Real Estate VA and Fed knowlege

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Good to know information

When must a lensees have completed their continuing education?

By the time their license expires

Which of the following are protected by the Virginia Fair Housing laws?

Familial status

The Virginia Real Estate Transaction Recovery Fund was established to do what..

Reimburse parties who suffer monetary loss due to licensee's improper actions

What are some common circumstances that a broker may remove money from escrow accounts.

*If ordered by a court of competent jurisdiction
*When settlement has been completed
*When agreed to in writing by all parties to the contract

If someone is found to be commiting acts of brokerage without a license the Real Estate Board will have to:

turn the matter over to the Commonwealth Attorney's office

A the end of a lease the landlord (or representative) must inspect the property within what amount of time:

72 Hours

Things that need to be included in an exclusive right to sell listing are:

*the expiration date
*the legal description of the property
*permission to place a for sale sign and a lockbox on the property

Something that is not normally found in and exclusive right to sale listing would be

permission for the agent to enter into a sales contract on the owner's behalf

If you are at an office sales meeting and you mention that the sellers of one of your listings are being transferred and must sell thier hoime within the next two weeks, Another agent in your office has a buyer client who is interested in that property, what might come of this event?

*you could have violated your duty of confidentiality to your client
*The buyers's agent must tell his/her client about the sellers' need to sell
*Your comments were allowable if you had the seller's permission to disclose their need to sell.

In VA block busting is

illegal

if a teancy by entirety is ended due to divorce the former spouces, if not specified otherwise, would automatically hold title as:

Tenants in common, no longer Tenants entirety

The "Wet Settlement Act" requires that recordation and distribution of funds take place within how many days?

2 days

How long does a license candidate have to apply for a license once the licensing exam has been passed.

12 months

Who is the designated recipienet of offical documents from the REB of a brokerage firm?

The principal broker

In VA a listing agent does the following:

*disclose to the seller all material facts about the transaction.
*Owes the client confidentiality of all personal and financial information received from their client
*presentation of all written offers and counteroffers

In VA a listing agent is not forced to

continue advertising a clients' property for sale until settlement.

An Associate broker is defined as

Someone licensed as a broker, affiliated with another broker

An inactive licensee still has to

Renew their license every 2 years, even though they are inactive.

A licensee is selling his/her house For Sale By Owner. The sign in the from yard must contain

The information that the owner is a licensee

In virginia the Virginia Fair Housing law protects discrimination on age, sexual orientation, and marital status, what would be another class they protect that federal excludes?

elderliness

The maximum fine for a single violation of regulations that can be imposed on an agent from the REB is

$2,500.00

An inactive status refers to a licensee that has

No broker affiliation

When listing a property in which one of the owners committed suicide, does this have to be disclosed?

No, The suicide does not need to be disclosed to the buyers.

Are you allowed to place an ad saying "roommate wanted heterosexual females only" Under Virginia Fair Housing laws?

Yes, she is a roommate you live in the same house that is allowable under VA Fair Housing laws

Are you allowed to place an ad sayig "roomate wanted "Christian females only" under VA Fair Housing laws?

NO, that would be discrimination there no safety concern associated to that.

Are you allowed to place an ad saying "Vegetarian females only" Under Virginia Fair Housing laws?

Yes, she is a roommate you live in the same house that is allowable under VA Fair Housing laws

Are you able to place an ad saying "Females, ages 25-35 only" under Virginia Fair Housing laws?

Yes, she is a roommate you live in the same house that is allowable under VA Fair Housing laws.

According to the Virginia Landlord Act, a tenant who vacates a property in good standing after 27 months of occupancy, is entitled to how many months interest on the security deposit?

27 months of interest.

An example of commingling funds would be a broker acting as a property manager in a case where he/she

would be placing rental security deposits in a property operating account as opposed to putting the money in a separate account that has to do with that money itself.

A person who had a license on inactive for over 3 years would be required to:

Meet the current education requirement and pay the reactivation fee.

