VA law 2 test
A licensee may not discriminate in housing based upon race, color, sex, religion, national origin, or: • Credit-worthiness, elderliness, and handicap • Age, sexual preference, and mental retardation. • Marital status, dependency upon public assistance, and physical handicap • Elderliness, familial status, or handicap
Elderliness, familial status, or handicap
The Virginia Fair Housing Law is more restrictive than the Federal Law in that it prohibits discrimination in housing on the basis of: • marital status • elderliness • sex • age
elderliness
When the Board receives a complaint for violation of a Fair Housing Law, the Board must initiate their investigation of the complaint within: • 10 days. • 15 days. • 20 days. • 30 days.
: 30 days.
Which of the following would be a latent defect a seller would be required to disclose? • A house on the block was destroyed by fire • A buried pipe is leaking • There is a dead tree in the yard • All the above must be disclosed
A buried pipe is leaking
A prospective purchaser appeared to claim a gift that was offered in an advertisement to market timeshares. The developer must do all of the following except: • Give the gift only if he purchases the unit • Give the gift whether he purchases or not • If supplies of gifts have been exhausted, give prospective purchasers a gift of greater or equal value within 30 days • If gift is not available, give the purchaser a written, unconditional promise to deliver a gift or one of equal or greater value
Give the gift only if he purchases the unit
An advertisement for marketing timeshares, which includes a free gift or prize, must clearly disclose all of the following except: • retail value of gift • expiration of offer • odds of winning a prize • date and where the gift or prize can be claimed
date and where the gift or prize can be claimed
If a timeshare unit owner is violating a restriction, how many votes are required to bring action against the unit owner? • one-third vote of the Board of Directors • one-half vote of the Board of Directors • two-thirds vote of the Board of Directors • three-quarters vote of the Board of Directors
two-thirds vote of the Board of Directors
The initial purchaser of a condominium has how many days to rescind the contract without penalty? • 10 calendar days • 3 calendar days • 5 calendar days • 15 calendar days
10 calendar days
Claims for payment from the Virginia Real Estate Transaction Recovery Fund are filed with: • Director of Professional and Occupational Regulation • Virginia Association of REALTORS • the Board • the salesperson's broker
the Board
Which of the following statements is true as it relates to the initial sale of a timeshare interest? • Buyers have a statutory 10-day right of rescission • The developer may not offer buyer incentives until 50% of the units have been sold • The developer control period ceases when 50% of the units are sold • Selling a timeshare interest, for others, is considered an act of brokerage and therefore, requires licensure
Selling a timeshare interest, for others, is considered an act of brokerage and therefore, requires licensure Correct
Which of the following is true relative to possible violations of the Virginia Fair Housing Law? • The burden of proof is on the complainant • A licensee who violates the law will have his or her license automatically revoked • The burden of proof is on the defendant • All fair housing complaints must be filed with HUD
The burden of proof is on the complainant
An individual living in a four-unit building agrees to manage the complex for the owner and receives a reduced rental price as compensation. Which of the following is correct? • The owner and manager are exceptions under the license law • The manager may keep the owner's money in a personal checking account • The Board has the authority to punish both parties • The manager must pay his own utilities
The owner and manager are exceptions under the license law
The intent of the Virginia Fair Housing Law is to: • eliminate discrimination in housing • prevent Federal government involvement in Fair Housing matters within the Commonwealth • encourage development of housing specifically for the benefit of minorities • increase revenues through monetary penalties imposed on persons who violate the Fair Housing Law
eliminate discrimination in housing
The Board will allow a claim to be filed for payment from the Transaction Recovery Fund in all of the following instances, except: • if the claimant has obtained a judgment and taken all legal actions necessary to recover the loss • when there is less than $400,000 in the fund • if the claimant is a licensee • when there are more than three claims filed against the same regulant in the same transaction
if the claimant is a licensee
As a result of an agent violating a Fair Housing Law, a minority was awarded a $20,000 judgment. The complainant, in an effort to collect, can do all of the following except: • force the sale of the agent's real property • force the sale of the agent's personal property • make application to the Board for payment from the Recovery Fund • obtain a court order to garnish the agent's salary
make application to the Board for payment from the Recovery Fund
The initial purchaser of a condominium ratified his contract to purchase on 6 June. The purchaser was given the public offering statement on 10 June. The purchaser may rescind the contract, without penalty no later than: • midnight 6 June • midnight 10 June • midnight 16 June • midnight 20 June
midnight 20 June
If it is impossible for the Board to complete an investigation of a Fair Housing complaint within 100 days, a letter or explanation as to why the reason for non-completion must be sent to the complainant and respondent. However, under no circumstances can the investigation go beyond: • 120 days • 180 days • 9 months • one year
one year
The objective of the Virginia Fair Housing Law is to: • discipline anyone who violates the law • protect and ensure the peace, health, safety, and general welfare of the public. • establish guidelines in which testers operate so as not to create a defense of entrapment • provide fair compensation for landlords
protect and ensure the peace, health, safety, and general welfare of the public
The objective of the Virginia Fair Housing Law is to: • discipline and fine anyone in violation of the law • protect and ensure the welfare of the general public • provide fair compensation for landlords • establish the guidelines under which testers operate so as not to create an allowable defense of entrapment
protect and ensure the welfare of the general public
A purchaser of a new timeshare estate has how many days to rescind a contract without penalty? • three calendar days • seven calendar days • ten calendar days • twelve calendar days
seven calendar days
