Big Cards

Question 1

The description of land by any of the following methods is legally sufficient, if the county or city and state are included:

Answer 1

• By courses and distances with an identifiable starting point (metes-and-bounds method) - As bounded by natural or artificial objects or by the land of named persons (monuments method) - By reference to a recorded map, plat, survey, deed, or other writing (lot-and-block method) - By number or code on a recorded subdivision (subdivision method) - By geodetic survey of townships, ranges, meridians, and so forth (rectangular government survey method) - By house number and named street, where there is an established system of numbering (in many cases, this is not considered to be an adequate legal description because house numbers and even street names are frequently subject to change) - By any name by which the land is generally known and identifiable - As occupied or acquired by a named person at a definite time - As being all the land of the grantor in a designated way or acquired in a specific way

Question 2

Disputed boundaries between two adjoining lands may be settled by express agreement. Virginia law provides for a court proceeding to establish boundaries. In conflicts concerning true boundaries, Virginia law gives preference to methods of description Disputed boundaries between two adjoining lands may be settled by express agreement. Virginia law provides for a court proceeding to establish boundaries. In conflicts concerning true boundaries, Virginia law gives preference to methods of description in the following order:

Answer 2

1) Natural Monuments or Landmarks 2) Artificial monuments and established lines 3) Adjacent boundaries or lines of adjoining tracts 4) Calls for courses and distances 5) Designation of quantity, such as “approximately 3.5 acres”

Question 3

In Virginia, the________ is said to own the property on the date of _________or__________.

Answer 3

Buyer Closing or Settlement

Question 4

T/F. In regards to tax liens, in the case of new construction, the taxes on the land are prorated based on taxes for the current year.

Answer 4

False. Past Year

Question 5

In VA regarding delinquent taxes, when taxes on real estate in a county, city, or town are delinquent on ___________ following the ______ anniversary of the date on which the taxes became due, the real estate may be sold to collect the tax.

Answer 5

December 31 3rd

Question 6

T/F. In regards to recovering property being sold for delinquent taxes in VA, owners of real estate, or their heirs, successors, and assigns, have the right to redeem the real estate prior to the sale date and after the sale date?

Answer 6

False. Only Prior

Question 7

In VA regarding mechanics liens, Virginia law §43.1 et seq. permits persons who have performed labor or furnished materials for the construction, removal, repair, or improvement of any building or structure to file a lien against the property. This lien may be filed at any time after the work is commenced or the material is furnished, but not later than the earlier of? (2)

Answer 7

1) 90 days from the last day of the month in which the lienor last performed work or furnished materials 2) 90 days from the time work is terminated

Question 8

In regards to VA mechanic’s liens, a mechanic’s lien is enforced by a suit filed within ________ of recording the memorandum of lien or ______ from the completion or termination of work on the structure, whichever is later.

Answer 8

6 months 60 days

Question 9

In regards to the selling of property and mechanic’s liens, typically, the seller must execute an affidavit at closing that declares no work has been performed or any materials furnished within ______ before the date of closing.

Answer 9

120 days

Question 10

In regards to judgements in VA, a ____________ may be issued and the judgment enforced within ______ from the date the judgment was rendered. A judgment may be extended beyond its life by a motion made in the circuit court, following notice to the judgment debtor and redocketing of the judgment.

Answer 10

writ of execution 20 years

Question 11

In regards to judgements in VA, if the real estate is conveyed to a grantee for value subject to a judgment lien, the judgment creditor must bring the suit to enforce the judgment lien within ______ from the date the grantee’s deed was recorded.

Answer 11

10 years

Question 12

In regards to judgements in VA, if the judgment is for recovery of specific real property, a ___________ is needed. If the judgment debtor owns real estate outside Virginia, the debtor may be required to convey it to a _______.

Answer 12

writ of possession sheriff

Question 13

In regards to satisfaction of judgements in VA, within ______ of the satisfaction, that is, payment of a judgment, a judgment creditor must release the judgment wherever it is docketed. Failure to do so within _______ of demand by the judgment debtor makes the creditor subject to a fine.

Answer 13

30 days 10 days

Question 14

In the case of a nonresident decedent who has a taxable estate in Virginia, the lien arises automatically at the time of the ___________. In the case of a resident decedent, the liens attach to the real estate only when a _________ is filed by the department of taxation in the clerk’s office of the county or city where such real estate is located. Once it attaches, the lien is enforceable for ________ from the date of the decedent’s death.

Answer 14

nonresident’s death memorandum 10 year’s

Question 15

T/F. The mere issuance of an attachment creates a lien on the real estate?

Answer 15

False. To create a lien, it is necessary for the officer to show that levy (actual attachment or seizure) was made.

Question 16

In VA, a _________, or pending suit, does not bind or affect a subsequent purchaser of real estate unless a ___________ is properly recorded giving notice of the suit.

