Virginia Real Estate - State Portion Latest Update

Virginia Real Estate - State Portion Latest Update

• Actual Exam Questions and 100%

Verified Correct Answers Verified by Professor

Accessible - CORRECT ANSWER: when used with respect to the public and common

use areas of a building containing covered multi-family dwellings, means that the public or common use areas of the building can be approached entered and used by people with physical disabilities

application deposit - CORRECT ANSWER: any refundable deposit of money, however

denominated, including all money intended to be used as a security deposit under a rental agreement, or property, which is paid by a tenant to a landlord for the purpose of being considered as a tenant for a dwelling unit

application fee - CORRECT ANSWER: any nonrefundable fee, which is paid by the

tenant to a landlord or managing agent for the purpose of being considered as a tenant for a dwelling unit

associate broker - CORRECT ANSWER: a broker, affiliated with a brokerage, who is not the principle broker

blockbusting - CORRECT ANSWER: illegal practice of inducing owners to sell their homes (often at a deflated price) by suggesting the ethnic or racial composition of the neighborhood is changing, implying property values will drop, also called panic selling

brokerage agreement - CORRECT ANSWER: a contract that establishes a business

relationship between the buyer and the agent. it must include the start and end date, payment arrangements, and then duties and obligations of all parties

bylaws - CORRECT ANSWER: rules that govern the activities of condo and coops,

includes the purpose of the building, rules for elections and voting, frequency of board of directors meetings

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caveat emptor - CORRECT ANSWER: "let the buyer beware" the rule that says a buyer is expected to examine property carefully, instead of relying on the seller to point out the problems

Commingling - CORRECT ANSWER: occurs when a licensee mixes client funds with

brokerage funds

complainant - CORRECT ANSWER: a person who files a complaint under the VA Fair

Housing Law

Conciliation - CORRECT ANSWER: the attempted resolution of issues raised by a

complainant, or by the investigation of such complaint, through informal negotiations involving the aggrieved person, the respondent, their respective authorized representatives and the Fair Housing Board

Conciliation Agreement - CORRECT ANSWER: written agreement setting forth the

resolution of the issues in conciliation

condo - CORRECT ANSWER: property developed for co ownership with each owner

having a separate interest in an individual unit and undivided interest in the common areas of the property

condo declaration - CORRECT ANSWER: the document that must be filed in the public record when property is developed as, or converted to a condo. declaration describes the property, delineates the common elements and boundaries etc.

constructive eviction - CORRECT ANSWER: when a LANDLORD's act (or failure of act) interferes with the tenant's quiet enjoyment of the property, or makes the property unfit for its intended use, to such an extent that the tenant is forced to serve notice and file an action with the court

conversion condominium - CORRECT ANSWER: a condominium containing structures

that were wholly or partially occupied by persons other than those who have contracted to purchase a unit

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