study State
NEW condominium unit has the right to resend
10 days for any reason
The initial purchaser of a new condominium unit has the right to rescind the contract without penalty within
10 days of contract ratification or receipt of public offering statement for any reason
After the fair housing complaint is received by the real estate board the board must determine within
100 days whether there is a reasonable cause to believe discrimination exist or if I should be dismissed
An applicant for licensure by reciprocity Must have a been actively engaged in real estate practice for
12 of the Proceeding 36 months
The association is required to make the packet available within
14 days after the written request by the owner or an authorized agent
An individual appointed to carry out the conclusion of a brokers business is only authorized to act in this capacity for a period of
180 days or Six months
All of the following landlords would be subject to the Virginia residential landlord and tenant act owner of a
20 unit apartment building, six single-family rental houses governed by either a county executive our county manager, owner of five condominiums
A license he must respond to an inquiry by the real estate board or it's agents within
21 days
All BROKER licensees are required to complete continuing education requirements every two years consisting of
24 hours approved classroom correspondence 8 hours must be on supervision and management 2 hours a fair housing 3 hours ethical standards of conduct 1 hour each and legal updates agency and contracts
RESALE condos rescind
3 days of contract or condo docs received.
An applicant for a brokers license must have been actively engage for
36 of the preceding 48 months
Compliance with Virginia consumer real estate settlement protection act would be required for settlement on a
4 unit residential condominium building
The minimum balance for a transaction recovery fund is set at
400,000
In violation of the crisper law the board may assign a penalty of up to
5000
Although title insurance ensures for the entire chain of title on a property in Virginia the title search usually consist of any unbroken chain of title for a period of
60 years
Timeshare can resend
7 days/ a week
Current tenants of a property been converted to a timeshare project must be provided with
90 days notice of intent to convert 60 days to contract to purchase unit
A mechanics lien must be filed within
90 days of either completion of the work or delivery of materials
Control of a timeshare project transfers to the owners association once
90% of the timeshare interest have been sold and all amenities and facilities are completed
Associate Broker
A person licensed as a real estate broker who chooses to work under the supervision of another broker.
An agency is created whenever one person
Acts on behalf of or represents another.
An owner of a single-family home may sell or rent it without being subject to the Virginia fair housing laws as long as she does not use the services of a licensed broker and she
Does not own more than three houses at one time
Exceptions to the provisions of the do not call registry for licensees include all of the following
Existing relationships, express written permission to call, made an inquiry for up to three months after inquiry
Application and renewal fees are set by
REB Real Estate Board
When acting as an independent contractor through a separate written agreement instead of as a standard agent a licensee is subject to
The duties and responsibilities as stated in the independent contractor agreement
Disclosure in the context of online advertising it requires that the ad include all of the following
The firms licensed name city and state in which the firms main office is located the jurisdiction
The Virginia housing department authority provides mortgage financing for new home owners in Virginia the funds used for these mortgage loans are derived from
The sale of mortgage revenue bonds
If the font is ever in excess of 2 million the amount over 2 million shall be
Transferred to the Virginia housing partnership fund
As of July 1, 2010 a licensee from another state must take the
VA LAW examination in addition to other requirements
A continuous stay for more than 30 days is subject to the
Virginia real estate landlord tenant act
If a licensee is found to be guilty of unauthorized practice of law she may also be subject to further penalty from the
Virginia state bar
Money in the brokers escrow account that will ultimately belong to the broker would be considered as commingling only when
Withdraws for payment of commissions are not regularly made at the end of a transaction
The Virginia residential property disclosure act requires sellers of certain residential real property to provide
a disclosure stating that the owner make certain representations as to the real property
The Virginia mechanics lien disclosure act requires a seller of the property to disclose and the sales contract
a warning that a mechanics lien would be filed against the property
Fulfilling the responsibilities of a fiduciary relationship was a part of the common law of agency that was
abrogated(do away with) under the new law of agency
The real estate board regulations apply to all
active and inactive licensees
There is no requirement to have the firms
address and phone number on the sign in front of the real estate firms office
112. No disclosure is required as to
adjacent partials provisions of historic districts or resources protection areas pending enforcement actions pursuant to the uniform state wide building code must be disclosed
A person who has suffered financial loss due to a licensees misconduct may file a complaint with the transaction recovery fund
after all legal avenues of recovery have been exhausted
After it has been determined that a complaint should be investigated all of the following procedures must take place
agent of the department of professionals and occupational relations interviews the Claimant respondent and witness reports to fax to REB be without comment Real estate board review the report and determines whether the case should be dismissed or carried forward
A relationship in which a licensees acts for or represents a person in a real estate transaction is defined
an agency
All of the following would be allowed under CRESPA to conduct a closing or settlement service
an attorney, title insurance company, a broker
The Cannes spam act of 2003 requires that the senders email provides recipients
an opt out method by way of a clear and Conspicuous mechanism for requesting not to receive further email messages
Complete and legible copy of all written documents involved in a transaction must be delivered to all principles to the transaction
as soon as it is practical
If a payment is made from the transaction recovery fund the license of the licensee involved will be
automatically revoked
All of the following statement is true regarding real estate purchase contracts in Virginia
buyer and seller have ratified a sale contract to buy, requires equal title, federal law requires the inclusion of a disclosure of lead-based paint of target properties Licensees may prepare a written contract as long as the contracts are incidental to a specific real estate transaction.