Answer 16

lis pendens memorandum

Question 17

Describe the landlord’s lien?

Answer 17

• relates back to the very beginning of the tenancy - takes precedence over any lien against goods (personal property) on the leased premises since the tenancy began - Legally attaches to all property on the premises when it is asserted or on the premises within 30 days prior to attachment of lien

Question 18

Regarding VA contracts, for a contingency to be effectual, it must contain?

Answer 18

1) An expiration date or time 2) A list or description of option(s) available to the parties

Question 19

In regards to VA statutory contract contingencies, if a property is a condominium or is in a subdivision bound by a property owners’ association (POA), what contingencies must be provided?

Answer 19

-condominium resale packet must be provided -POA disclosure packet must be provided

Question 20

In regards to VA statutory contract contingencies, the Virginia Condominium Act requires that the seller request the condominium ____________ regarding the referenced property and furnish it to the buyer. By the provisions of Virginia Code Section 55-79.97 this packet must be delivered within ______ of the request. Payment may accompany the request, or in certain circumstances the fee will then be assessed against the unit and paid at settlement rather than in advance.

Answer 20

resale packet 14 days

Question 21

In regards to lead-based paint, the ingestion of lead into the human body is a known neurological hazard. Federal law requires the disclosure of lead-based paint and/or lead-based paint hazards for properties constructed prior to ___________.

Answer 21

January 1, 1978

Question 22

The Virginia Residential Property Disclosure Statement provides that the seller makes no warranties or representations regarding certain things, however, what are some things that a seller DOES represent?

Answer 22

1) There are no pending building code enforcement actions involving the property 2) Location in which there is a military air installation 3) Availability of septic system operating permits

Question 23

The English law passed in ____ known as the ______________ requires that the transfer of real estate be in writing.

Answer 23

1667 Statute of Frauds

Question 24

T/F. In VA, a general power of attorney will suffice?

Answer 24

False. The power of attorney must specify the transaction and the parties involved. Must also be notarized and recorded with the deed.

Question 25

In order to declare a property as a condominium, the declarant must provide what 3 things to the REB?

Answer 25

1) Declaration Instruments 2) Copy of bylaws 3) POS (Public offering Statement)

Question 26

Condominiums 1) Declarant remains responsible for the units until ____ percent of the units are sold. 2) ______ of the total voting interest is required to change the bylaws. 3) Once established, ________ of the voting interest must approve the termination of a condominium’s status.

Answer 26

1) 75% 2) 2/3 3) 80%

Question 27

The unit owners’ association shall furnish the resale certificate upon the written notice request of any condominium unit owner within _______ of the receipt of such request.

Answer 27

14 days

Question 28

Regarding the resale of condominiums, payment of actual costs of preparing the resale certificate may be required of the unit owner requesting it as a prerequisite to its issuance, but the total fee shall not exceed _____per page in copying costs or a total of _____, including and not in addition to, any fee charged pursuant to subsection H of §55-79.84 (Lien for assessments) and §55-79.85 (Restraints on alienation

Answer 28

$.10 $100

Question 29

Regarding the resale of condominiums, the unit owners’ association may upon mutual agreement with the seller, collect for actual costs incurred, in addition to any fee charged pursuant to this subsection, - a rush fee, not to exceed ____, for furnishing the resale certificate within ____ business days from the actual receipt of the request; - the actual cost of any mailing or delivery requested by the seller pursuant to this subsection; and - any actual cost incurred at the request and with the consent of the purchaser; and collect a reasonable fee for preparing the resale certificate, not to exceed ____, if the amount of the fee - reflects actual cost; - is established in the contract between the unit owners’ association and any managing agent; and - is disclosed on the unit owners’ association Web site or the Web site of its managing agent.

Answer 29

$25 3 $325

Question 30

In regards to converting property into time-shares, If the property to be converted is currently leased, tenants must be given ______ notice of the intent to convert the property to a time-share project. The tenants then have______ in which to contract with the developer to purchase the unit currently occupied if that unit is to be part of the overall project. Tenants on month-to-month leases must be given ______ notice to vacate.

Answer 30

90 day’s 60 days 120 days’

Question 31

In regards to the creation of time-shares, name 5 items that are included in the project instrument?

Answer 31

1) Name 2) address and legal description 3) Identification of time periods 4) Provisions for amending the time-share instrument 5) Restrictions

Question 32

In regards to Time-Share Ownership, Money received by the developer as earnest money deposits or down payments must be placed in an escrow account established by the developer and held there through the rescission period. The developer also must post a ____________ with the REB in the amount of _________ or the amount of the deposits received, whichever is greater. If any purchaser exercises the statutory right of rescission, the developer has __________ in which to refund all monies paid by the purchaser.

