Virginia Real Estate License Law Flashcards

Virginia Real Estate License Law Flashcards Copies of any disclosures regarding a fully executed purchase contract must be held by the licensee for how many years?3 What is the legal limit to file a complaint regarding a time-share contract?Two years from the date of contract What acts would be considered illegal?(fair housing act)Blockbusting, redlining and steering The VA Association of REALTOR(S)Is not the same as the board but is a trade organization Any broker with more than one real estate office in va must do what?Designate one of their offices as the "main office," and the other offices as "branch offices." How does a condo owner hold title to a unit? Through a fee simple ownership The terms of VA Real Estate Board members are __ years.four All institutional advertising must clearly state that the service being advertised is a real estate brokerage and that each licensed firm or sole proprietor ship displaying or using the service mark is an independently owned and operated business, EXCEPT in what type of media?Telephone communications A party to a real estate transaction including without limitation a seller or buyer, landlord, or tenant, optionor or optionee, licensor or licensee, describes what?Principal to a transaction which financial records can a landlord release regarding a tenant?only rental amounts and records of payments.The VA real estate business entity firm licenses are required by ___.-LLc's-Non-broker owner sole proprietorships-Corporations when may the board adjust the required hours for re-licnesure of a broker and salesperson?year-by-year basis If a licensee is a party to any real estate transaction, even just as an interested party, his license status MUST BE disclosed in the contract. If it is not, what could happen?the licensee could be fined and/or have his license suspended or revoked.Someone who has entered into a brokerage relationship with a licensee is known as a ___.client.Va requires a real estate license when performing what act?buys or offers to buy real estate for another person or entity real estate for another person or entity The VRLTA applies to all residential rental apartments consisting of _____ units.one or more What must be included with "declaration instruments" to the VA Real Estate Board, under the VA condo Act?-The name of the condo, which must include the word "condominium"-A legal description of the property-an exact description of each unit's boundaries Lead-based paint disclosure is necessary for any residential structures built prior to what year?1978 A licensee is required to maintain confidentiality of all personal and/or financial information received from the

client during the brokerage relationship ___.Unless the client provides a written consent for the release of information.

Under the VRLTA, the tenant must be notified in writing of any deductions to be made from the tenant's security deposit within ___ days of the date of determination of the deductions.thirty In advertising or marketing a time share interest that might include free prizes, what must be CLEARLY disclosed -Retail value of the gift-condition under which the gift is being offered-Odds of winning a prize (if one is offered) Seller Dan has entered into a contract relationship with AFB Real Estate Company to sell his house. There is no specific date of termination noted in the contract. When will Dan's contract terminate?90 days after contract signing A developer must file, with the real estate board, a bond that covers what percent of the estimated cost of completion?100% people who are not residents of va, and are not licensed in another jurisdiction must meet the same requirements as the residence of va, in order to be licensed in va The VA real estate business entity firm license isn't required by ___.Broker owned sole proprietorships The consumer real estate protection act (CRESPA) applies to ?Real estate located in virginia Disclosing brokerage relationship must occur ___. prior to the time at which specific real estate assistance is first given.The individual broker who shall be designated by the principal broker to supervise the provision of real estate brokerage services by the associate brokers and salesperson assigned to branch offices, describe who?Supervising broker Multiple claims involving one regulate may not exceed what amount per 2-year period, ending June 30th of even-numbered years.

$100,00.00

Unless agreed upon in writing by the principals of the transaction. any licensed real estate licensee in va acting on behalf of a landlord client in connection with a lease.shall deposit monies into an escrow account with in how many days?by the end of the fifth business banking day Any person licensed as a broker or salesperson in VA may prepare written contracts for the sale, purchase, option, exchange, or rental of real estate ____.Unless there is a contradictory court ruling Performing what activity is exempt from holding a va real estate license?trustee performing their duties under a living trust instrument An auctioneer selling real estate at a public auction for the owner does not need to have a real estate license, if the auction is open for only ____ hours.48 The VA fair housing law applies to who?-Newspapers-Appraisers-contractors A broker's salaried employee may not do the following without a real estate license?Negotiate the amounts of such security deposits, rentals or leases on behalf of the owner or broker

A real estate license in va is not required for what.making an offer to purchase a home for yourself every broker applicant must have acted run the capacity for real estate salesperson for _____ before applying for the brokers license.36 of the 48 months In the case of a check returned because of insufficient funds, the landlord can give the tenant a notice mandating payment via cash, cashier's check, or certified check, within ___ days.five A person or business entity who for compensation, sells or offers for sale, units or interest in condos cooperative interest, or time-shares in a time-share program, describes a ____.Real estate broker According to Virginia Law, a declarant is a natural or legal owner who declares his intention to commit a property to a condo regime.name one who is involved in a real estate transaction are "principal to a transaction" according to va law?buyer Who is responsible for administering Fair Housing Laws in Va?VA Real Estate Board Which of the following formulas is used to determine the state recordation tax?Sale price divided by $100 x $.25 What document defines a time-share project under the requirements of the VA Non-Stock Corporation Act.A time-share project instrument Virginia law requires the licensee to disclose to the seller all____.material facts to which the licensee has actual knowledge, related either to the property or the transaction itself.How long does a principal broker have to report to the board an instance where a licensee has committed a breach of escrow compliance?Three business days Failure to comply with this act, under the EPA, could result in civil penalties of a max off how much per violation?

$10,000.00

CRESPA mandates that a specific disclosure ___. is given in BOLD-FACE type Under the Virginia Real Estate Transaction Recovery Fund, if there is reason to believe there will be multiple claims involving one regulate, payment of claims will be delayed for a maximum of how long?one year CRESPA requires all real estate settlement agents conduction residential closings to register with whom?Virginia State Bar What is NOT a legal business structure for an association?Sole proprietor Which of the following is not a duty of the common interest community association liaison?Approve annual assessments for association members The minimum educational requirement fora licensee during the first year after obtaining a real estate salesperson's license in va consists of ?30 hours of classroom, or correspondence or other distance learning For what act would the licensee be held accountable and disciplined by the VA Real estate board?-Failing to comply with the rules of the code of Virginia and board regulations-Not responding to a board inquiry within 21 days-Not producing for the board any documentation