virginia Real Estate Law
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| 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
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| the Agency rules and regulation of the real estate board | REB
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| 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
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| 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
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| 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
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| Licensee involved in multiple fraudulent transactions during any two year period ending june 30 the maximun payment | to all claimants conbined is 100,000
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| through the power of eminent domain, some times referred to as taking , this process is called | comdemnation
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| in virginia the power of eminent domain is provides by | state constitution and statutes
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| intestate | indicted that a person has died with out executing a will.
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| the owner of a condominium is referred as | declare
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| what is the numbers of votes required to change bylaws in a condominiums association | two thirds of total votes 2/3 = 66%
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| 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
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| 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.
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| prevent differences in taxation or the clasifiscation for taxation purposes of properties accordin to use in a business, trade, or ocupation | principle of uniformity
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| Anyone who performs labor or furnishes material with a value of $150 or more for the construction removal, repair or improvement of any building or structure has a right of lien on both the land and the building | Mechanic'slien
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| types of surveys used in virginia | Subdivision Plat Boundary Survey,
House location Survey,
Physical or as-built survey.
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| A licensee may act as only as pursuant to written brokerage agreement this representation is called | Limited Service Agency agent must disclose status as limited service agent and present a client with a written disclosure that compare all the services to be provided.
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| since 1996 the environmental protection agency (EPA)has required that all the prospective buyer and tenants receive and EPA pamphlet describing the hazards of lead-base paint for any propriety build before | 1978
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| The Virginia Housing Development authority (VHDA)Was created in 1972 by the Virginia General Assembly whit what purpose | make housing more affordable for those with low or moderate incomes
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| VHDA is self-supporting and funding for its programs is provided by privet sector through | sales of VHDA BONDS federal and state taxes are not used to fund VHDA lending programs
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| what is the maximum cost of resale documents to seller in condominiums and time share | 100$ in condomium
50$ in time Share
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| what is the percentage sold condominiums to transfer control | 75%
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| what is the minimum percentage vote to change bylaw in time share | 51%
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| who many days are to refound deposit in a time share project | 45 days
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| how many days to rescind contract on a condominium proyect | 10 days
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| how many day to rescind contract on a time share project | 7 days
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| what are the physical characteristics of Land | In-mobility
indestructibility
Uniquenes
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| what are the economic characteristics of Land | Scarcity
improvements
permanence of investments
Location
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| types of legal property descriptions | Method of annexation,
adaptation to real estate
agreement
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| personal property | are movable items
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| personal property that had been affixed to land almost any item that has been added as permanent part of a building is considered | Fixture
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| is a claim charge or liability that attaches to a land | encumbrances
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| under what circumstances can a landlord release confidential information about their tenant without tenants written consent? | to prospective purchaser of the rental unit
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| How long dose a Landlord have to return a security deposit to the tenant? | 45 days
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| which of the fallowing is protected class under Virginia Fair Housing laws | Elderliness 55 and over
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| 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
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| 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
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| the only legal Brokerage relationships in Virginia are | Standard agency
independent contractor
limited Service agency
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| Discrimination based on familial status was prohibited with the passage of the | Fair Housing Amendments act of 1988
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| the civil rights act of 1866 prohibits discrimination in housing based on | race
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| 1 acre = | 43560 sq ft (7-11)
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| 1 mile = | 5280 ft or 1760 yards
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| 1 sq mile = | 640 acres
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| fixtures = | Real propriety
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| a real estate broker acting as the agent of the seller | is obligated to render faithful service to the principal
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| 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
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| a recorded subdivision plat is used en the | lot and block system
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| the difference between time-share and time-share estate is | time share use sells only the right of ocupancy not a fee-simple estate
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| 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
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| defeasace clause | give the mortgagor the right to redeem mortgagors property upon the
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| 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
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| 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
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| 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
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| statutory right that a family has in its residence is called | homestead
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| 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
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| which of possession has indefinite duration | freehold estate
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| the essential elements of a contract include | Notarized signatures
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| which deeds contains no expressed or implied warranties | quitclaim deed
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| 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
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| 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.
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| 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.
