Virginia Salesperson Real Estate DPOR Quizlet Flashcards

Virginia Salesperson Real Estate DPOR Quizlet Flashcards Any document or record required to be maintained by a licensee in accordance with the...Uniform Electronic Transactions Act How long does an active duty military person to complete courses when they are released?

• months

Which of the following are not covered by the Virginia Residential Landlord and Tenant Act?A. protection landlords' and tenants' rights in VirginiaB. single family houses (owner rents less than 10 of them)C. all apartmentsD. single family houses (owner rents more than 10 of them)

• single family houses (owner rents less than 10 of them)

How many people serve on the Virginia Real Estate Board?A) two experienced real estate salespersons or brokers.B)nine people.C)seven citizens.D)eleven experienced real estate salespersons or brokers.B)nine people.In accordance with the Virginia Non-Stock Corporations Act, the declarant must file which of the following instruments in the case of a time-share estate program?A)A recreational homestead project instrumentB)A time-share project instrumentC)A property conversion project instrumentD)All of the other options are correct B)A time-share project instrument What is a common source information company? any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data and includes, but is not limited to, multiple listing services.A security deposit must be returned to the tenant within how many days of vacating the premises?45 days How does VREB select a chairman?The board elects a chairman from its membership A dual agent shall only work as an...independent contractor The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Smiths' financed the remaining of $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan

is called a:A. wraparound mortgageB. package mortgageC.

balloon noteD. past purchase mortgage

• past purchase mortgage

What entity is responsible for creating and amending the Code of Virginia?The Virginia general assembly In a sale proprietorship, the licensed broker who is the sole proprietor, shall have the same responsibilities as...a principal broker

What is a claimant?any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act.A salesperson renewing their license for the first time, must complete how many hours of post licensure education (except active duty?) 30 hours Applicants for broker's licensing must have acted in the capacity of a real estate salesperson for 36 of the previous how many months before applying for a broker's license?A)24B)36C)60D)48

• 48

What is a real estate team?two or more individuals, one or more of whom is a real estate salesperson or broker The Virginia Fair Housing Act, the Virginia Condominium Act and the Virginia Time-Share Act are all administered by which of the following?A)The Virginia Fair Housing AuthorityB) The Virginia Time-Share CommissionC)The Department of Professional and Occupational RegulationD)The Virginia Equal Rights Commission C)The Department of Professional and Occupational Regulation What is a limited service agent?a licensee who acts for or represents a client in a residential real estate transaction pursuant to a brokerage agreement The word improvement would refer to all of the following

EXCEPT:A. streetsB. a sanitary sewer systemC. trade

fixturesD. the foundation

• trade fixtures

When a person feels he or she has been discriminated against, that person may file a civil action with the state court within what time frame?A)18 monthsB)1 yearC)6 monthsD)2 years D)2 years A principal/supervising broker, must submit a plan of correction (from the report of any non-compliance) to the board within how many days?90 days What is an associate broker?An individual licensee of the board holding a brokers license, other than a designated principal broker How many hours of post licensure curriculum must a new licensee complete within one year from the last day of the month in which the license was issued?30 hours Buyers of time-shares may cancel the purchase contract without penalty within 7 calendar days after which of the following occurs?A)The contract has been filed with the Virginia Real Estate BoardB)The execution of the purchase contract and the receipt of a current public offering statementC)The contract has been signed by the seller of the time-share unit D)The contract for purchase has been notarized and the time-share has been occupied by the owner B)The execution of the purchase contract and the receipt of a current public offering statement

A principal/supervising broker must retain every transaction, agreement, and disclosure, for how long?

• years

Disclosures shall be made in writing at the earliest practical time, but no later than...the time specific real estate assistance is provided Jim, Manny, and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend

Wendell. After the conveyance, Jim and Manny:A. become

tenants in commonB. continue to be joint tenants with HarryC. become joint tenants with Wendell.D. remain joint tenants owning a two-thirds interest

• remain joint tenants owning a two-thirds interest

What does commercial real estate mean?real estate other than real estate containing one to four residential units Continuing education shall be completed within ______ ______ prior to activation of a license when the the license has been inactive for more than 30 days.A) 1 yearB) 2 yearsC) 21 daysD) 6 months

• 2 years

Under RESPA, a copy of "Real Estate Settlement Costs

and You" must be given:A. within one day before closingB.

at the time of loan application, or within 3 days of applicationC. within 5 days of applicationD. at closing

• at the time of loan application, or within 3 days of

application Which of the following types of ownership CANNOT be created by operation of law, but must be created the parties' expressed intent?A. community propertyB. tenancy in commonC. condominium ownershipD. tenancy by the entireties

• tenancy by the entireties

A principal broker shall have signatory authority on...all escrow accounts maintained by firm For how long must an agent keep a record of lead-based paint inspection?A)One year, if evidence of lead-based paint is not foundB)Three years, if evidence of lead-based paint is found or notC)Two years if lead-based paint is foundD)Five years, if evidence of lead-based paint is not found B)Three years, if evidence of lead-based paint is found or not Mortgage monies are credited buyer's side of the ledger as a...portion of the funds he/she will use to complete the transaction The brokerage agreement shall state whether the real estate licensee will represent the client as an agent or independent contractor A broker and seller terminate the listing contract. An offer is received in the mail by the broker after the termination of the listing contract. The offer is for full price and includes all of the terms and conditions of the seller. Why is this NOT a valid contract?A. there is no consideration involvedB. no acceptance has been givenC. no earnest money has been enclosedD. there is no current listing agreement

• no acceptance has been given

All of the following are physical characteristics of land

EXCEPT:A. indestructibilityB. uniquenessC. immobilityD.

scarcity

• scarcity