A broker who is found to have violated the Virginia Fair Housing Laws would be subject to a maximum civil penalty of (civil case-first & any subsequent offence)

$50,000 - $100,000

Lis pen dens

A pending suit that does not bind or effect a subsequent purchaser of real estate unless a memorandium is properly recorded given the noice of the suit.

In Virginia a landslords lein is defined as:

A lein legally attaches to all property on a premises when it is asserted or on the premises with 30 days prior to attachment of the lein

Redlining

is defined as the illegal practice of a lending institution denying loans or restricting their number for certain areas of a community. and is against board regulatioins

Blockbusting

The illegal practice of inducing homeowners to sell their properties, by making representations regarding the entry or prospective entry of persons of a particular race or natural orgins into a particular neighborhood. And is against board regulations.

steering

Is defined as the illegal practice of channeling home seekers to particular areas. Either to maintain a homogeneity of an area or change the character of an area. And is also against board regulations.

Special assesment

A tax or levy customerely imposed against only those specific parcels of reals estate that will benifit from a proposed public improvement, like a street or sewer.

In VA how long after the work was done by a mechanic, would he or she have to wait before filing a mechanics lein

No more than 90 days.

In VA Which leins would have first priority

Property tax lein

In VA how soon after filing a lein must a mechanic inforce filing a suit.

within 6 months of filing the lein

In VA Within what periord of time must a creditor in a judgement enforce a judgement once it is rendered

20 years.

Between the following, which is not a violation of the Board regulations your choices are: redlinging, steering, puffing, or blockbusting?

Puffing.

What is a vendor's lein (VA)

A lein that belongs to a vendor, for the unpaid purchase of land. Where the vendor has not taken and other lein or security beyond the personal obligation of the purchser.

If an owner agrees to pay a 7% commission to a real estate broker if the broker sells the property, and has established the same agreement with 3 or so other brokers, then this agreement would be referred to as an

Open Listing agreement and (yes you can put a for sale sign in that person's yard)

estate / inheritance tax lein (VA)

A lein that arrises on all property real and personal of every decedent who has a taxable estate in the commonwealth of VA, if the decedent estate fails to pay the tax impsoed by the VA estate tax act the lein arrises automatically at the time of non-residence death. But if it was a resident decedent the leins attached to the real estate only when a memorandum is filed by the department of taxation, inforciable by 10 years from the time the owner dies.

A broker could be found guilty of commingling by failing to remove from an escrow account, funds they earned as part of a transaction, within how many days following settlement?

180 days

Does VA law approve of a local jurisdiction setting an approved commission rate?

NO

Of the following VA's Real Estate Board would NOT allow for or be responsible for administering: The Virginia Condominium Act, The Virginia Real Estate Cooperativce Act, The Virginia Time-Share Act, or The Virginia Vertical Properties Act

The Virginia Vertical Properties Act.

(VA) The Survey of a location of a house, garage utility lines etc would be referred to as a

As-built Survey

(VA) A subdivision plat would be defined as a

a map of each parcel of land in a subdivision showing subdivided lots, streets and features.

(VA) What are the different kinds of surveys

bounderies survey, house locations survey, subdivision plat, a physical survey / as built survey

(VA) The boundries survey is defined as

the bourdry or parameter of the parcel as taken from and applied to the ground.

(VA) The house locations survey is defined as

a boundry survey with a location of the house shown.

(VA) The "as built" survey is defined as

a house location survey with all other physical features of the subject property shown. ie sheds and tree houses.

(VA) The metes and bounds method:

courses and distances with an identifiable starting point.

(VA) Monuments method

As bounded by natural or artificial objects or by the land of named persons.

(VA) Lot and Block Method

A method of describing real property that identifies a parcel of land by reference to the lot and block numbers within a subdivision as specified on a recorded subdivision plat.

What section is always set aside for a school in a lot and block method?

section 16

(VA) S is 6 months behind POS fees The Association in this case has the right to do what.

The Association has the right to place a lein on the property.

