agents or brokers guide prospective home buyers towards

VA RE Flashcards Virginia agency law recognizes three basic categories of representation. What are they?standard agent, limited service agent, and independent contractor.Which law governs seller disclosure requirements in a residential transaction for Virginians?The Virginia Property Disclosure ActThe Virginia Property Disclosure Act governs the required seller disclosure in a residential transaction.In Virginia, steering isILLEGALSteering refers to the practice in which real estate agents or brokers guide prospective home buyers towards or away from certain neighborhoods based on their race.This practice is highly illegal in all states including Virginia.What is the maximum amount a consumer can recover from the Virginia Real Estate Transaction Recovery Fund in a single claim?

$20,000

If a real estate licensee does NOT pay The Virginia Real

Estate Transaction Recovery Fund assessment fee:

They can be suspended without investigation.A licensee can be suspended without investigation if they do not pay the The Virginia Real Estate Transaction Recovery Fund assessment fee.Within how many days are brokers required to send a change of address form to the VREB?30 days How many meetings does the VREB typically hold a year?4The VREB holds at least four meetings per year to discuss Virginia real estate related issues.An unlicensed investor wants to open a real estate brokerage business in Richmond. In order for him to legally do this, which of the following must be true?The investor must hire a licensed broker to manage the business.The only way an unlicensed investor can open a brokerage is if the business is managed by a licensed broker.According to Virginia Real Estate Law, Chattels are best

defined as:

Another word for personal propertyA chattel is an item of property other than real estate. So an item NOT considered real property. While leftover items may be considered a chattel they are best defined as another word for personal property.Per Virginia law, someone purchasing a residential condominium from a developer has how many days to review the offering statement?

• daysPer Virginia law, someone purchasing a residential

condominium from a developer has five days to review the offer. They can also rescind the contract during that five day time frame.Which of the following would be considered commingling?A real estate agent depositing her clients earnest money into her brokerage's account.What does VREB stand for?Virginia Real Estate BoardThe Virginia Real Estate Board is abbreviated (VREB). The Board is the state agency that governs real estate practices in Virginia.The minimum balance of the Virginia Real Estate Transaction Recovery Fund is $400,000The minimum balance of the Virginia Real Estate Transaction Recovery Fund is $400,000. Per Article 2.Virginia Real Estate Transaction Recovery Act 54.1-2113.c.

The purpose of the Real Estate Recovery Trust Account is to enable people to get recourse of uncollected judgement against licensees.The Real Estate Recovery Trust Account is a special fund established by Virginia Real Estate Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The recovery revolving fund is designed to protect consumers.When a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically RevokedWhen a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically revoked. Per Article 2.Virginia Real Estate Transaction Recovery Act.Failing to comply with any request from the VREB within ten days is an example of Noncompliance with the VREB.Failing to comply with any request from the VREB within ten days is an example of noncompliance with the VREB.Is commingling legal in Virginia?NONo it is not. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. Commingling is illegal in Virginia.If the Virginia Real Estate Transaction Recovery Fund falls below the minimum, licensees may be assessed to restore the Fund. What is the maximum that one licensee may be assessed during the two year period?$20If the Virginia Real Estate Transaction Recovery Fund falls below the minimum, licensees may be assessed to restore the Fund with a maximum fee of $20 (per two year period).How many members are there in the VREB?NineThere are a total of nine members of the VREB. " The

Board shall be composed of nine members as follows:

seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment and two citizen members." Per Virginia Real Estate Regulations 54.1-2104.Virginia law requires; anyone who lists, sells, leases, or deals in real estate transactions to hold an active real estate license.In Virginia, licensed activity is defined as anyone who lists, sells, leases, or deals in real estate transactions. If someone does any of those activities without a license it is considered unlicensed activity. In order to do prior tasks they must hold an active real estate license.Unless excluded per the VREB, Virginia brokers must complete at least how many hours of continuing education every renewal cycle?24 hoursPer Virginia licensing law brokers must complete at least 24 hours of continuing education every renewal cycle.Who appoints the members of the VREB?The GovernorThe Governor is in charge of handling the appointment of board members. Per Virginia Real Estate Regulations.Under agency law in Virginia dual agency is legal with the consent of all parties.Unless excluded per the VREB, continuing education for Virginia brokers is required every

• yearsContinuing education for Virginia brokers is required

every two years. If not completed brokers are at risk of being suspended and also fined.

