Virginia Real Estate - State Portion Flashcards

Virginia Real Estate - State Portion Flashcards landlordthe owner, lessor or sublessor of the dwelling unit or the building of such dwelling unit is a part dual agenta licensee who represents both the buyer and the seller (or both landlord and tenant) in a single real estate transaction, must have permission from both Conciliationthe attempted resolution of issues raised by a complainant, or by the investigation of such complaint, through informal negotiations involving the aggrieved person, the respondent, their respective authorized representatives and the Fair Housing Board Accessiblewhen used with respect to the public and common use areas of a building containing covered multi-family dwellings, means that the public or common use areas of the building can be approached entered and used by people with physical disabilities redliningwhen a lender refuses to make loans secured by property in certain neighborhoods because of the racial or ethnic composition of the neighborhood tenanta person entitled only under the terms of a rental agreement to occupy a dwelling unit to the exclusion of others; a lessee Virginia Fair Housing Boardcreated for the enforcement of VA fair housing laws.compromised of 12 members appointed by the governor to

• year terms

Principle Brokerthe one licensee who is responsible for all of the agent activities in the company Virginia Real Estate Boardthe regulatory board responsible for licensing and oversight of real estate salespersons, brokers and firms in the Commonwealth of Virginia Tourism Activity Zoneareas that may be used for special events, including parades, events requiring temp. street closures and indoor/outdoor entertainment constructive evictionwhen a LANDLORD's act (or failure of act) interferes with the tenant's quiet enjoyment of the property, or makes the property unfit for its intended use, to such an extent that the tenant is forced to serve notice and file an action with the court Comminglingoccurs when a licensee mixes client funds with brokerage funds VA Fair Housing Lawstatutes passed by VA General Assembly that prohibit discrimination in housing, found in Title 36 of the code of

VA

respondentany person or other entity alleged to have violated the provisions of the VA Fair Housing Law bylawsrules that govern the activities of condo and coops, includes the purpose of the building, rules for elections and voting, frequency of board of directors meetings Escrow Accounta separate account maintained by a broker for the deposit of client's money (ie good faith deposits) reasonablechange to the public or common use areas of a building or any change to a dwelling unit that makes it more accessible to people with disabilities cooperativetype of property ownership under which residents have the right to occupy a unit by purchasing stock shares in the corporation that owns the property Conciliation Agreementwritten agreement setting forth the resolution of the issues in conciliation familial statusa parent, single or other person having legal custody of such an individual aged less than 18, or the designee of such parent or other person having legal custody with written permission of such parent or other person. includes pregnant women or someone in the process of securing legal custody of any individual who has not attained the age of 18 associate brokera broker, affiliated with a brokerage, who is not the principle broker material factan important fact, must be reported by licensee brokerage agreementa contract that establishes a business relationship between the buyer and the agent. it must include the start and end date, payment arrangements, and then duties and obligations of all parties Transaction Recovery Fundprovides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker or firm noticea statement given in WRITING, if it is not in writing the sender has the burden of proof to show that the notice was given to the recipient steeringchanneling prospective buyers or tenants to particular neighborhoods based on their race, religion, national origin, ancestry or membership in any other protected class conversion condominiuma condominium containing structures that were wholly or partially occupied by persons other than those who have contracted to purchase a unit Supervising brokera broker who is named by the principal broker to supervise a branch office is called a supervising broker in VA law time sharea form of property ownership, several buyers purchase interest in real estate with each party having the right to

use the property for a designated period of time. in VA, further defined as the right to occupy a time share unit during five or more separated time periods over a period of at least five years