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Virginia Real Estate

virginia Real Estate Law

A sales person who heads a team of licensees within a brokerage and wishes to advertise under the team name must? obtaina business entity license for the team
the Agency rules and regulation of the real estate board REB
DPOR the board for professional and occupational Regulation consist 9 members appointed by the Governor for four year terms and meet at least 4 times a year
virginia Real Estate transaction recovery fund each new licensee whether is a broker or sales person must pay 20$ during any two year period ending on June 30
the REB the maximum amount any single claimant may recover from the fund based on a single transaction is 20,000 regardless of the number of claimes
Licensee involved in multiple fraudulent transactions during any two year period ending june 30 the maximun payment to all claimants conbined is 100,000
through the power of eminent domain, some times referred to as taking , this process is called comdemnation
in virginia the power of eminent domain is provides by state constitution and statutes
intestate indicted that a person has died with out executing a will.
the owner of a condominium is referred as declare
what is the numbers of votes required to change bylaws in a condominiums association two thirds of total votes 2/3 = 66%
All condominium unit owner have the right to resell their individual units, in the event of an intended resale, the seller must obtain certain documents from the unit owner's association whose this documents are called Real estate Certificate
what is the statute of limitation of any action for misrepresentation of information in project instruments, Pos in time share must be initiated within two years of the date of the contract.
prevent differences in taxation or the clasifiscation for taxation purposes of properties accordin to use in a business, trade, or ocupation principle of uniformity
Anyone who performs labor or furnishes material with a value of $150 or more for the construction removal, repair or improvement of any building or structure has a right of lien on both the land and the building Mechanic'slien
types of surveys used in virginia Subdivision Plat Boundary Survey, House location Survey, Physical or as-built survey.
A licensee may act as only as pursuant to written brokerage agreement this representation is called Limited Service Agency agent must disclose status as limited service agent and present a client with a written disclosure that compare all the services to be provided.
since 1996 the environmental protection agency (EPA)has required that all the prospective buyer and tenants receive and EPA pamphlet describing the hazards of lead-base paint for any propriety build before 1978
The Virginia Housing Development authority (VHDA)Was created in 1972 by the Virginia General Assembly whit what purpose make housing more affordable for those with low or moderate incomes
VHDA is self-supporting and funding for its programs is provided by privet sector through sales of VHDA BONDS federal and state taxes are not used to fund VHDA lending programs
what is the maximum cost of resale documents to seller in condominiums and time share 100$ in condomium 50$ in time Share
what is the percentage sold condominiums to transfer control 75%
what is the minimum percentage vote to change bylaw in time share 51%
who many days are to refound deposit in a time share project 45 days
how many days to rescind contract on a condominium proyect 10 days
how many day to rescind contract on a time share project 7 days
what are the physical characteristics of Land In-mobility indestructibility Uniquenes
what are the economic characteristics of Land Scarcity improvements permanence of investments Location
types of legal property descriptions Method of annexation, adaptation to real estate agreement
personal property are movable items
personal property that had been affixed to land almost any item that has been added as permanent part of a building is considered Fixture
is a claim charge or liability that attaches to a land encumbrances
under what circumstances can a landlord release confidential information about their tenant without tenants written consent? to prospective purchaser of the rental unit
How long dose a Landlord have to return a security deposit to the tenant? 45 days
which of the fallowing is protected class under Virginia Fair Housing laws Elderliness 55 and over
A licensee decides to terminate their affiliation with a broker. what must he or she do? Nothing . the Broker is responsible for notifying the REB of the change
Under the Virginia Residential Landlord- Tenant act interest on security deposits must be paid when: when the deposit is held for 13 months or longer
the only legal Brokerage relationships in Virginia are Standard agency independent contractor limited Service agency
Discrimination based on familial status was prohibited with the passage of the Fair Housing Amendments act of 1988
the civil rights act of 1866 prohibits discrimination in housing based on race
1 acre = 43560 sq ft (7-11)
1 mile = 5280 ft or 1760 yards
1 sq mile = 640 acres
fixtures = Real propriety
a real estate broker acting as the agent of the seller is obligated to render faithful service to the principal
in the event that a homeowner's insurance policy provides coverage for less than 80% of the full replacement cost of the dwelling then the loss of the residence will be settled for either the actual cash value or the prorated repair cost
a recorded subdivision plat is used en the lot and block system