Answer 32

Surety Bond $25,000 45 days

Question 33

In regards to time-share control, The developer remains in control of the project until _________ of the time-share estate has been sold or when____________________________, whichever is later. What is this time period called?

Answer 33

90% all amenities and facilities have been completed Developer Control Period

Question 34

In regards to time-shares, should the owners decide to terminate the time-share project, approval by ________ of the voting interest of the association is required.

Answer 34

51%

Question 35

In regards to time-share resale, the owners’ association may charge up to _______ for the certificate of resale.

Answer 35

$50

Question 36

Time-Shares -Regarding Time-Shares, INITIAL rights of rescission is ______________ from execution of the contract. -RESALE rescission is ___________ following receipt of the certificate of resale or actual transfer. -Misrepresentations regarding the transfer of time-share interest must be processed within ________ from the date of the contract. Cooperative - Regarding Cooperative, INITIAL rights of rescission is ______________ following ratification of the contract or after receiving the public offering statement, whichever is later. - RESALE rescission is ___________ after the certificate has been provided, or until conveyance whichever occurs first. Condominiums - Regarding Condominium rights of rescission is _________ after the date of the contract if the certificate was provided to the purchaser on or before the date that the purchaser signs the contract OR if hand-delivered. OR within _______ of postmark date if certificate was mailed.

Answer 36

Time-Shares - 7 calendar days - 5 days - 2 years Cooperatives - 10 days - 5 days Condominiums - 3 - 6

Question 37

POAA Disclosure -the purchaser has the right to cancel the contract within ________ after the date of the contract or notice that the packet is not available (if hand-delivered). or within _________ after the postmark date if sent by U.S. mail. -association is required to provide the packet within _________ after a written request. -The association may charge a fee reflecting the actual cost for preparation of the packet but shall not exceed ________ per page for copying or a total of ________ for all costs incurred. The maximum liability to the association for failing to provide the packet in a timely manner is actual damages not to exceed _______. -Regarding an update of the POAA disclosure packet, the association must respond within ________ and has the right to charge the purchaser a fee for preparation of the new packet that reflects the actual cost but not to exceed ______.

Answer 37

• 3 - 6 - 14 days - $.10 - $100 - $500 - 10 days - $50

Question 38

Condominium In declaring a condominium, the POS includes what 4 things? In converting to a condominium, the bylaws shall be specific regarding what 4 things?

Answer 38

1) Name of declarant 2) narrative description of the condo 3) copies of bylaws and any current management contracts 4) terms and conditions of any financing offered to purchasers 1) form of self-governance 2) accounting and management records 3) schedule of all meetings 4) rules and regulations

Question 39

The REB is composed of _______members. ______ members may be either ________________ with at least ______ consecutive years’ experience immediately prior to appointment, and ______ are ___________ members. Appointments are made by the governor for a term of ________. Sitting members may be reappointed for one additional ________ term. Members of the REB select the chairperson.

Answer 39

9 7 brokers or salespersons 5 2 citizen (consumer) 4 years 4 year

Question 40

Regarding real estate broker licensure, applicants for a real estate broker’s license must meet the following requirements in addition to meeting the salesperson licensing requirements. An applicant must have been actively engaged as a real estate salesperson for ____________ immediately preceding the date of application for licensure as a real estate broker, and have successfully completed _______ classroom or correspondence semester credit hours (______ 45-hour courses, or ______ classroom hours) of study approved by the REB in such subjects as brokerage, real estate law, real estate investments, real estate finance, and real estate appraisal, or related approved subjects prior to the licensing examination. All applicants are required to complete the 45-hour brokerage course.

Answer 40

36 of the 48 months 12 4 180

Question 41

Regarding changes of a licensee changing from active to inactive status, if the broker has not yet returned the license of the individual involved in the change, the broker must do so by certified mail so that it is received by the REB within how long?

Answer 41

10 days of the date of notification

Question 42

Disregarding other requirements, a licensee applying for a SALESPERSON’S license by reciprocity in VA, the licensee must have been actively engaged in real estate practice for ____ of the preceding ____ months, or have met educational requirements substantially equivalent to Virginia’s; A licensee applying for a BROKER’S license by reciprocity in VA, the licensee must have been licensed as a real estate broker and actively engaged as a broker or salesperson for ____ of the ____ months immediately prior to application

Answer 42

-12 -36 -36 -48

Question 43

Regarding licensing renewal, what are the application and renewal fees for; 1) Salesperson by education & examination 2) Salesperson by Reciprocity 3) Salesperson or associate broker’s license as a business entity 4) Broker by education & examination 5) Broker by reciprocity 6) Broker concurrent license 7) Firm license 8) Branch office license 9) Transfer Application

Answer 43

A = Application Fee R = Renewal Fee 1) A = $170 R = $65 2) A = $170 R = n/a 3) A = $210 R = $90 4) A = $210 R = $80 5) A = $210 R = n/a 6) A = $140 R = $80 7) A = $270 R = $160 8) A = $190 R = $90 9) A = $60 R = n/a

Question 44

The regulations allow for reinstatement of a license up to ________ following expiration. If the application to reinstate is received within ________ of expiration, there is no monetary penalty. However, from the 31st day up to one year, application for reinstatement is subject to the current _____________. The reinstatement fee is a flat fee and is not in addition to the normal renewal fees.

