Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Va Realestate Exam > All > Flashcards

All Flashcards

0
Q

Riparian

A

Borders moving water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Define a fixture (4 criteria)

A

1) method of attachment
2) adaptation
3) agreement
4) relationship of parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Littoral

A

Boarding non moving water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Prior appropriation

A

First to divert has superior rights to all

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Heterogeneous

A

Every piece is unique

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Can’t be moved

A

Always local commodity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Physical indestructibility

A

Land can’t be destroyed not insurable or depreciated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Uniqueness

A

Legal basis for specific performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Scarcity

A

Economic land characteristic land is limited

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Situs

A

Economic land characteristic for area preference “location, location”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Improvements

A

Economic land characteristic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Investment performance

A

Sewage, drainage, electric making land more valuable over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Metes and bounds

A

Starts with POB marked with permanent artificial monuments. Metes are measurement (inches, feet,acres etc.)
Bounds artificial monuments, compass angle, irregular shaped lots

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Government survey

A

Large scale tracks, west, geodetic, rectangular system
Principal meridians north to south
Base lines east to west
T4s, r3e

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Los pendens

A

Action pending against a property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Property tax lien

A

Specific, superior

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

easement appurtenant

A

Enjoyed by the owner of real estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Easement in gross

A

Attached to a certain person, not sold with the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Dominant estate

A

Right to use land of another “benefits” from easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Serving estate

A

Land subject to use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Express reservation

A

Created by a landowner selling his property but retaining an easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Freehold

A

Exclusive rig to procession and use of land for an indefinite period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Fee estate

A

Type of freehold estate

Highest and most unrestricted ownership in land exits it’s indefinitely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Life estate

A

Conveyed for duration of life
Has all 6 bundles of legal rights
Only for duration of life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Life tenant

A

Holder of life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Pur auntre vie

A

For another’s life; a persons interest in a life estate last for the duration of another’s life instead of their own

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Non freehold estate

A

Leasehold conveys right to procession only for a specific period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Sole ownership

A

Estate in severalty, passes to heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Joint tenancy

A

Method of ownership where title is held by multiple persons as if each was a single person. Identical rights in the property. Automatically passes to other tenant. Right of survivorship.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Joint tenancy 4 elements “unities”

A

Title - gain from same instrument, same deed..same will
Time - all tenants named at the same time.
Interest- all one one single interest in land equally same shares for same duration
Possession- undivided possession of whole property equal use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Tenancy in common

A

Most common type
Equal or uneven shares
No right of survivorship each can pass to heirs
Can transfer interest at will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Estate for years

A

Leasehold estate definite beginning and ending date; no notice required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Estate from year to year

A

Periodic automatic from one period to the next requires proper notice from either side to terminate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Estate at will

A

In lawful possession without a definite time specified when he will vacate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Condominiums

A

Holds title to individual units; full bundle of rights, common areas are tenants in common, taxed separately

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Cooperatives

A

Receives stock in corporation
Proprietary lease
La
taxes and liens are against entire property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Timeshares

A

Fee simple title as tenants in common.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Alienation

A

Any transfer of real property voluntary or involuntary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Marketable title

A

Aka merchantable title or perfect title that is reasonable free from defects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Equitable title

A

Right to receive legal title after completing specified performance like paying off a mortgage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Abstract

A

A condensed history of a title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Certificate of title

A

A title examiners final opinion based on the title search. Marketable or free from defects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Subrogation clause

A

If an owner makes a claim in a title it grants the insurer the same rights and remedies that the owner has

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Warrant deed

A

Offers greatest possible protection to the grantee and is the most common type.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Seisin

A

Assurance made by grantor of a deed that they own what they say and can convey it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Quiet enjoyment (in titles)

A

Promise arising for a grantor that the grantee will enjoy quiet enjoyment without disturbance of hostile claimants. Doesn’t promise title is perfect like seizin but says will be defended

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Furtherer assurances

A

Aspect of warrant deed that the grantor will do any further acts that might be required to ensure perfect title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Special warrant deed

A

Conveys real property but grantor only warrants title against defects arising while he owned. I.e. Executor, trustee, guardian

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Bargain and sale deed

A

Contains no promises by the grantor about the status of title to be conveyed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Quitclaim deed