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| 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
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| RESPA is administrated by | HUD
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| 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
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| 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
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| A real estate lince has a buyer agency agreement. what is the seller in this situation ? | a customer
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| a bill of sale is used to transfer the ownership of what? | personal property
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| the primary purpose of a deed is to | transfer title rights
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| The title to real estate passes when a valid deed is | delivered and accepted
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| when a prospective buyer makes a written purchase offer that the seller accepts the the | buyer receives equitable tittle to the property
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| to assigns a contract for the sale of real estate means? | transfer one's raight under the contract
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| 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
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| when a prospective buyer makes a written purchase offer that the seller accepts then the | the buyer receives equitatible title to the property
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| Equitatible title | prospective buyer has obtained the right to adquire owner ship of a property currently owned an occupied by another
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| to assign a contract for the sale of real estate mean to : | Transfer ones rights under the contract
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| seller | vendor
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| Mortgage broker | Arranges Loans between borrowers and investors
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| Discount points charges by a lender on a federal a or FHA loan , are a percentage of the | Loan Amount
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| 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
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| In a installment Land contract what type of title did the seller retain | Legal
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| 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
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| 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
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| 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
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| The maximum permissible loan to value ratios are | based on sale price or appraised value whichever is lower amount
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| RESPA would prohibit which of the followings acts. | PAYING KIKBACKS
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| 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
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| The primary purpose of truht in lending is to | disclosed the true cost of obtaining credit
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| True lending | regulation
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| buyer assumes the mortgage the new loner relived of the liabilities this is call | Novation
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| which transaction requires security license? | selling shares in Fannie Mae
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| who is not an Originator of primary loans | FHA
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| Discrimination es prohibited in lending practices under | ECOA
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| WHICH OF THE FOLLOWINGS TYPES OF OWNERSHIP CANNOT BE CREATED BY OPERATION OR LAW BUY MOST BE CREATED BY THE PARTIES EXPRESSED INTENTED | TENANCY BY THE ENTIRESLES.
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| when real estate under an estate for yeas is sold what happens to the lease? | It binds the new owner.
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| 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
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| 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
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| 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
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| 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
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| the essential elements of a contract includes all | offer an acceptance
competent parties
consideration
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| the essential elements of a contract includes all exept | Notarized signitures
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| 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
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| 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
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| 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
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| Ginnie Mae | guarantees the timely payment of principal and interest payments on residential mortgage-backed securities (MBS) to institutional investors worldwide.
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| MIP mortgage insurance primiun | Upfront insurance premium required by FHA insured loans
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| Listing agreement | Broker is hired to find a buyer for the owners real estate under his condition
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| Express contract | An oral or written contract in which the parties state the contract’s terms and express their intentions in words
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| consideration | that eceived by the grantor in exchange for a deed or something of value to show you are serous about purchasing
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| contingencies | Conditions that must be fulfilled before the contract becomes binding; approval for loan, selling house first, certain items go w/ home
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| Testate | having made and left a valid will
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| testator | Person whom makes a valid will
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| Lien theory | Some states interpret a mortgage as being purely a lien on real property/
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| Reg B | Equal credit opportunity act, non discrimination in consumer lending
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| reg Z | truth-in-lending disclosure act, requires key info within the loan to be clearly disclosed to you (true cost of obtaining credit)
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| sales comparison approach | the process of estimating the value of a property by examining and comparing actual sales of comparable properties in the area.
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| alienation | Transfer of title to real property
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| appurtenances | All rights or privileges that result from ownership of a specific property and move with the title
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| block and lot | A valid legal description of property on the tax map or a prior recorded legal instrument
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| 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
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| 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
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| 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"
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| deeds contains no expressed or implied warranties | a quitclaim deed"
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| A bilateral contract is one: | where a promise by one party is given in exchange for a promise by another party.
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| Undue influence or duress applied to one party to a contract makes the contract: | voidable.
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| When the lender under a deed of trust requires title insurance, who would be the most likely person to pay for it? | the trustor
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| Discrimination is prohibited in lending practices under | ECOA
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| Which of the following accurately describes plottage | Another name for the lots in a planned unit developmen
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| 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
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| 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.
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| lease allowing it to erect a billboard. | Transfer one's rights under the contract
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| 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.
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