Answer 44

1 year 30 days reinstatement fee

Question 45

Post-licensing education always takes place when? Continuing Education must be completed when?

Answer 45

During the initial 2-year term of the license During the 2nd and all subsequent 2-year licensing terms

Question 46

(1) What are the post-licensing (PL) education hour requirements for salespersons and brokers? (2) What are the continuing education hour requirements for salespersons and brokers?

Answer 46

(1) salespersons = 30 hours broker = 24 hours (2) salespersons = 16 hours brokers = 24 hours

Question 47

Describe the make-up of the curriculum for brokers 24 hour continuing education requirements which must be completed every licensing term?

Answer 47

24 hours total -8 hours - 3 hours, ethics & standards of conduct - 2 hours, fair housing - 3 hours, legal updates & emerging trends, real estate emergency, real estate contracts - 8 hours, supervision & management of real estate agents and brokerage firms - 8 hours, general elective courses

Question 48

Regarding continuing education; 1) Licensees are responsible for retaining proof of completed continuing education for how long? 2) The REB requires that each school establish and maintain a record of continuing education for each student for how long?

Answer 48

1) 3 years 2) 5 years minimum

Question 49

Each new licensee, whether salesperson or broker, must pay _______ into the Transaction Recovery Fund.

Answer 49

$20

Question 50

In regards to a change of location, name, or ownership, it is the _____________ responsibility to advise the ____________ of the change within __________. The REB will issue new licenses for the remainder of the license period.

Answer 50

principal broker’s REB 30 days

Question 51

When a salesperson or broker is discharged or in any way terminates active status, the ________________ must sign and note the date of termination on the license and return it by certified mail to the board so that it will be received within _____________ of the date of termination or status change. If the principal broker is discharged or terminates active status, the firm must notify the board and return the license by certified mail within ______________ of termination.

Answer 51

principal broker 10 calendar days 3 business days

Question 52

Regarding broker escrow accounts, if a fund is to be deposited in an escrow account, it must be deposited by the ______________ following ratification of the sales contract or receipt of the lease, unless otherwise agreed in writing.

Answer 52

5th business banking day

Question 53

Regarding broker record keeping of escrow funds, escrow account records must be maintained for ________ from date of ____________ or ____________ of the transaction.

Answer 53

3 years consummation termination

Question 54

Regarding actions that constitute improper record keeping and maintenance of escrow funds by the principal or supervising broker include, - failure to deposit escrow funds in accounts designated to receive escrow funds within ______________ of ratification of the sales contract. - failure of the principal broker to report to the Real Estate Board within _____________ of any circumstance where it is believed that the improper conduct of a licensee has caused an insufficient balance in an escrow account; - failing to retain a complete and legible copy of each disclosure of a brokerage relationship, executed contract, listing or buyer agency agreement, closing statement, and other material documents related to a real estate transaction in the broker’s control or possession for a period of ____________ from the date of the closing or ratification (if the transaction fails to close);

Answer 54

• 5 business banking days - 3 business days - 3 years

Question 55

Regarding the Virginia Real Estate Transaction Recovery Fund, The establishment and maintenance of the fund is the duty of the ___________ of the __________.

Answer 55

Director DPOR

Question 56

Regarding the maintenance of the Transaction Recovery Fund, the fund’s minimum balance is $400,000. If the balance of the fund falls below $400,000, the REB may assess each active and inactive licensee a proportionate amount to bring the balance to the statutory minimum. No licensee may be assessed more than _____ during any _____________ ending on ____________ of _______________ years. Licensees who fail to pay the assessment within _________ of receiving the first notice are given a second notice. Failure to pay the assessment within ________ of the second notice results in automatic suspension of the licensee’s license. The license will be suspended until such time as the director receives the amount due. The REB has the power to assess all licensees at one time or on individual licensees’ renewals.

Answer 56

$20 2-year period June 30 even-numbered 45 days 30 days

Question 57

In regards to the monetary limitations on claims to the Transaction Recovery Fund, -Single Transaction- In a single transaction, the maximum payment from the fund to all injured parties is _________. The maximum amount any single claimant may recover from the fund based on a single transaction is ________, regardless of the number of claimants. -Multiple Transactions- If the same licensee is involved in multiple fraudulent transactions during any two-year period ending June 30 of even-numbered years, the maximum payment to all claimants combined is ___________.