(VA) What is the statute of limitations on any action for misrepresentation of information as it applies to Time Shares

2 years is the time to respond

(VA) B has a ratified contract to purchase a two-bedroom condominium unit from T. B is now suffering from "buyers remorse" and wishes to back out of the contract. She has not yet received the condominium documents. After hand-delievery of the documents, she will have how many days to cancel the contract.

3 days to review documents

Puffing is defined as:

Exaggerated or superlative comments or opnions. eg. of that would be "extravagant" back yard!!! And is legal by the state.

(VA) Contracts for the initial purchase of a condominium may be recinded without penalty how many days after the later of contract ratification or receipt of the POS?

10 days

(VA) What vote percentage would be required to disolve the condominium status of a property?

80%

VA is a what kind of state for buyers "caveat emptor"

"Buyer Be Ware" State!!

A person holding an active broker's license in VA who is not the principal broker is know as an

Associate broker

After a condo association recieves the written notice that the docs are needed for a new owner the association has ______ days to send them.

14 days

If the an association fails to send the documents as of day 15 can be assessed a fee of ___ but not to exceed that.

$500.00 from the buyer

A licensee must disclose their license status in writing to all parties, however a particular party that would most likely not need disclosure would be

When assisting a long term friend in the purchase of a property

fiduciary is definded as

One in whom trust in confidience is placed a refference to a broker employeed under the terms of a listing contract or a buyer agency agreement.

For a resale time-share the association may charge a fee of ___

$50.00

Transfer of control is defined as

The developer remains in control until 90% of the time-share estate has been sold.

Developers are to have an amount established in escrow from earnest deposits to be held there through the recission period. The developer also must post a surety bond with the REB in the amount of ____ or the amount of the deposits revieved, whichever is greater

$2500.00

If any purchaser exercises the statuory of recission, the developer has ___ days in which to refund all monies paid by the purchaser

45

If the property to be converted is currently leased the tenants must be given how many days notice of the intent to convert the property to a Time-Share project?

90

Tenants have how many days to contract with a developer of a unit if they wish to be part of the Time-Share

60

Cooperative is definded as

A residential multi-unit building whos title is held by a trust or coorperation that is owned by and operated for the benifit of the people living in the building, whom are the benificial owners of the trust or share holders of the coorperation, each possessing a proprietary lease

Tacking is defined as

Combining successive periods of continuous uninterrupted use of different parties for the time of 20 years,

Easement by necessity

a shared driveway would be a good example of this. it is the using of property across another person's land which is needed to access another surrounding property,

Haviing a larger security deposit for a property that is larger than another property you are renting and charging a lesser security deposit that is smaller is allowed by the Virginia Fair Housing Laws

True

A seeing eye dog is considered a pet and an extra pet deposit may be charged to the blind tennant, this is approved by the Virginia Fair Housing Laws.

False, it is discrimination amongst a disabled person and illegal in VA

Under the Virginia Fair Housing Laws, a land lord must pay for any changes in his/her property that would be required by a tenant in a wheelchair

False, the landlord may charge the tenant a remodel fee to return the property to its original shape at the time of the end of the lease.

Financial records of escrow accounts must be maintained for how many years by brokers

3 years.

How many years must a licensee be fully active to be able to obtain a brokers license?

3 years.

In Virginia, property assessments for tax purposes are to be based on

Fair Market Value

Board regulations require that agency disclosure be made to buyers and sellers:

When substantive discussion occurs regarding a particular property, NOT REQUIRED DURING INITIAL CONTACT, OR AT ANY TIME PRIOR TO CONRACT NEGOTIATIONS!!

In VA the property assessments for tax purposes are to be based on

Fair Market Value

The holder of a real estate sales person must be displayed somewhere

It must be publically displayed in the main office

The surving spouce of someone who dies testate may be eligible for:

an elective share of the augmented estate

(VA) equitable title is defined as:

The interest held by a vendee under a contract for deed or installment contract, equitible right to obtain absolute ownership to property when legal title is held in anothers name.

(VA) adverse possession is defined as:

To establish title to land in VA is necessary to show actual hostile, exclusive visiable in continuous possession of property of statute period of 15 years.

