7 VIRGINIA REAL ESTATE LICENSE
The Virginia Real Estate Board may investigate any actions of a licensee upon receipt of what? A) A written complaint and documentary evidence B) Verbal testimony from three or more corroborating witnesses C) Termination from the licensee's affiliated brokerage firm D) Written complaints from at least three people
The correct answer is "A - A written complaint and documentary evidence " The Virginia Real Estate Board is authorized to investigate any actions of a licensee after receiving a written complaint, along with documentary evidence, about the said licensee.
The initial purchaser has ten days to rescind the contract for purchase without reason or penalty beginning from what time period? A) On the date the contract is ratified B) The date Public Offering Statement is received C) The later of the dates of contract ratification or receipt of the Public Offering statement D) All of the above.
The correct answer is "C - The later of the dates of contract ratification or receipt of the Public Offering statement " The initial purchaser of the condo has 10 days to rescind the contract without reason and without penalty, beginning on the date the contract is ratified, or the POS is received, whichever is later.
In accordance with the Virginia Non-Stock Corporations Act, the declarant must file which of the following instruments in the case of a time-share estate program? A) A time-share project instrument B) A recreational homestead project instrument C) A property conversion project instrument D) All of the above
The correct answer is "a - A time-share project instrument " In the case of a time-share estate program, the declarant must file a time-share project instrument, which defines the project and is in accordance with the Virginia Non-Stock Corporations Act.
According to the Virginia Condo Act, when an owner submits his intent to commit a property to a condo regime, which of the following must be included with declaration instruments submitted to the Virginia Real Estate Board? A) The condo name which must include the term “condominium" B) The time frame estimated to complete the project C) The names of all prospective tenants of the building. D) All of the above
The correct answer is "a - The condo name which must include the term “condominium" " In order to declare intent to commit a property to a condo regime, the owner must provide “declaration instruments†to the Virginia Real Estate Board, including the name of the condo (which MUST include the word “condominiumâ€).
Buyers of time-shares may cancel the purchase contract without penalty within 7 calendar days after which of the following occurs? A) The execution of the purchase contract and the receipt of a current public offering statement B) The contract for purchase has been notarized and the time-share has been occupied by the owner C) The contract has been filed with the Virginia Real Estate Board D) The contract has been signed by the seller of the time-share unit
The correct answer is "a - The execution of the purchase contract and the receipt of a current public offering statement " Buyers may cancel the purchase contract for 7 calendar days after execution of the purchase contract or receipt of a current public offering statement, whichever is later.
When advertising or promoting time-share units includes an offer of a free prize, which of the following must be clearly disclosed? A) The wholesale value of the prize B) The retail value of the prize being offered and the odds of winning the prize C) The names of the distributors of the prizes and their affiliate business associations D) All of the above
The correct answer is "b - The retail value of the prize being offered and the odds of winning the prize " The gift's retail value, offer conditions, odds of winning, the expiration date, and a statement that the offer is for the purpose of soliciting the purchase of time-shares must be clearly stated if a prize is offered when marketing a time-share.
The declarant may expand or contract the condominium or convert convertible land or space under which of the following conditions? A) Upon written approval of all unit owners B) Without the consent of any unit owner C) Once all unit owners has been given opportunity to voice any concerns D) If no objection is made by either the unit owners or the owners of surrounding properties
The correct answer is "b - Without the consent of any unit owner " The declarant may expand or contract the condominium or convert convertible land or space without the consent of any unit owner.
The association of unit owners assumes responsibility for any unsold units once how many of the units have been sold? A) One B) 50% C) 75% D) 90%
The correct answer is "c - 75% " Once 75% or more of the units are sold, the declarant is no longer responsible for the units, and instead, the responsibilities fall to the association of unit owners.
When a natural or legal owner of a property announces intent to commit a property to a condo regime, by what term is he/she designated? A) Listing agent B) Broker C) Declarant D) Landlord
The correct answer is "c - Declarant " According to Virginia law, a declarant is a natural or legal owner who “declares†his intention to commit a property to a condo regime.
Familial status includes which of the following? A) Pregnant women B) Those adopting a child or children C) Those in the process of obtaining custody of a child or children D) All of the above
The correct answer is "d - All of the above " Familial Status includes pregnant women, and those adopting or in the process of obtaining custody of a child or children.