A

Grantor makes no promises about the status of title and passes it as-is used to clear clouds on title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Premises clause

A

Granting clause names parties to the transaction, the extend of ownership, the consideration, and legally describes the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Habendum clause

A

Follows the premises clause. Indicates type of estate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Testimonium clause

A

Conclusion of deed “in witness whereof the parties to these present have hereunto set their hands and seal”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Recording

A

A deed is valid even if not recorded however offer little protection from claims against the property. Creates a public record to verify if marketable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

RESPA

A

Real estate settlement procedures act. Enforced by consumer financial protection bureau that regulates closing procedures. Informed of settlement costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

RESPA exemptions

A

Business purpose loans, loans involving 25 acres or more, temporary financing, loans for vacant land, loan conversions, secondary market transfers, financed by seller, assumption of existing loan, or more than 4 units.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Good faith estimate

A

Estimate of settlement charges. Must receive within three days of application

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Transfer taxes

A

Generally paid by the seller, grantor, lessor, and are due when deed is recorded. Based in sales price of the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Federal tax deductions

A

Homeowners may deduct mortgage interest payments, real estate taxes, and some closing cost (points) from federal income tax.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Condemnation

A

A law suit initiated by the government against a landowner who fails to consent to the government taking property through eminent domain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Inverse condemnation

A

Situation where govt regulation is so pervasive that it eliminates any economically viable use of ones property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Escheat

A

Govt power that causes unclaimed property to transfer to the state…person dies intestate or without a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Dedication

A

The voluntary transfer of privately owned property to a governing body for public purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Public grant

A

Voluntary transfer of land from government to private owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Takings clause

A

Constitutional limitation on government powers that prevents from taking property with out fair compensation or for non public purpose.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Zoning

A

Valid exercise of police powers. Defines permissible land uses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Variance

A

Relief for case specific hardships due to zoning. May be permitted if homeowner can show undue hardship and can show it won’t greatly alter the character of the locality.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Conditional use/special use permits

A

Authorizes a particular use that benefits the community rather than an individual ie hospital to be built in residential area.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Spot zoning

A

Zoning for small area differs significantly from surrounding zoning. Usually used in areas to accommodate a non conforming use. Rarely survives a legal challenge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Bulk zoning

A

Used to control building density rather than land use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

CERCLA

A

Imposes mitigation abatement and cleanup for an owners property. Even if they weren’t responsible ?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Zoning vs. covenants

A

In the event of conflict zoning laws need to be followed over covenants. Arises when a deed restriction is less restrictive than a zoning law.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

Equal credit opportunities act

A

When reviewing a renters credit history. The ECOA prevents discrimination based on race, color, religion, national origin, sex, marital status, age, or dependance on public assistance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Gross lease

A

Fixed lease or flat lease pays rent at a fixed rate. Lessor pays taxes, insurance, and all other expenses such as maintenance and repair.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

Net lease

A

Lessee pays base rate ( a fixed amt) and also pays pro-ratated share of expenses associated with the building. Usually based on the square footage. Base rent plus prorate is referred to as the effective rent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Percentage lease

A

Fixed amt of rent plus a percent of business income that exceeds an agreed upon amt.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Gradual lease

A

Lessee pays predetermined rental increases at specific times

77
Q

Federal interstate land sales full disclosure act

A

Enacted in 1968 land developers must register subdivisions of 100 or more non exempt lots with HUD and provide each purchaser with a property report

78
Q

Property report (under Fed interstate land sales full disclosure act)

A

Given prior to purchaser agreement signed
Distance to nearby communities over paved or unpaved roads
Existence of mortgages or liens on property
Loc. of recreation, available sewer service, type of title,
Buyer has two years to cancel contract and get money back

79
Q

Federal interstate land disclosure act…cooling off

A

7 days following the date of the contract being signed to cancel for any reason by notice to seller and get money back

80
Q

Taxable income

A

Gross income minus allowable expanses and deductions

81
Q

Potential gross income

A

The maximum potential rental income a rental property could produce if all units were occupied, also known as projected gross income and scheduled gross income.

82
Q

Effective gross income

A

Effective gross income is the actual rental income received after deducting any rental losses and vacancies

83
Q

Net operating income

A

Net operating income (NOI) is the actual gross income derived by subtracting all other operating expenses from effective gross income.