(VA) Usury laws in Virginia set the maximum interest rate on loans secured by a first deed of trust on real estate is set at what intrest rate:

There is no limit set in the Usury laws in VA

The sign on a real estate office must contain at least...

Some word or phrase that lets the public know that the office is a "real estate" business.

How long after the work was done may a mechanic wait before filing a mechanic's lien?

90 days

A full title search researches back how many years

60 years

Judgements are defined as:

The formal decision of a court upon respective rights and claims of the parties to an action or suit and after being recorded becomes a general lien.

The Real Estate Board (The Board) consists of how many memeber?

9 members 7 professionals and 2 consumers

Renewing your license is a must amongst all active licensees per the Board True or False

True

In addition to other requirements, an unlicensed nonresident who wishes to obtain a Virginia real estate license

would need to file an irrevocable consent to suits and services.

Routine services that an agent provides to the customer are reffered to as:

Ministerial acts

If the Board receives an application for a partnership brokers license from a real estate broker and a real estate salesperson, each with over 10 years experience, the Board would reject the application because only brokers and/or non licensed persons may form this type of relationship. True or False

True

If the licensed President of a brokerage firm appoints a Vice President as principal broker, an attorney as Secretary, and a CPA as Treasurer, The Vice President's responcibility would be to control what major operation

Escrow accounts, because in this case the Vice President became a principal broker.

Defeasance clause is defined as:

A clause used in leases and mortgages that cancels a specified right upon the accurance of a certain condition such as a cancellation of a mortgage upon repayment of the mortgage loan

Acceleration clause is defined as

A clause in a mortgage or deed of trust that can be inforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.

Accession clause is defined as

Aquiring title to addition or improvements to real property as a result of an annexation of fixtures or accretion of alluvial deposits along the banks of streams.

Alienation clause is defined as

a clause that is in a mortgage or deed of trust that states that the balance of the secured debt becomes immediately due and payable at the lenders option if the property is sold by the owner. In effect this clause prevents a barrower assigning a debt without the lenders approval.

Loan origination fees

Are applications fees able to be charged to customers by lenders.

If a licensee has had their license revoked because their behavior caused a payment to be made fom the Transaction Recovery Fund, what must happen before licensee can return to being a license holder but isn't still a for sure garuntee he or she will be able to reobtain thier license

The licensee must pay the fund back, plus interest, before he/she may attempt apply for a new license.

Deed in lieu of forclosure is defined as:

A deed given by the mortgageor to the mortgagee when the mortgageor is in default under the terms of the mortgage, this is a way for the mortgageor to avoid foreclosure

True or False, Under the Virginia Fair Housing Laws, a single mother with 3 children who wishes to rent a 2 bedroom apartment would be allowed.

True

True of False a captain on active military duty would be protected under Virginia Fair Housing Laws,

False, he or she is military, They are protected by the Department of Vetrerans Affairs.

Executory contracts are

A contract which something remains to be done, by one or more of the parites.

Express contract is

is another form of an express agreement which is An oral or written contract in which the parties state the contract's terms and express their intentions in words.

Implied contract is defined as:

an implied agreement, which is a contract under which the agreement of parties is demonstarted by their acts and conduct.

executed contract is defined as:

Is one in which all the parties have fulfilled all of their promises.

Non Judicial Foreclosure is defined as:

procedure to be used when the security instrument contains a power-of-sale clause and no court action is required

Judicial Foreclosure is defined as:

allows the property to be sold by court order after the mortgagee has given sufficient public notice

Strict Foreclosure is defined as:

It is a process where proper notice has been given to the delinquent borrower, Once the papers have been prepared and recoreded, the court establishes a deadline for the balance of the defaulted debt to be paid in full If the borrower does not pay off the loan by that date, the court simply awards full legal title to the lender. No sale takes place.

Equitable right of redemption same as statutory right of redemption is defined as:

The right of a defaulted property owner to recover a property prior to a sale by paying the appropriate fees and charges.

Statutory right of redemption is defined as same as equitable right of redemption:

The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges.