the difference between time-share and time-share estate is time share use sells only the right of ocupancy not a fee-simple estate
the provision in a listing agreement that gives additional authority to the broker and obligates the broker to distribute the listing to other brokers is a(n) Multiple Listing Clause
defeasace clause give the mortgagor the right to redeem mortgagors property upon the
defeasace clause statement in a mortgage contract indicating that once the borrower has met all the obligations for the loan, the lender is required to surrender the title
the legal proceeding or legal action brought by either the buyer or the seller under purchase contract to enforce the terms of the contract is known as specific performance
broker x in the course of selling a home to y told he that the foundation was 'solid as a rock " when he knew for a fact that it was slowly sinking into the landfill on which it was built. which of the fallowing is he not likely to subjected to being sued criminally for restitution
statutory right that a family has in its residence is called homestead
a listing contract in which the broker's commission is contingent on the broker being able to produce a buyer before the property is sold by the owner or another broker is called open listing
which of possession has indefinite duration freehold estate
the essential elements of a contract include Notarized signatures
which deeds contains no expressed or implied warranties quitclaim deed
a broker is permitted to represent both the seller an the buyer in the same transaction when both parties have been informed and agree to the dual representation
A salesperson who represents the seller is showing a house to a prospective buyer. the sales person knows that the house has a wet basement. with holding the information prevents the buyer from making an informed decision.
if upon the receipt of an offer to purchase his property under certain conditions, the seller makes a counteroffer,the prospective buyer relieved of his original offer.
Federal law that requires certain disclosures to consumers about mortage loan settlements. The law prohibits the payment or receipt of kickbacks and certain kinds of referral fees. RESPA
RESPA is administrated by HUD
Federally related loans are those made by banks, savings an loan associations, or other lenders whose deposits are insured by federal agencies; loans insuredby the FHA ;loans are administered by by? HUD
RESPA consumer protections CLO regulation CBA disclosure Settlement cost Booklet Good-Faith estimate of settlement cost uniform Settlement Statement Prohibition of kick backs and unearned fees
A real estate lince has a buyer agency agreement. what is the seller in this situation ? a customer
a bill of sale is used to transfer the ownership of what? personal property
the primary purpose of a deed is to transfer title rights
The title to real estate passes when a valid deed is delivered and accepted
when a prospective buyer makes a written purchase offer that the seller accepts the the buyer receives equitable tittle to the property
to assigns a contract for the sale of real estate means? transfer one's raight under the contract
if the buyer defaulted some time ago on a written contract to purchase a seller real estate the seller can still sue for damages if he es no prohibited from doing so by statue if limitations
when a prospective buyer makes a written purchase offer that the seller accepts then the the buyer receives equitatible title to the property
Equitatible title prospective buyer has obtained the right to adquire owner ship of a property currently owned an occupied by another
to assign a contract for the sale of real estate mean to : Transfer ones rights under the contract
seller vendor
Mortgage broker Arranges Loans between borrowers and investors
Discount points charges by a lender on a federal a or FHA loan , are a percentage of the Loan Amount
When the amortized payment for a mortgage remains constant over the period for the loan but leves an austanding blance to be paid at end this payment is caller Ballon payment
In a installment Land contract what type of title did the seller retain Legal
legal Title it is the type of contract the buyer dose'nt receive legal title to the property until the final payment is made the buyer receives equitable title at the closing an upon final payment to the seller receives legal title
Under RESPA a copy of real estate settlement costs must be given to the buyer at time of loan application o within 3 days of application
in most state by paying the debt after foreclosure sale the mortgagor has the right to regain the propriety what is this right called Statutory right of redemtion
The maximum permissible loan to value ratios are based on sale price or appraised value whichever is lower amount
RESPA would prohibit which of the followings acts. PAYING KIKBACKS
a mortgage company makes a number loans to be assemble in to one package and sold to permanent investor this process it is an example of intern financing to mortgage company and is called WAREHOUSING
The primary purpose of truht in lending is to disclosed the true cost of obtaining credit
True lending regulation
buyer assumes the mortgage the new loner relived of the liabilities this is call Novation
which transaction requires security license? selling shares in Fannie Mae
who is not an Originator of primary loans FHA
Discrimination es prohibited in lending practices under ECOA
when real estate under an estate for yeas is sold what happens to the lease? It binds the new owner.
