Moseley - VA all state sections Flashcards

Moseley - VA (all state sections) Flashcards CE for other licenseesSalespersons must complete 16 credits of CE every 2 yrsBrokers required to complete 24 PLE for new salespersonNew salesperson must complete 30 hrs post license education (PLE) within 1 yr of certification Public offering statement (POS)Disclosure of 5 days right to rescissionDeclarant's identityDescription of project (number of units, future construction)Construction statusEncumbrancesFinancing termsWarranty termsAmenitiesOccupation limitsDeclaration, by-laws, property management contracts, projected association budget Reporting changesLicense changes that must be reported within 10

days:Change in status, termination of licensee, voluntary

inactivationLicense changes that must be reported within

30 days:Change in personal info, change in firm

infoTermination of principal broker must be reported in 3 days Broker pre-licensing education180 hrs in real estate brokerage (45 hrs), 2 other courses (either real estate law, real estate finance, real estate appraisal), and electivesMust be salespersons for 36 of 48 mo preceding application TRF assessmentsNew licensees pay $20 to TRFIf balance falls below $400k, board may assess (by mail, 45 days to respond) additional $20 over 2 yrs2nd notice - given 30 days to respondSuspended if you don't respond to that Concurrent broker's licenseLicense for brokers wanting to be active in mult firms Retention periodPrincipal or supervising brokers must keep record of all transactions for 3 yrs from date of closing (contract ratification if there was no close)Disclosures and brokerage agreements must be kept 3 yrs from execution date Branch officesAll branch offices must be licensed and supervised by brokerCan be under fake name Limited services agentLicensee working for client, but with agreement stating licensee will not be performing 1+ acts of typical agent License renewalLicenses must be renewed every 2 yrs

Main office recordsPrincipal broker keeps following at main firm office:Firm

license, principal broker license, all salesperson/associate licensesMust also keep all financial records in office Supervising brokerBroker appointed by principal broker to supervise associate brokers/salesperson or agent/representative Reporting escrow account violationsLicensees must report violationsPrincipal brokers must report to board within 3 days

Converting to condominiumSteps above and provide notice to tenants of: offering

price, proposed assessments, measures to avoid tenant dislocation, opportunity for tenants to purchase within 60 days Branch office recordsSupervising broker must post records in branch

office:Branch office license, list of licensees

Defective drywall disclosureSellers must disclose to buyer if drywall is defectiveDefective if - designated to be product hazard, contains sulfur exceeding 10 parts per million (which releases hydrogen sulfide gas in air when exposed to heat)

Board registrationDeclarant submits: standard app including ownership

evidence, condominium instruments (bylaws, plats, declaration, plans), evidence of financial ability, public offering statement (docs disclosing material facts to purchasers) Principal brokerBroker designated by firm to ensure compliance with VA license law, to communicate with board, and to supervise licensee and firm activity VREB composition9 members7 licensed brokers or salespersons with 5 consecutive years experience2 citizens Tourism activity disclosureMust disclose if property located wholly or partially in designated tourism zoneMust note potential impacts like special events, parades, temporary street closures, indoor/outdoor entertainment activities Initial licenseFor those without a license in any stateActive - given if you're affiliated with a broker. License is mailed to broker not licensee. Licenses belong to board, must be returned if licensee is terminated from firm, becomes inactive, or license is revokedInactive - issued if you're not affiliated with broker. Can't engage in acts requiring real estate license. Must apply for active status within 3 yrs Salesperson pre-license educationMust pass class on real estate principles (60 hrs) Developing time shareDeclarant registers with common interest community board and record time share instrumentsInstruments = name/location of time share, form/duration of time share periods, common expenses, restrictions, nature of management, proposed additions/improvements Termination of condominium ownership80% of members must vote yes to converting to a diff type of ownership Prosecution for conduct violationsUp to $2500 per violationSuspend/revoke licenseMust take action within a yr VA condominium actRegulates creation/transfer of condominiums and condominium projects in VA Federal Fair Housing Act vs. Virginia Act Virginia Act adds elderliness (55 yrs and older) to protected classes (race, color, religion, national origin, gender, family

status, handicap)

Developing a condominiumDeclarant must register with common interest community board Septic disclosureOwner must disclose to buyer that waiver to not fix failing sewage system does not transfer Sale of condominium unitsBuyer gets fee simple in unit, undivided percentage in common areas Board licensingBoard issues and renews licenses Firm locationCan't operate in residential areas unless separate doors!VA residents that are brokers need to have 1 VA location Virginia real estate time-share actGoverns creation, transfer of time share propertyTime shares are owned by mult people in freehold estate or estate for years with right to occupy at diff time intervals.Under the VA Time Share Act, the initial purchaser has a right of rescission, which runs 7 days from the date of contract ratification or receipt of a revised Public Offering Statement, whichever is later.Aircraft noise/crash disclosureWhether zone is prone to aircraft noise or is in accident potential zone Contract disclosuresSellers must disclose if property falls under POASellers must provide association disclosure packet, notice of buyer's right of rescission, and buyer's right to request updated packet Items requiring deposit in escrow account Earnest money, down payments, rental payments, application and security deposits, advances Active statusAny broker/salesperson legally engaging in regulated real estate brokerage acts Prohibited actsProviding inaccurate/incomplete info to boardHolding multiple licensesRetaking exam without causeRefusing to sign experience verification formFelony or misdemeanor convictionsFailing to report criminal convictions within 30 days of plea/convictionViolating fair housing lawsViolating state license laws or failing to report known violationFailing to safeguard public interestImproper, fraudulent, dishonest conduct Converting time shareExisting property can be converted to time share by

following steps above and:Give 90 days notice to tenants

and give right to purchase unit within 60 days of notice.Month to month tenants have 120 days to vacate BoardVirginia real estate board (VREB) Conventional media disclosuresNewspapers, magazines, flyers (not electronic)Individual and firm ads must contain firm nameIndividual ads must contain licensee's nameBusiness cards must have firm name, licensee's name, contact info