VA state portion April 6

Max is a condominium developer. For his new development, he is gathering documentation that he has to submit to the CIC board. Which of the following pieces of information is NOT likely to be included with this documentation?

"Marketing rules for real estate personnel are as follows:"

Virginia licensee Dale has just presented an offer to buy a condo on behalf of his buyer client Nelson. He files the written offer in his brokerage and sends copies to the seller, the Greason family, and their broker Gary. What, if anything, has he done wrong?

1. presented the offer to the seller 2. files the written offer in his brokerage 3. Send the copies to the seller and their broker

Which of the following is true of an independent contractor? An independent contractor enters into an agency agreement with a client. An independent contractor does not enter into an agency agreement with a client. An independent contractor acts as the consumer's agent. An independent contractor is not paid for their services. An independent contractor is not paid for their services.

An independent contractor does not enter into an agency agreement with a client.

68. Which of the following describes Virginia?

Virginia is a title theory state, meaning the trustee can only act in a manner authorized by statute of the terms of the trust.

54. Wayne is selling his house, which is in a flood hazard area, to Ayisha, who doesn't have an agent. Does Wayne have any disclosure responsibilities toward Ayisha, and if so, what are they?

Wayne needs to fill out the Disclosure Statement and give it to Ayisha. Wayne is offering his house for sale, he must fill out the Virginia Property Disclosure Statement and give it to Ayisha. He doesn't have to disclose that the house is in a flood hazard area.

53. Heather received the disclosure statement from the seller after their contract was ratified. Turns out there are septic issues that Heather doesn't want to deal with. She works with her agent to write up a termination notice to be mailed to the seller. By when must this be done?

five days If the disclosure statement is provided to the buyer after the contract is ratified, the seller may provide written termination notice to the seller within five days if the termination notice is being mailed.

52. According to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date.

One month A copy of the written rental agreement must be provided to the tenant within one month of the agreement's effective date.

92. After an investigation by the DPOR, what comes next in the complaint process?

Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned. A condominium is a type of ownership rather than a type of property, and is defined by having undivided interests in the common elements that are vested in the unit owners.

Real Estate Board members serve terms that are how long?

Real Estate Board members have four-year terms.

65. What is the purpose of providing the disclosure to unrepresented parties?

To prevent misunderstandings and lawsuits by informing the consumer the agent does not represent them. When working with an unrepresented party, you must have that party acknowledge that you don't represent them. This prevents misunderstandings and lawsuits

How many days does a brokerage have to notify the VREB of any changes in name or business location?

A brokerage must notify the VREB within 30 days of a change in name or business location.

51. Which statement about the buyer's selection of the settlement agent is true?

Chapter 27.3 of Title 55 of the Code of Virginia gives the buyer the right to select the settlement agent.

The Real Estate Board has issued a charge of discrimination against a real estate licensee in Virginia. What should the licensee expect to happen next?

Charges of discrimination are referred to the Attorney General's office.

In Virginia, claims that an antitrust violation has occurred must be filed within ______.

Complaints must be made within four years of the occurrence and may be investigated by the attorney general or the FTC

47. A developer constructing a new condominium must submit a ____________ to the Common Interest Community Board.

Declaration

84. A home owner is selling her property located in a property owner's association (POA). What must be provided to buyers?

Disclosure packet If a property is in a POA, the buyer should receive a POA disclosure packet from the seller. This packet discloses financial details, fees, rules and regulations, and other information that buyers should know when purchasing a property in a POA.

What is the maximum amount that can be awarded from the Real Estate Transaction Recovery Fund for all judgments against the licensee?

Each licensee has a maximum of $100,000 that can be awarded to consumers from the fund.

steps of DPOR complaint process

Najit

Which of the following best describes what the Virginia Real Estate Board (VREB) does? It oversees the requirements needed for real estate licensure in Virginia. It prosecutes licensees who are unfair and unjust in their dealings with the public. It regulates commission rates for all licensees in Virginia. It writes all the laws that govern real estate in Virginia.

It oversees the requirements needed for real estate licensure in Virginia. The VREB isn't involved with state law, prosecutions, or commission rates. It oversees licensing requirements for all Virginia licensees (and would-be licensees).

Which of the following are true statements about development in water bottoms?

It requires a Joint Permit Application. Use or disturbance of water bottoms requires a Joint Permit Application from the Virginia Marine Resources Commission.

Identify the landlord who is trying to include a prohibited clause in the rental agreement.

Lance's lease includes a statement that damages to the property will be added to the following month's rent A landlord cannot increase the rent amount owed to include damages. This is done to protect tenants from being evicted because they could not pay the new, increased amount of rent. Damages can certainly be recouped, but not through rent.

Virginia licensee Leslie represents Mr. and Mrs. Connelly. The three of them just met with Mick, and Mick signed an agency disclosure form. Which of the following is true about this situation?

Leslie can now legally facilitate a real estate transaction between these two parties. If Leslie had Mick sign an agency disclosure form, this means that Mick knows that she's representing the Connellys. Mick remains a customer, not a client, and now Leslie can legally facilitate a sale between the parties.

43. Which section of the Residential Contract of Purchase requires the seller of a property within a development that is subject to the Virginia Property Owners' Association Act to give the buyer a copy of the property owners' association packet?

The Property Owners' Association Disclosure section The Property Owners' Association Disclosure section requires the seller of a property within a development that is subject to the Virginia Property Owners' Association Act to give the buyer a copy of the property owners' association packet.

Which section of the Residential Contract of Purchase requires the seller of a condo that is subject to the Virginia Condominium Act to give the buyer a copy of the resale certificate from the unit owners' association?

The Virginia Condominium Act section

50. What is defined in VAC Title 18, Agency 135, Chapter 20?

The Virginia Real Estate Board's licensing regulations VAC Title 18, Agency 135, Chapter 20 defines the Virginia Real Estate Board's licensing regulations.

What is covered in the Code of Virginia Title 54.1 Chapter 21?

The licensing and regulation of real estate brokers The Code of Virginia Title 54.1 Chapter 21 covers the licensing and regulation of real estate brokers.

What is the maximum amount a consumer can recover from the Real Estate Transaction Recovery Fund?

The maximum amount a consumer can receive from the Real Estate Transaction Recovery fund is $20,000

55. Escrow funds must be deposited within how many days?

Within five business days of receipt and ratification of contract. Within the business day of receipt and ratification of contract