Answer 57

$50,000 $20,000 $100,000

Question 58

In regards to licensee records and the REB, a licensee must produce any document, book, or record concerning a real estate transaction in which the licensee was involved, or was required to maintain records, within ________ from the request by the REB. Any other inquiries made by the board must be responded to within _________.

Answer 58

10 days 21 days

Question 59

In VA actions that constitute unworthy and incompetent conduct include the following: - Having been finally convicted or found guilty of a __________ involving moral turpitude, sexual offense, drug distribution, physical injury, or any felony. Any plea of nolo contendere is considered a conviction. - Failing to inform the board in writing within _____ of pleading guilty or nolo contendere or being convicted or found guilty of any convictions as previously stated.

Answer 59

misdemeanor 30 days

Question 60

Compliance & Investigations Division Complaint Analysis and Resolutions Section?

Answer 60

-reviews complaints to determine whether the Department is authorized to process the complaint. -responsible for the receipt, processing, and analysis of all complaints

Question 61

Regarding complaint procedures, The ________ is a hearing conducted at the offices of _______; it is presided over by an __________ member and supported by DPOR staff. After considering the testimony and evidence, the presiding board member will offer a __________ or prepare a ____________.

Answer 61

IFF DPOR REB Consent Order Summary and Recommendation

Question 62

Consent Order?

Answer 62

-The regulant accepts responsibility without contest (no appeal possible) and submits to the judgment recommended by the presiding board member. -The Consent Order is presented at the full board meeting for approval. -The board may 1) Accept 2) Reject 3) Counteroffer 4) Transfer to IFF

Question 63

Regarding complaint procedure and REB board meetings, it is important to note that all disciplinary decisions come before the full REB for review and approval. REB scheduled meetings (there are approximately _______ per year) are open to the public. IFF participants are afforded an opportunity to address the full board at these meetings and may speak for _______ minutes, but no new __________ may be presented. The board carefully considers the IFF Summary and Recommendation, which outlines thoughts, analysis, and credibility issues and makes its final decision.

Answer 63

8 5 evidence

Question 64

Regarding complaints, during a board meeting, if the REB finds the licensee guilty, it may impose a monetary penalty of up to _________ for each violation. The REB’s decision is final, although the licensee may appeal the decision through the _________.

Answer 64

$2,500 Court of Appeals

Question 65

Leases and landlord–tenant relationships are governed by ________, _________ [§§55-217 through 55-248] of the Code of Virginia The practice of Real Estate in the Commonwealth of Virginia is governed under? The agency rules and regulations of the Real Estate Board can be found in? What does the Virginia Fair Housing Law, Title ____, Chapter _____ state?

Answer 65

Title 55 Chapter 13 Title 54.1, Chapter 21 of the Code of Virginia Title 18 of the Virginia Administrative Code (VAC) 36 5.1 All discriminatory practices in residential housing transactions are prohibited.

Question 66

In regards to leases in VA, a nonresident of Virginia who owns real property consisting of __________ rental units (whether residential or commercial) must appoint a __________ as agent for the purpose of receiving any notices, service of process, or other legal paper that would otherwise have been served on the owner. If an agent is not appointed, or if the one appointed cannot be found, the ____________ serves as agent.

Answer 66

4 or more Virginia resident Secretary of the Commonwealth

Question 67

In regards to VA termination of a lease, Virginia law requires different notice periods, depending on the length of the lease being terminated. What are the notice periods for; 1) Year-to-Year lease 2) Month-to-Month 3) month-to-month lease, where the termination is due to rehabilitation of the property or a change in the property’s use (such as conversion to a condominium).

Answer 67

1) 3-month notice 2) 30-day notice 3) 120-day notice

Question 68

In regards to desertion, if a tenant whose rent is in arrears deserts the premises, the landlord may post a written notice in a conspicuous location on the premises requiring that the tenant pay the rent. A month-to-month tenant has _______ after the notice is posted; a yearly tenant has ________.

Answer 68

10 days 1 month

Question 69

Regarding seizure of tenant property in VA, goods belonging to a tenant may be seized for nonpayment of rent for up to ________ after the rent is due, whether or not the lease has ended. The seizure is made by a ________ or other officer, based on a warrant issued by a judge or magistrate. The warrant is based on a petition from the lessor. The lessor’s petition must show what 2 things?

Answer 69

5 years sheriff 1) the grounds for believing that the rent is due 2) the exact amount owed

Question 70

In VA regarding rent control, in ______, the ___________ declared that federal rent control is no longer necessary in the state.