jim, manny and Harry are joint tentants owning a parcel of land harry conveys his interest to his long friend wendell after he conveyance jim an manny remain join tenants owing two thirds of interest
when a claim is settled by title insurance company the company acquires all rights and claims of the insured against any other person who is responsible for the loss this is known as what subrogation
the federal fair Housing CT states the a primal (at first view ) case against a broker for discrimination b e established after a complaint has been received because the broker has failed to do which the broker has failed to display a Hud opportunity poster
What type of agreement allows the owner to appoint an exclusive agent to sell his propriety but retains the right to sell the propriety him self EXCLUSIVE AGENCY
the essential elements of a contract includes all offer an acceptance competent parties consideration
the essential elements of a contract includes all exept Notarized signitures
a competent and disinterested person who is authorized by another person a to act in his or her place and sign a contract of sale is called n Attorney in fact
Federal Housing Administaration (FHA) government-sponsored housing finance agency that operates in the primary market by providing a default insurance program, as well as other housing programs and initiatives
FHA mortgage insurance Government sponsored mortgage insurance that protects lenders from any loss after foreclosure and conveyance of title to the property to the US Department of Housing and Urban Development (HUD). Insurance premium is paid by the mortgage borrower
Ginnie Mae guarantees the timely payment of principal and interest payments on residential mortgage-backed securities (MBS) to institutional investors worldwide.
MIP mortgage insurance primiun Upfront insurance premium required by FHA insured loans
Listing agreement Broker is hired to find a buyer for the owners real estate under his condition
Express contract An oral or written contract in which the parties state the contract’s terms and express their intentions in words
consideration that eceived by the grantor in exchange for a deed or something of value to show you are serous about purchasing
contingencies Conditions that must be fulfilled before the contract becomes binding; approval for loan, selling house first, certain items go w/ home
Testate having made and left a valid will
testator Person whom makes a valid will
Lien theory Some states interpret a mortgage as being purely a lien on real property/
Reg B Equal credit opportunity act, non discrimination in consumer lending
reg Z truth-in-lending disclosure act, requires key info within the loan to be clearly disclosed to you (true cost of obtaining credit)
sales comparison approach the process of estimating the value of a property by examining and comparing actual sales of comparable properties in the area.
alienation Transfer of title to real property
appurtenances All rights or privileges that result from ownership of a specific property and move with the title
block and lot A valid legal description of property on the tax map or a prior recorded legal instrument
Chris Downes is considering buying some property to hold as an investment. The property is 1 square mile. He wants to figure out how many acre lots he could subdivide the property into and then how many square feet the property is. How many acres is it an 640 acres; 27,878,400 square feet
Which of the following types of ownership CANNOT be created by operation of law, but must be created by the parties' expressed intent? tenancy by the entireties
ccording to Virginia law, all of the following characteristics apply to the definition of a real estate salesperson, except which of the following? Any person or business entity, including, but not limited to, a partnership, association, corporation or limited liability company"
deeds contains no expressed or implied warranties a quitclaim deed"
A bilateral contract is one: where a promise by one party is given in exchange for a promise by another party.
Undue influence or duress applied to one party to a contract makes the contract: voidable.
When the lender under a deed of trust requires title insurance, who would be the most likely person to pay for it? the trustor
Discrimination is prohibited in lending practices under ECOA
Which of the following accurately describes plottage Another name for the lots in a planned unit developmen
Which of the following is NOT a cap for ARMs? a. Annual cap on the interest rate b. Life of loan interest rate cap c. Payment cap d. Index cap Index cap
The Jansen Outdoor Display Company wants to put up a billboard on the roof of the Mason Company's apartment building that fronts 1-95. To gain access to the roof, the Jansen Company asks the Mason Company for a lease allowing it to erect a billboard.
lease allowing it to erect a billboard. Transfer one's rights under the contract
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 val No acceptance has been given.
Created by: edcampos101