VA RE laws Flashcards

VA RE laws Flashcards If the tenant violates the lease how long do they get to correct it? If not corrected, when will the lease terminate?If the tenant violates the lease or in some way violates the law in Virginia, the landlord will notify him of such in writing.The tenant will be given 21 days to correct this violation. If it is not corrected, the lease will terminate after 30 days. If repairs will correct said violation, the landlord may correct it and charge the tenant the cost of said repair. This must be done within 14 days of written notice, unless an emergency exists, in which case it should be done as soon as possible.Restrictions on advertisements:ALL advertisements MUST disclose broker or salesperson status, and the brokerage name MUST be clearly displayed in ALL advertising of any type. Advertisements may NOT be published with only P.O. box, phone number, or street address.If the LANDLORD is violating the lease or the law in some way, how long do they have to fix it? If they don't fix it where does the tenant deposit the rent?If the LANDLORD is violating the lease or the law in some way, the tenant may notify the landlord in writing, and allow the landlord 30 days to correct this violation, unless it's an emergency. If the landlord does not correct the violation, and the tenant still decides to remain living on the property, the tenant must still make rental payments. HOWEVER, these payments should be deposited with the GENERAL DISTRICT COURT. If the tenant decides to terminate the lease, he should also file a claim with the General District Court.What is not required to be disclosed under the VA Residential Property Disclosure Act?The following items ARE NOT REQUIRED to be

disclosed:1. If the property was the site of an accident

which DID NOT affect the physical structure or environment2. If a homicide, suicide, or felony occurred on the site3. If an occupant is/was affected with HIV (in fact, IF information regarding an HIV-infected individual IS disclosed, the licensee could face Fair Housing Law and Federal Privacy Act violations!) Failure to comply with the lead paint disclosure act leads

to:

under the EPA, could result in civil penalties of a maximum of $10,000 PER VIOLATION. In addition to (or instead of) civil penalties, criminal penalties of up to $10,000 PER VIOLATION, or IMPRISONMENT for a maximum of ONE YEAR, could be mandated!! As if that weren't enough, HUD may also assess penalties of up to $10,000 per violation!Those who intentionally violate these regulations can be liable to the purchaser or lessee, for an amount equal to THREE TIMES THE AMOUNT OF DAMAGES INCURRED. Courts may also award court costs, attorney

fees, and expert witness fees to the plaintiff.Transfer Tax charged by VAIn VA 15 cents per $100 charged by state when property is conveyed. Paid by seller/ lessor or paid via purchase of tax stamps or transfer fee.# of CE hours needed biannuallyBeginning July 1, 2007 all salespeople must complete at least 16 hours in approved continuing education during each licensed term.# of members of The Virginia Real Estate Board. & How many are brokers/ SP/ citizens?The Virginia Real Estate Board has nine members, including seven members who have been licensed real

estate brokers or salespersons for at least five consecutive years before their appointment, and two citizen members.

Application fee for branch office license is: $190

Application fee for business entity license is: $190

# of years to create Adverse Possession (by prescription) in VA

in VA, 15 years of: POACH. Possession, Open, Actual,

Continuous, Hostile - to create adverse possession.Intestate Succession in VAIntestate Succession in VA is spouse, children, parents, siblings.What happens to a licensee when a payment has to be made from the Transaction Recovery Fund b/c of them?If a payment has to be made from the Transaction Recovery Fund, his license will be REVOKED AUTOMATICALLY. the person will not be eligible for a new license until the Fund has been repaid the judgment amount, PLUS interest at the rate determined by the Fund when the payment was made.Amount of time someone returning from active duty is given

to complete CE hours due:

• months extra time to do the CE

What is the VA Residential Property Disclosure Act?VA Residential Property Disclosure Act- owner provides a statement regarding physical condition 'as is.' Reveals any known defects. Owner not req. to provide independent inspection. mandates that a residential property owner either provide a residential property disclosure statement (which discloses any items contained in a form provided by the Real Estate Board, regarding the physical condition of the property), or to provide a disclaimer which basically says that the buyer will be receiving the real property "as is," except as otherwise provided in the real estate purchase.What is the The Common Interest Community Association Liaison?The Common Interest Community Association Liaison, to deal with the administration, regulation and operation of common interest communities. The Liaison assists those who live in, manage, or maintain common interest communities. It is allowed to give non-binding interpretations of the laws affecting such communities. The Liaison focuses specifically on the Condominium Act and the Property Owners' Association Act.From the Fund- can claim amounts be prorated? If there are going to be mulitple claims involving one regulant, how long can payment be delayed for?Claim amounts may be prorated If there is reason to believe there will be multiple claims involving one regulant, payment of claims will be delayed for a maximum of one year If a licensee if found guilty going against Fair Housing laws what are the consequences?Once civil action is taken by the attorney general, the

following may be court-ordered: Award by temporary or

permanent injunction preventative relief against the respondent to refrain from discriminatory practices Award other relief as the court sees fit, such as compensatory or punitive damages Award the complainant attorney fees and costs, within reason Award civil penalties of up to $50,000 FOR THE FIRST VIOLATION Award up to $100,000 for