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Flashcards in Big Cards Deck (116)
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1

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

- 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

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:

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"

3

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

Buyer
Closing or Settlement

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.

False. Past Year

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.

December 31
3rd

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?

False. Only Prior

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)

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

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.

6 months
60 days

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.

120 days

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.

writ of execution
20 years

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.

10 years

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 _______.

writ of possession
sheriff

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.

30 days
10 days

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.

nonresident's death
memorandum
10 year's

15

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

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

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.

lis pendens
memorandum

17

Describe the landlord's lien?

- 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

18

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

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

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?

-condominium resale packet must be provided

-POA disclosure packet must be provided

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.

resale packet
14 days

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 ___________.

January 1, 1978

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?

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

23

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

1667
Statute of Frauds

24

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

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

25

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

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

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.

1) 75%

2) 2/3

3) 80%

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.

14 days

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

$.10
$100

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.

$25
3
$325

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.

90 day's
60 days
120 days'