Answer 70

1950 Virginia General Assembly

Question 71

In regards to the Virginia Residential Landlord and Tenant Act and application fees, the landlord may charge a prospective tenant a fee at the time the tenant applies to lease a dwelling. If the fee exceeds _____ and the tenant does not rent the property, the landlord will refund all fees in excess of the landlord’s expenses and costs within _______. If the application fees were made by cash, certified check, cashier’s check, or money order, the refund will be made within ________ of the applicant’s failure to rent if such failure was due to the landlord’s rejection of the application.

Answer 71

$32 20 days 10 days

Question 72

In VA regarding security deposits, the security deposit may not exceed an amount equal to__________. The deposit must be returned to the tenant within _______ after the tenant vacates the property. If the landlord intends to withhold a portion of the security deposit to cover damages or losses, the tenant must be provided a written itemized list of such deductions. The landlord is required to make a final inspection of the dwelling within ________ of the termination of the lease. The landlord must notify the tenant of the date and time of the inspection, and the inspection must be at a reasonable time. The tenant has the right to be present during the landlord’s inspection, but must advise the landlord in writing of the intent to be present.

Answer 72

2 months rent 45 days 72 hours

Question 73

Regarding interest on security deposits in VA, no interest shall be due and payable unless the security deposit has been held by the landlord for a period exceeding what?

Answer 73

1) 13 months after the effective date of the rental agreement 2) after the effective date of any prior rental agreement with the same tenant, for continuous occupancy of the same dwelling unit

Question 74

In VA regarding security deposits, when property or money is held as security deposit for more than ________, it shall accrue interest at an annual rate equal to ________ below the Federal Reserve Board discount rate as of ________ of each year.

Answer 74

13 months 4 percentage points January 1

Question 75

List and describe 5 obligations of the landlord towards the tenant?

Answer 75

1) Disclosure of Ownership - The landlord must disclose in writing, prior to tenancy, the name and address of the property owner or manager 2) Confidentiality 3) Inspection of Premises - Within five days of occupancy, the landlord will provide the tenant with a written report that itemizes existing damages to the premises. The tenant has five days after receipt of this report to object in writing. 4) Disclosure of Mold - Within five days of occupancy, the landlord shall disclose, in writing, the existence of any visible evidence of mold in the dwelling. 5) Military Airport Zone Disclosures * Failure to disclose gives the tenant rights of termination in the first 30 days of occupancy.

Question 76

Regarding noncompliance by landlord, if the landlord violates the lease agreement or is in violation of any provision affecting health and safety, the tenant may notify the landlord in writing of the violations and state that the lease agreement will terminate on a date not less than _______ after the notice if the violations are not corrected in _______.

Answer 76

30 days 21 days

Question 77

Regarding nonpayment of rent and eviction in VA, recent legislation has passed to expedite the process for removing tenants from rental property. The _________ process now requires an initial hearing within ________, and the execution of the writ of possession by the sheriff should occur within ________ from the date received.

Answer 77

unlawful detainer 21 days 15 calendar days

Question 78

Regarding tenant absence from property, if a tenant plans to be absent from the property for more than _______, the landlord may enter the property for the purpose of protecting it. If the terms of the lease require tenant notification of extended absences, and if the tenant fails to advise the landlord, the tenant may be responsible for any damage that occurs during the absence.

Answer 78

7 days

Question 79

T/F. In VA automatic renewal clauses are plausible?

Answer 79

True

Question 80

In regards to early termination by military personnel, a member of the armed forces may terminate his rental agreement under what 4 terms?

Answer 80

1) member departs 35 miles or more 2) temporary orders in excess of three months’ to depart 35 miles or more 3) is discharged or released from active duty 4) is ordered to report to government-supplied housing resulting in the forfeiture of basic allowance for housing

Question 81

Regarding tenant subleasing and assignment, If the lease allows the tenant to either sublet or assign with the landlord’s approval, the landlord must approve or disapprove the written application of the prospective sublessee or assignee within _______.

Answer 81

10 business days

Question 82

Regarding disposal of abandoned property, once it is determined that the property is abandoned, the landlord may dispose of the property as he or she sees fit or appropriate, provided ______ written notice has been given to the tenant

Answer 82

10 days

Question 83

What two things cannot be signed by an attorney-in-fact?

Answer 83

1) Affidavits 2) Sworn Statements

Question 84

In VA, The state recordation tax is currently _____ per _____ of the consideration paid or the value of the property, whichever is greater. A more direct mathematical representation would be ____________. The county or city may charge up to ______ of that amount, which in the case of Fairfax County, for example, would be an additional___________. County/city tax rates may differ.

Answer 84

$.25 $100 .0025 x sales price 1/3 .0008 x sales price

Question 85

In addition to the recordation taxes, all deeds are subject to a __________ of _____ per _____ of the purchase price or the value of the grantor’s equity in the property being transferred, in the case of assumption.

Answer 85

grantor’s tax $.50 $500

Question 86

In Virginia, what serves as probate courts?