D.U.S.T is what:

Demand, Utility, Scarcity, and Transferability, and is used when determining value of an area being appraised.

What are the three componenents of the finiancial markets?

Federal Reserve system (FED), Primary Mortgage market, and Secondary Mortgage markets.

Exclusive agency listing:

is where one broker is authorized to act as the exclusive agent of the principal. However, the seller retains the right to sell the property without the obligation to pay the broker.

Open listing:

(also known in some areas as a nonexclusive listing), the seller retains the right to employ any number of brokers as agents. The brokers can act simultaneously, and the seller is obligated to pay a commission to only the broker whom successfully produces a ready, willing, and able buyer. If the seller personally sells the property without the aid of any of the brokers, the seller is not obligated to pay commission

Abstract of title

is a summary report of what the title search found in the public record.

Title Search:

is an examination of all public records to determine whether any defects exit in a chain of title (which the chain of title goes back 60 years)

Marketable title

A title that has been found to have no serious defects after a title search.

Attorney's opinion of title:

Are used in some areas of the country as evidence of title.

Title insurance is defined as

a contract under which a policy holder is protected from losses arising from defects that were priorly in the title.

Certificate of title is defined as

A statement of opinion of a title status on a date the certificicate is issued. This certificate is not a title gaurentee of ownership but it is an examination of public records.

Homestead is defined as

Land that is owned or occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt form judgements for debts.

A suit to quiet title:

A court action intended to establish or settle the title to a particular property especially when there is a clound on the title

Cloud on title

Any document, claim, unreleased lien or encumbrance that may impare the title to real property or make the title dobtful usually revealed by a title search, and removed by a quick claim deed or suit to quiet title.

coinsurace clause:

A clause in an insurance policy covering real property that requires a policy holder to maintain fire insurance coverage generally equal to at least 80% of the properties actual cost.

"subject to" clause

A clause in a contract specifying excpetions or contingencies of a purchase.

Allodial system:

A system of land ownership in which land is held free or clear of any rent or service due to the government.

An applicant for a broker must have been active as a salesperson for a minimum of how many months

36

True or False Board regulations prohibit advertisements which contain only a telephone number

True. Advertisements need to contain information about the broker of the agent listing the property, can can't just have the telephone number.

Would a principal brorker get in trouble for an associate agent in his or her firm preforming acts that the principal broker had no idea or dealings with that particular incident?

No.

Referral fees or any extra compensation needs to be paid to the ______ not the sales agent

broker

If a sales agent is found taking these perks or gifts, or extra say tips him or her could be

subject punishment from the REB

When the REB recieves a complaint about a licensee the first step for the REB is to do what..

Review the complaint to determine if it has jurisdiction.

A sales person returns from a one month vacation and learns that her license expired last week and that a previous sale is scheduled to settle tomorrow. Under these circumstances she is:

Entitled her full commission

If an associate broker's license is revoked by the Board, would the licensee be able to appeal his actoin in court?

Yes.

Normally the seller property condition disclosure would be provided to the buyer before the contract of sale is ratified. What could happen If the buyer does not receive the disclosure or disclaimer prior to contract ratification

The buyer may cancel the contract anytime up until settlement if they never recieve the disclosure / disclaimer and do not apply

FSBO (For Sale By Owner) rules state that if a licensee is selling his or her house:

That the licensee is subject to the rules of the Real Estate Board (REB)

Does a person who is applying for a real estate license have to pay a $500.00 fee?

NO

A salesperson, returns from a one-month vacation and learns that his license expired last week and that a contract was accepted on one of his listings two days later, according to Virginia license law his commission would be___

not allowed to be paid to him because he is currently not licensed. However he may reinstate his license witout penalty within 30 days

Would a licensee be able to receive a kick back from a customer recieved from another broker as a referral fee from another broker for recommending a buyer to them?

Yes, because it is coming from a broker. You can recieve kickbacks but only if it is distributed from your broker. If you recieve anything of that sort always turn it into your broker do not turn into your wallet.

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