Administration of the Virginia condominium act is responsible for the
common interest community board (CIC)
An ad used in marketing a time share project that includes free gifts or prizes must clearly disclose all of the following retail value
conditions under, which gift is offered, odds of winning
Disclosure of either duel or designated standard representation must be
conspicuous and printed in bold lettering all capitals underlined or within a separate box
All of the following are true of the can spam act of 2003 designed to create national standard to control
deceptive or fraudulent commercial email, bands false or misleading header, requires that commercial email be identified as an advertisement
As of July 1, 2012 when he principal broker assigns to licensees to work with two separate clients in the same transaction the licensees are referred to as
designated standard agents
The fair housing board has no authority to
discipline persons license by the REB that authority remains with a REB this rule applies to agents and employees of real estate firms as well
There are no state wide Purchase contract in Virginia the REB
does not create or supply real estate transaction forms for brokerage practices by its licensees both the General assembly and the REB can mandates that certain provisions be in purchase agreements
With designated standard agency a broker will assign one agent to work with the seller and one to work with the buyer but the broker must act as a
dual standard an agent with responsibility to both the buyer and seller
When duty that is not required of standard agents engaged to represent buyers sellers landlords and tenants is too maintain a
fiduciary relationship
In the residential property disclosure form for seller makes no representations with respect to all the following
historic history sexual offenders stormwater detention facilities
The residential property disclosure form the seller makes no representations with respect to all the following
historic history, sexual offenders, stormwater detention facilities
Landlords would NOT be subject to the Virginia residential landlord and tenant act
if not governed by either a county executive or county manager
A licensee refuses to pay a special assessment of $20 to a transaction recovery fund even after receiving a second notice at this point the licensee
is automatically suspended for 30 days
Participating as a business entity may bring licensees some
liability protection and tax advantages
A broker may not pay a referral fee or share commission to a
license member of another firm who was never affiliated with his farm
Main office is required to
maintain licensees of sales persons and associate broker's
All of the following are true regarding contract contingencies
may be defined as conditions possibilities or prerequisites may be generated by the wishes of the purchaser requirements of the lender MUST be satisfied removed approved before the parties can move forward with the other terms of the contract
Requirement for a salesperson
must be 18, good standing in jurisdiction, actively engager for 12 of the 36 months or met education requirements
Every member of an LLC officer of a corporation and principal any partnership who owns and actively participates in the firms Virginia brokerage business
must hold a license as a Virginia real estate broker
Under the Virginia residential landlord and tenant act when a prospective tenant makes an application but no rental agreement is reached the landlord
must refund within 20 days all Sums in excess of landlords actual expenses
reciprocity
mutual exchange
A licensee has committed a violation of real estate board regulations were both his supervising broker and principal broker be held responsible for his actions
no only if the supervising or principal broker new or should have known about the violation
Institutional advertising refers to advertising where
no specific real property is identified
Persons with real estate salesperson licensees are
not allowed to conduct settlements
Fair housing complaint with the real estate board needs to be filed within
one year
The Virginia law of agency requires that a licensee make a disclosure of the brokerage relationship to any actual or prospective buyer or seller
only if the actual or a perspective buyer or seller is not represented by another licensee
The transaction recovery fund was established for the protection of
person suffering monetary loss due to a licensees misconduct
The first action that a landlord will usually take for non-payment for rent is to
post a five day pay or quit notice
When a tenant leaves personal property after Vacating rental property the personal property is considered to be abandoned and the landlord my
provide the tenant with notice that the items will be disposed of within 24 hours after the expiration of the 10 day period from the date of the notice
branch office is required to maintain a
readily accessible roster of agents and display a separate branch office license
Application renewal and reinstatement fees are set by the
real estate board
Ministerial acts are defined in Virginia agency law as
routine ask require a no judgment on the part of a licensee
A licensee has listed her own home with her company she will be required to disclose her ownership interest on a
sales contract
From the time that the contract is ratified or the public offering statement is received the initial purchaser of a timeshare interest has the right to resend the contract within
seven days or a week
The purchaser of a cooperative will be the recipient of all of the following
shares, exclusive possession of a unit, proprietary lease
An exclusive right to represent by your agreement would typically include
specific terms regarding how and when the broker will be paid duties owed by the broker to the buyer client recite Tatian of potential for disclosure Jewel and designated representation
All of the following are true regarding wills in Virginia
tester can have only one last will and testament until probate the will is only the legal declaration of a persons intended disposition I have real and personal property no Will is valid unless it is in writing
Although a right of recession for resale units is not included in the statute it is common practice that the buyer may rescind the contract to purchase a Resale condominium within
three days of contract ratification or received a condominium documents for any reason
Due to the multiple changes in the Virginia law of agency the real estate board is requiring all licenses to take an additional
three hours of continuing education on new changes
rescind
to cancel
A licensees obligated to do all of the following for a customer
treat the customer honestly, disclose all material adverse facts about property, perform ministerial(relating to) acts that require no judgment by the agent
lawsuit may be filed with the STATE court any time within
two years
Homestead provisions in Virginia allow a person filing for bankruptcy to retain certain personal items such as a family Bible in addition to 5000+500 per dependent and may be applied to
unsecured real or personal property
If the transaction recovery fund falls below 400,000 the real estate board may order an assessment of all licensees of an amount of
up to $20 in any two-year period ending June 30 of even numbered years
A buyer has refused to sign the brokerage relationship disclosure form that states that the licensee is representing the seller in this transaction the licensee is required to keep a copy of the disclosure
whether the contract is executed or not
If a disclosure statement is not provided to the purchaser prior to acceptance of a purchase contract the purchaser may terminate the contract
with a written notice to the seller within three days after receipt of the disclosure it delivered in person but electronica means or five days if delivered by mail
Under what circumstances if any made an expired license be reinstated
within one year by paying the reinstatement fee and completing continuing education requirements
