Virginia Real Estate Law Flashcards

Virginia Real Estate Law Flashcards The VA Real Estate Transaction Recovery Fund is administered by REB When a licensee acts as an independent contractor and NOT as a standard agent, the relationship is governed by written agreement by licensee and client, The independent contractor does not act as an agent but has a separate written brokerage agreement with the client The CIC was established to regulate CIC managers by means of licensure If a purchaser does NOT receive the proper property disclosures prior to contract ratification, the contract may be terminatewithin three days of occupancy, within five days of settlement, any time prior to settlement, prior to loan application with no right of contract termination any time prior to settlement Exemptions to the provisions of the National Do Not Call Registry include all if the following EXCEPTclients and customers for a period of 18 months from last transaction, within 18 months of a consumer inquiry, charitable organizations, political organizations within 18 months of a consumer inquiry The REB rules and regulations are found in Virginia Administration Code (VAC) The term broker may refer to all of the following

except:brokerage firm, sole proprietor transacting real

estate business, managing broker for a branch office, principal in a brokerage relationship principal in a brokerage relationship, the principal is either the seller or buyer An individual wants to sell her own house she does not need a real estate license to sell her own property Legislation that directly affects the policies and procedures

of a brokerage firm includes all of the following except:cold

calling for prospects (National Do Not Call Registry), emailed newsletters (CAN-SPAM), Maintenance of client records (FACTA), purchase of flood insurance (NFIP) purchase of flood insurance (NFIP) The REB is authorized to do all of the following

except:license brokers and salespersons, develop criteria

for evaluating and approving continuing education courses, regulate the Property Owners' Association Act, enforce provisions of the Virginia Fair Housing Law regulate the Property Owners' Association Act By VA statutory definition, a salesperson may perform all of

the following functions except:offer a residence for sale,

negotiate an exchange, serve as managing broker, lease rental apartments serve as managing broker The VA Real Estate Transaction Recovery Fund was created to reimburse consumers who suffer monetary loss due to a licensee's misconduct

The Common Interest Community (CIC) Board regulates all

of the following except:the condominium act, real estate

time share act, real estate cooperative act, residential property disclosure act Residential Property Disclosure Act As of July 1, 2011, a full list of seller representations is provided to a purchaser bythe listing agent, the seller, the REB website, the buyer agent the REB site, it's the duty of the licensee to direct the buyer to this site to avoid use of incorrect disclosure forms The Office of the Common Interest Community Ombudsman was established to do all of the following

except:assist members to understand their rights, provide

info. and answers inquiries from members, officiate in making adverse decisions, provide info. to the director for an annual report officiate in making an adverse decision The REB may assess each active and inactive licensee a proportionate amount whenever the Transaction Recovery

Fund falls below a min. balance of:

$400,000

All of the following are exempt from the state licensing requirements excepta person acting without compensation as attorney in fact, an attorney involved in a real estate transaction in his normal role as attorney, an officer of a firm who actively participates in brokerage business, a licensed auctioneer selling real estate at a public auction an officer of a firm who actively participates in brokerage business Exemptions to the VA Residential Property Disclosure Act

provisions include all of the following except:transfers

pursuant to a foreclosure sale, transfers made without the assistance of a licensed real estate broker, transfers made between spouses resulting from a divorce, transfers involving the first sale of a dwelling transfers made without the assistance of a licensed real estate broker The current real estate regulations went into effectNovember 1, 2015 Which federal organization is responsible for identifying flood areas?Federal Emergency Management Agency (FEMA)