Chapter Seventeen

Make certain that the plat included in the condo documents is clearly marked that the pool is "to be completed"

A buyer entered into a contract to purchase a new condominium. At the time of contract ratification, the swimming pool cited in the POS was not completed. How should the sales agent advise the prospective buyer?

None of the above

A buyer entered into a contract to purchase a new condominium. Which statement is true under the Property Owners' Association Act?

That the seller must provide a resale certificate

A buyer is purchasing a home in a development that is subject to the Property Owners' Association Act. All of the following items are required in the sales contract, EXCEPT:

Seller

A condominium owner re-sells his unit. After settlement, it is discovered that the CCRs were revised during the executory period of the contract. Who was responsible for advising the buyer of the changes?

seller

A condominium owner resells his unit. After settlement, it is discovered that the CCRs had been revised during the executory period of the contract. Who was responsible for advising the buyer of the changes?

The ad must include the date that the offer expires

A developer advertises a time-share and offers a prize to any person visits and inspects the property. Which of the following statements is true about the advertisement?

the landlord has 20 days to refund the deposit

A prospective tenant fills out an application to lease property. She pays the required application deposit in cash, but no lease is ever granted. Under Virginia Landlord-Tenant Act, which of the following statements is the LEAST correct?

The landlord has 20 days to refund the deposit

A prospective tenant fills out an application to lease property. She pays the required application deposit in cash, but no lease is ever granted. Under Virginia's Landlord-Tenant Act, which of the following statements is the LEAST correct?

Issue a written notice, which gives the tenant 5 days to pay or vacate the property

According to the Virginia Landlord and Tenant Act, what can the landlord do if rental payments are late?

May not withhold part of the security deposit to cover the cost of normal wear and tear

According to the Virginia Landlord and Tenant Act, when a lease expires, the landlord:

Abandonment, Frozen water pipes, Emergency situations

According to the Virginia Landlord-Tenant Act, a landlord's right to access rented property is NOT restricted in which of the following circumstances?

Must placed in an escrow account

According to the Virginia Landlord-Tenant Act, security deposits:

The Association may charge $100 for the resale certificate and related documents

All of the following statements about time-share interests are true, EXCEPT:

May be extended upon receipt of a revised POS

An initial time share purchaser has the right to rescind a contract without penalty. This right:

No, because rescission rights are waived after settlement

Brenda the Buyer is purchasing a house subject to the Property Owners' Association Act. After closing, Brenda realized that she never received a disclosure packet. Can she still exercise her right of rescission?

45 days

If a purchaser of a Virginia time-share estate rescinds the contract, the developer is required to refund any monies advanced by the purchaser within:

He disclosed personal information to a broker since you mentioned buying a home soon

If performed by a landlord, which action would violate the Virginia Landlord and Tenant Act?

None of the above

The Property Owners' Association Act is applicable to:

The owners' association

Who is responsible for the management of a condominium complex after all units are sold?

90%

The developer of a time-share must eventually transfer his fee simple interest to the owners' association. This must be performed after what percentage of the project is sold?

90%

The developer of a time-share shall transfer fee simple interest of the property to the owners' association when what percentage of the project is sold?

7 days

The initial purchaser of a time-share estate has a statutory right to rescind a contract to purchase. How long is this rescission period?

2 years

The statute of limitations as it applies to time-share properties is:

A simple majority

The unit owners of a condo project are unhappy with their association's management. As a result, they want to amend the bylaws. What is the minimum percentage of affirmative votes to change the bylaws?

Vacation property

Time-shares will most likely to involve:

14 days

Under the Property Owners' Association Act, an association has how long after receipt to deliver a requested disclosure packet?

Up to $125 for 5 electronic copies

Under the Property Owners' Association Act, how much can a professionally managed association charge for a disclosure packet?

May require a cash payment within 5 days of any checks that bounce

Under the Virginia Landlord and Tenant Act, landlords:

May pay rent into escrow if the landlord was given written notice, but fails to make repairs

Under the Virginia Landlord and Tenant Act, tenants:

the unit owners' association can charge the seller a maximum of $50 for the preparation of these documents

When a condominium is sold by a person other than the declarant, the seller must provide the buyer with certain information and disclosures. Which of the following statements regarding this requirement in INCORRECT?

The unit owners' association can charge the seller a maximum of $50 for the preparation of these documents

When a condominium is sold by a person other than the declarant, the seller must provide the buyer with certain information. Which of the following statements is INCORRECT about these disclosures?

45 days

When a tenant legally terminates a lease, the Virginia Landlord-Tenant Act requires that the owner return any security deposit to the tenant within:

A motel room rented for a period of 30 days

Which of the following choices is NOT subject to the Virginia Landlord-Tenant Act?