mandated by the Real Estate Board

Virginia Residential Property Disclosure

Earnest money should not be deposited before _______________of an offer to purchase.

acceptance

The tax base in a jurisdiction is derived by subtracting exemptions from

assessed values

A licensee must disclose in writing any broker relationship the licensee has with another party to the transaction. The disclosure must have happened prior to the time at which specific real estate assistance is first given. If given with other disclosures, this disclosure must be conspicuous, printed in ________ lettering, ___________, _________, or within a separate box. Disclose any changes in writing to all clients and customers. Copies must be held for ________ years.

bold lettering, all capitals, underlined, or within a separate box 3

Consumer Real Estate Protection Act mandates that a specific disclosure be given in ____________ type regarding the choice of settlement agent and the unauthorized practice of law. This applies to transactions: Involving the purchase of or lending on the security of real estate located in Virginia. Those containing a maximum of ________residential units.

bold-faced 4

Commissions are paid at closing and made payable to the _________ business account

broker's

Lead-based paint inspections are done at the _________expense

buyers

Once a contract is ratified, any earnest money or down payments must be put into the escrow account by the ______of the _______ ________banking day.

end 5th business

A ______ tax is payable by the seller when the deed is presented for recording and the tax payment is noted on the instrument at the time it is recorded

grantor

What is renewal policy for licenses

here is no automatic renewal of real estate licenses.

An __________ license is one in which the broker or salesperson is not affiliated with a supervising broker, firm, or sole proprietorship.

inactive

The license always hangs in the __________ of the broker

main office

If a person feels her rights have been violated of VA Fair Housing and she was not treated accordingly, she may file a complaint: Within _______ year(s) with the Virginia Real Estate Board. Within _______year(s) with the state court.

one two

Under Virginia Residential Property Disclosure Act , The following items are not required to be disclosed: 1.If the property was the site of an accident which did not affect the ____________ _____ _________. 2. If a _____,_______,________ occurred on the site. 3. If an occupant is/was affected with _______

physical structure or environment. homicide, suicide, or felony HIV

A developer put two lots together and sold them as one large lot. The increase in value is referred to as:

plottage

A sole proprietor brokerage can be under a fictitious name and does not require a _______ ______ license.

separate firm

The broker's records should include: Any funds received and its ________. _______ the funds were received. The _________ & ______ of the deposit of the funds. The final disposition of the funds.

source The date date and place

If license expired less than 30 days ago , what is process for getting it reinstated?

the licensee must pay the normal renewal fee, and complete the necessary continuing education.

If license expired more than 30 days ago , what is process for getting it reinstated?

the licensee must pay the reinstatement fee, and complete the necessary continuing education.

Can Any licensed broker or salesperson prepare written contracts for the negotiation of real estate and charge a separate fee.

they CAN prepare written contract but MAY NOT charge separate fee