Answer 86

Circuit Courts

Question 87

What is the rule of construction in determining whether an instrument is a will or a contract?

Answer 87

If it passes a present interest, it is a deed or contract If its rights or interests do not convey until the death of the maker, it is a testamentary paper, or will

Question 88

T/F. Oral wills and nuncupative (deathbed) wills are valid in VA?

Answer 88

False

Question 89

Describe 4 characteristics of the VA Settlement Agent?

Answer 89

1) will usually be either an attorney or a title company 2) must be registered with the Virginia State Bar 3) carry errors and omissions or malpractice insurance at a minimum of $250,000 4) maintain a surety bond of not less than $100,000

Question 90

T/F. In VA, interest may be earned on funds deposited in connection with any escrow, settlement, or closing?

Answer 90

False. Interest may NOT be earned

Question 91

At a minimum, what should a title report reveal? (9)

Answer 91

1) title holder 2) legal description of property; 3) existing lenders; 4) other lienholders (such as mechanics’ lienors, judgment lienors, and tax lienors); 5) status of taxes; 6) easements, covenants, and other restrictions; 7) objections to marketability; 8) other matters affecting title; and 9) requirements for vesting marketable title in the purchaser.

Question 92

_____________ constitute liens against all _______________ that the defendant owns or subsequently acquires. If the seller denies being named in the judgment, and it is not certain that the judgment is against the seller, an _____________ to this effect may be sufficient to protect the purchaser.

Answer 92

Judgements real property affidavit

Question 93

Regarding judgements, the purchaser should require that the seller satisfy all judgments against the property because they remain as liens against the property for __________ and are subject to execution.

Answer 93

20 years

Question 94

Reported mechanics’ or materialmen’s liens must be treated as adverse claims against the property. Unreported liens are also of concern to the purchaser, who will take the property “subject to” all mechanics’ and materialmen’s liens for work or materials furnished within the last ____________.

Answer 94

90 days

Question 95

T/F. Regarding title issues and insurance, Mechanics’ liens are generally covered by standard title insurance?

Answer 95

False. insurance carriers will provide this coverage for an additional premium.

Question 96

What is the time period for which the settlement agent, considering he/she has the deed, deed of trust, and any other necessary documents recorded, may disburse the settlement proceeds?

Answer 96

within 2 business days of settlement

Question 97

A settlement agent or attorney may not disburse any loan funds prior to what?

Answer 97

recording the deed of trust or other security instrument perfecting the lender’s security instrument.

Question 98

Advertising the Title

Answer 98

When the examiner searches the grantor’s index from the date the grantor acquired title to the date it was transferred to the next grantor in the chain. This is done to determine whether any person not in the seller’s direct chain of title might have some adverse claim or interest recorded against the property to be conveyed.

Question 99

In VA regarding late charges, late charges may not exceed ________ of the installment due and cannot be collected unless the payment is not made within________ after the due date.

Answer 99

5% 7 calendar days

Question 100

Most HELOCs are __________. An increasing number, however, are first mortgages. Using a HELOC as a substitute for a first mortgage is risky. Because the balance of a HELOC may change from day to day, depending on draws and repayments, interest on a HELOC is calculated ________ rather than monthly.

Answer 100

2nd mortgages daily

Question 101

Purchase-Money Financing

Answer 101

A form of seller financing which occurs when a mortgage or deed of trust is given as part of the purchaser’s consideration for the purchase of real property. Purchase-money financing may be provided by a third party such as an institutional lender or the seller. When provided by the seller, it commonly refers to a seller “taking back” a second trust in lieu of cash to make up the difference between the first trust from the institutional lender and the selling price for the property.

Question 102

Deferred Purchase-Money Deed of Trust

Answer 102

Sellers having no immediate need to take the full amount of the proceeds of a sale may choose to defer the income

Question 103

The ________ was created in _____ by the ________. Its purpose is to make housing more affordable for those with low or moderate incomes. Currently, VHDA is self-supporting, and funding for its programs is provided by the private sector through the sales of ________. Federal and state tax dollars are not used to fund VHDA lending programs. A board of commissioners composed of ________ appointed by the ________ provides for oversight.

Answer 103

Virginia Housing Development Authority (VHDA) 1972 Virginia General Assembly VHDA bonds 10 members governor

Question 104

The Virginia Housing Partnership Fund?

Answer 104

Managed by the VHDA and was created to provide decent residential housing at prices that low and moderate income families can afford.

Question 105

Regarding foreclosure of VA and FHA loans, in comparison to normal loans, VA and FHA loans are subject to certain additional requirements. What are these 3 requirements of foreclosure?

