Virginia Real Estate Salesperson Exam, state portion, Virginia VA

Virginia Real Estate Salesperson Exam, state portion, Virginia VA State Portion Exam Prep Flashcards when should agency disclosure take place? at time of first substantive discussion about a specific property with an actual or prospective buyer, seller, landlord or tenant who is not a client. disclosure made in writing at earliest practical time, but no later the time when specific real estate assistance is made for sales transaction.VA POA Act Disclosure requirementsmust include statement in sales contract that-the property is located in the development-the act requires the seller obtain a disclosure packet-the buyer has the right to request an update of the packet-right to cancel the contract are waived if not exercised prior to closingpurchaser can rescind contract within 3 days after the date of the contract or 6 days if sent by mailif not contained in contract, buyer can cancel contract before closing Under the Virginia Condominium Act when once ____ or more of the units are sold, the declarant is not longer responsible for the units, and the responsibilities fall to the association of unit owners After the self-audit, Pam determines her brokerage is in noncompliance. How long does she have to notify the Board of the discovery and with what?How many years experience must a Virginia broker applicant have?At least three of the last four years What does the Code of Virginia Title 54.1 Chapter 21 cover?It defines Virginia's real estate licensing regulations and the scope of the Real Estate Board.How long must new salesperson licensees in Virginia be affiliated and supervised by a broker?

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How much can a consumer receive from the Real Estate Recovery Fund if the court awarded a $30,000 judgment?The maximum any consumer may receive from the fund is $20,000, even if the final judgment is higher.responsibility for receiving disclosure info lies with:the purchaser; however if disclosure isn't made before ratification the buyer can terminate contract within 3 days if hand carried, 5 if mailed, prior to settlement, occupancy, and loan application if the loan app states right to terminate ends with loan app. or if buyers waives right to terminate or remains silent and does nothing.penalty for engaging in unlicensed real estate activitycivil penalty not to exceed $1000 standard agent vs limited service agentlimited service agent is not an agency relationship. its written brokerage agreement spells out duties to be performed, and must list what a standard agent would do .Standard agent has all the obligations provided by the statute and any additional agreed upon duties.VA POA Actrequires seller to request and furnish the disclosure packet.must be delivered to seller w/in 14 days of request

buyer recourse for disclosure misrepresentation: entitled to seek recourse within 1 year of date of disclosure delivered, or within one yr of settlement.How often must Virginia brokers renew their licenses?Every two years (just like salespeople) brokerage relationships may be terminated by: when terms have been satisfiedexpiration of agreementmutual agreement to terminatedefault by any partylicensee's withdrawal b/c client won't do dual agency

CLUE ReportComprehensive Loss Underwriting Exchange:helps home

insurance underwriters and buyers determine whether a particular property has hidden issues The Virginia Condominium Act states that after a buyer is in contract to buy a condo, the seller must provide the buyer with the condo resale disclosure package within 14 days.What is the name of the regulatory board for condominiums in Virginia?POA disclosure packet should contain:-statement of additional special assessments scheduled for current year-statement of all assessments and fees currently imposed-whether there are other entities owner may have to pay-current reserve report-current budget-suits,-plans for improvements Who is on the VREB?Seven real estate professionals (must have at least five years experience as salespersons or brokers) and two members of the public.VA agency law differs from common law in that there is no imputed liability on the part of the client or the broker.statutory agency How long do you have to renew an expired license before having to reapply for a new license?Up to one year entitled to seek recourse within 1 year of date of disclosure delivered, or within one yr of settlement.imputed liability CIC BoardCommon Interest Community Board, within the DPOR; separate from the REB. Creates licensure to govern condos, time shares, coops and HOAs. 80 hr CIC manager training program.requirements for disclosure of designated agency? must have written consent of both buyer and seller for designated agency.real estate license exemptions-selling or renting own property-acting without compensation as an atty in fact under a power of attorney issued by property owner-attorneys involved in RE transactions in their normal role as attnys-trustees, admins or executors of estates.-licensed auctioneers at public auction How many hours of post-license education must a first-year salesperson take to maintain their license?30 hours. If not completed within 1 year the license will be placed on inactive status by the Board until the curriculum has been completed.How often do you pay property tax in VA? Property taxes in Virginia are calculated by multiplying a home's assessed value by its total property tax rate.Assessed value is determined by local assessors on regular two- to six-year cycles. By state law, cities are

required to reassess every two years and counties every four years.The Virginia Property Owners Association Act ("the Act") is a series of laws that regulate associations that manage real estate developments that have certain characteristics,

notably a subdivision declaration, restrictive covenants, dues, assessments, etc.What is the Virginia Condominium Act?stigmatized property requirementsnot required to report immaterial info about property and only PROHIBITED from disclosing AIDS/HIV. this could be