Virginia Quiz 1 Flashcards

Virginia Quiz 1 Flashcards The Virginia Real Estate Transaction Recovery Fund is administered by the REB An individual wants to sell her own house. Which of the following statement is TRUE?She does not need a real estate license to sell her property As of July 1, 2011, a full list of seller representations was made available to a purchaser by the REB website By Virginia statutory definition, a salesperson may perform all of the following functions EXCEPT serve as managing broker Legislation that directly affects the policies and procedures of a brokerage firm includes all of the following EXCEPT purchase of flood insurance (NFIP) The REB may assess each active and inactive licensee a proportionate amount whenever the Transaction Recovery Fund falls below a minimum balance of

$400,000

All of the following are exempt from the state licensing requirements EXCEPT an officer of a firm who actively participates in brokerage business The CIC was established to regulated CIC managers by means of Licensure Exemptions to the Virginia Residential Property Disclosure Act provisions include all of the following EXCEPT transfers made without the assistance of a licensed real estate broker The REB is authorized to do all of the following EXCEPTregulate the Property Owners' Association Act The Real Estate Board (REB) rules and regulations are found in the Virginia Administrative Code (VAC) The Common Interest Community (CIC) regulates all of the following EXCEPT the Residential Property Disclosure Act Exemptions to the provisions of the National Do Not Call Registry include all of the following EXCEPT within 18 months of a consumer inquiry The Virginia Real Estate Transaction Recovery Fund was created to reimburse consumers who suffer monetary loss due to a licensee's misconduct The term broker may refer to all of the following EXCEPTa principal in a brokerage relationship If a purchaser does NOT receive the proper property disclosure before contract ratification, the contract may be terminated any time before settlement When a licensee acts as an independent contractor and NOT as a standard agent, the relationship is governed by a written agreement between licensee and client The Office of the Common Interest Community Ombudsman was established to all of the following

EXCEPT

officiate in making adverse decisions The current real estate regulations went into effectNovember 1, 2015 Which federal organization is responsible for identifying flood areas?Federal Emergency Management Agency (FEMA)