Continuing education for Virginia salespersons is required every Every 2 yearsContinuing education for Virginia salespersons is required every two years. If not completed, salespersons are at risk of being suspended and also fined.The Virginia Real Estate Transaction Recovery Fund is supported by Assessments paid by licenseesThe Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues.A property was sold by Ali, a licensed associate broker of ten years. Several days after closing, the seller sent Ali $250 and a thank you card. Is Ali allowed to accept the card and cash?NoNo way! Even though she is a licensed associate broker, accepting it would be a violation of the VREB's rules and regulations.Which of the following would be classified as a regulant?A real estate agent working for his broker in ArlingtonAn agent would be classified as a regulant. "Regulant means a person, partnership, association, corporation, agency, firm or any other entity licensed by the VREB as a real estate broker or real estate salesperson." Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.Which of the following CAN file a claim from the Virginia Real Estate Transaction Recovery Fund?A person who has been awarded a judgment in a court of competent jurisdiction in the Commonwealth of Virginia against a licensed real estate salesperson.'State law

prohibits the following from filing a Recovery Fund claim: a

real estate licensee; the personal representative of a real estate licensee; the spouse or child of the licensee who is the subject of the claim (the licensee against whom the judgment was awarded), nor the personal representative of such spouse or child; or any lending or financial institution, nor anyone whose business involves the construction or development of real property." In our case the only party that can file a claim would be the A Real Estate Recovery Fund Claim Form must be filed with the Department of Professional and Occupational Regulation (DPOR) within how many months after the judgment is final?12 monthsA Real Estate Recovery Fund Claim Form must be filed with the Department of Professional and Occupational Regulation (DPOR) within 12 months after the judgment is final. Per Article 2. Virginia Real Estate Transaction Recovery Act.The maximum balance of the Virginia Real Estate Transaction Recovery Fund is $2,000,000The maximum balance of the Virginia Real Estate Transaction Recovery Fund is $2,000,000.Whenever the balance of the fund exceeds $2 million, the amount in excess of $2 million shall be transferred to the Virginia Housing Trust Fund Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2113.e.Under Virginia law, when should an agent enter a brokerage agreement with a potential buyer?Before providing substantial advice or performing and real estate related activities for the potential buyer.The Virginia Real Estate Board mandates agents enter into a broker agreement with a buyer before the agent begins to provide substantive advice or begins real estate duties for the buyer.

When Virginia law refers to the Director, who are they referring to?The Director of the Department of Professional and Occupational Regulation."Director" means the Director of the Department of Professional and Occupational Regulation. Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.Within a Virginia salesperson's first year of having their license, how many hours of additional education are required to continue to be a salesperson?30 hoursDuring a Virginia salesperson's FIRST year they are required to complete additional education lasting 30 hours.Disregarding their first year, a Virginia salesperson must complete at least how many hours of continuing education every renewal cycle?16 HoursPer Virginia licensing law salespersons must complete at least 16 hours of continuing education every renewal cycle.Which of the following is a violation under Virginia Agency Law?A broker to pay compensation to an agent affiliated with another broker.It is a violation for a broker to pay any compensation to an agent affiliated with another broker.Brokers can only pay their own applicable agents.If the VREB receives a written complaint regarding the actions of a licensee, what is the first thing the VREB will do?Review the complaint for a possible violation.The VREB will review the complaint FIRST for a possible licensee violation. If they do find reasonable cause they will then take the proper steps.There are seven federal protected classes according to Fair Housing law. There is one additional state wide protected class in Virginia. What is the protected class?ElderlinessAlthough some local jurisdictions have additional protected classes for Fair Housing, the only statewide protected class in Virginia other than the 7 federal classes is elderliness.A Virginia broker can be licensed with more than one

Virginia brokerage firm:

With the written consent of the principal brokers represented.A Virginia broker can be licensed with more than one Virginia brokerage firm with the written consent of the principal brokers represented.If a license is not renewed, how many days does the licensee have to renew their license before the VREB will impose a late fee or penalty?31 daysLicenses not renewed before thirty one days, will have late fees or penalties. VREB regulations provide a 30-day period after the expiration date in which a license may be renewed without penalty (therefore, at thirty one days late they may impose a late fee).