Answer 105

1) loan must have been in default for three months prior to the commencement of foreclosure 2) notices must be given to both the debtor and the insuring agency 3) the lender must take affirmative steps to avoid foreclosure

Question 106

Virginia is a __________ state. The _______ is the agent for both the ________ (the homeowner) and the _________ (the lender) and is bound to act impartially between them. The trustee is obliged to seek every possible advantage to the trust in the course of any sale. This includes using all reasonable diligence to obtain the best price possible

Answer 106

title theory trustee grantor beneficiary

Question 107

Regarding advertisements of foreclosures in VA, the terms of the _________ will determine how the property is advertised. Even if the number of advertisements meets the terms, Virginia law provides that the sale may take place no earlier than the _________ after the___________ and no later than ________ after the __________.

Answer 107

deed of trust 8th day 1st advertisement 30 days last advertisement

Question 108

What does the Virginia Fair Housing Law, Title ____, Chapter _____ state?

Answer 108

36 5.1 All discriminatory practices in residential housing transactions are prohibited.

Question 109

Regarding the Fair Housing Board, a Fair Housing Board was created at _______ in _______ to administer and enforce the provisions of the Fair Housing Law. In the past, such authority was vested with the ____________. The Fair Housing Board shall establish, by regulation, an education-based certification or registration program, as the Board deems appropriate. The Fair Housing Board has no authority to discipline persons licensed by the REB who violate the Fair Housing Law; this authority will remain with the ______.

Answer 109

Department of Professional and Occupational Regulation (DPOR) 2003 Real Estate Board REB

Question 110

Regarding membership of the Fair Housing Board, The Fair Housing Board is composed of ______ members, to be appointed by the ________. Describe and list the make-up of the Fair Housing Board?

Answer 110

11 governor 6-Reps 1) local government 2) mortgage lending industry 3) property and casualty insurance industry 4) residential property management industry 5) disability community 6) residential land lease industry 7) Architect 8) Contractor 3 - Citizen members

Question 111

What are the initial time frame terms of Board members for the Fair Housing Board?

Answer 111

• 4 members appointed for a term of 4 years - 4 members appointed for a term of 3 years - 3 members appointed for a term of 2 years *Thereafter, all terms of Board members are for terms of four years.

Question 112

List and describe 5 exemptions to the Virginia Fair Housing Law?

Answer 112

1) An owner selling or renting his/her single-family residence - owner must not own more than 3 such homes at the time. - If the owner was not residing in the home at the time of the sale, the exemption applies to only one sale within any one 24-month period. 2) Rooms or units in one to four-family structures - owner must not use discriminatory advertising. 3) Religious organizations may discriminate on the basis of religion only 4) Private, state-owned, or state-supported educational institutions, hospitals, nursing homes, religious organizations, and correctional institutions may, require single-sex occupancy 5) Private membership clubs that provide lodging

Question 113

In regards to exemptions from Virginia Fair Housing and housing for the elderly, it is legal to discriminate on the basis of age to permit housing for elderly persons. Housing is exempt from the familial status protection if it is provided under a state or federal program designed to assist the elderly, or if it is intended for and solely occupied by persons at least ____ years of age, or if it has at least one person ______ years of age or older in ________ of the occupied units.

Answer 113

62 55 80%

Question 114

In regards to enforcement of the Fair Housing Law and discrimination, persons who feel that their rights under the Fair Housing Law have been violated may take action against the party alleged to have discriminated. Complaints involving persons licensed by the REB must be filed with the _________, which is empowered to initiate and receive complaints against licensees, investigate alleged violations, and resolve conflicts either by conference and conciliation or by issuing a charge and referring the matter to the _________ for action. A complaint must be filed with the REB within ______ of the occurrence or termination of the alleged discriminatory practice. In any action brought under the Virginia Fair Housing Law, the burden of proof is upon the ____________. The REB must acknowledge receipt of the complaint and advise the claimant of time limits and choices of forums for hearing the complaint. Accused persons must be notified of the allegation and of their legal rights within___________. Proceedings must commence within ________ after receiving the complaint. The investigation should be completed within ________. While the investigation may take longer than 100 days in some circumstances, no investigation may take more than ________ from the date of the complaint.

Answer 114

REB attorney general 1 year complainant 10 days 30 days 100 days 1 year

Question 115

Regarding enforcement of the Fair Housing Law, whether or not a complaint has been filed with the REB, a ________ may also be initiated by an injured person in a U.S. district court or state court within_______ after the occurrence or termination of an alleged discriminatory housing practice. If a civil action is filed at the same time a complaint is filed with the REB, the REB will ________ action until the court rules. If a ___________ is breached, a civil action may be filed within _________ of the breach.

Answer 115

civil action 2 years delay conciliation agreement 2 years

Question 116

The REB is composed of ________ members? A Board of Commissioners composed of _____ members provides for oversight of the Virginia Housing Development Authority (VHDA)? The Fair Housing Board is composed of _____ members?

Answer 116

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