84
Q

Economic life

A

The estimated time period during which an improvement yields a return over and above that which is attributed to the land. Used by appraisers and investors for tax depreciation purposes.

85
Q

Investment permanence (fixity)

A

Concept that describes the permanence of an investment in infrastructure improvements..produces stable and long term returns. Offers greater options for future development than a specific improvement like residential home

86
Q

Valid contract elements

A

Offer, acceptance, consideration, and lack of defenses that would otherwise cancel a contract or prevent it from being formed. Meeting of the minds between two parties, lack of capacity.

87
Q

Creates Void contract

A

Legally insane, no meeting of the minds, fraud in factum (intentional deceit, that tricks into a document other than what was intended) buyer tricked so no meeting of minds, illegal, duress,

88
Q

Voidable contract

A

Limited capacity, non legal insanity, minors (must reject within a reasonable time of becoming an adult), intoxication ( must act promptly), fraud in the inducement (seller misrepresents material information intentional deceit), mistake (mutual, unintentional, material mistake).

89
Q

Unilateral

A

Single party promises to perform under specific conditions. No ,eating of the minds….$50 reward for return of my dog

90
Q

Bilateral

A

Both parties make promises to perform

91
Q

CCR’s

A

Covenants, conditions, and restrictions.

92
Q

Novation

A

Parties agree to substitute one agreement in part or in full for another agreement. New party is Liable to perform relieving the original party.

93
Q

Statute of frauds

A

Requires certain contracts to be written to be enforceable. Sale of land, transfer for more than a year, leases longer than a year

94
Q

Monetary damages

A

Remedy for breach of contract that is limited to the amount the parties agreed to (liquidated damages)

95
Q

“Benefit of the bargain” damages

A

The difference between the fair market value and the contract price (seller) or diff between the contract price and FMV (buyer)

96
Q

Liquidated damages

A

Damages specifically agreed to. Exclusive damages available to the non-breaching party. USUALLY earnest money

97
Q

Specific performance

A

Court ordered contract remedy that enforces the breech jog party to perform as promised in a contract. Because real estate is unique…not available for other contracts.

98
Q

Assignment

A

A new party agrees to receive the rights and responsibilities that the original party promised, without relieving the original petty of liability. The old contract remains in tact and a new party is added

99
Q

Open listing

A

Between a seller and any number of buyers, only pays broker who sells or can sell themselves. Unilateral (obligates only broker to act) executory( will not arise until buyer is found) and indefinite expiration date.

100
Q

Exclusive agency

A

Seller agrees to pay broker if he sells AND if any other broker does. But not if owner sells himself. Must be written, bilateral, and have definite expiration.

101
Q

Exclusive right to sell

A

Greatest benefit to the broker, paid no matter who sells property, must be written, bilateral, executory, for personal service, and must have definite expiration date

102
Q

Terminating listing agreements

A

Full performance, abandonment by the broker; breach, lapse of time; mutual agreement, revocation, death, insanity, or bankruptcy, change of ownership of property or destruction of property.

103
Q

Open buyer agreement

A

Counterpart to an open listing, compensates who first brings a property to a buyer

104
Q

Exclusive buyer agency agreement

A

Pays agent only if agent finds a property, not if they find on their own or with anorexic broker, counterpart to exclusive agency

105
Q

Exclusive agency buyer agency agreement

A

Compensates broker is property similar to one described on contract is found no matter who finds it.

106
Q

Termination of buyer-broker agreements

A

Full performance, abandonment by the broker, breach, lapse of time, mutual agreement, death, insanity, or bankruptcy, revocation

107
Q

Equitable title

A

Limited ownership interest that conveys the right to receive legal title upon full performance, buyer receives once both parties sign purchase agreement or sales contract

108
Q

Option contract

A 
A buyer (or lessee) contracts with a seller for the exclusive privilege (but not obligation) of accepting an offer at a specified price for a specified period of time 
Unilateral
109
Q

Option contract elements

A

Must have 3 essential contract elements (Offer/acceptance
Consideration and lack of defenses) along with a specified price, the date the option will expire, and a description of the property.

110
Q

Rescission

A

Terminate a contract by mutual agreement and without breach returns parties to their original positions

111
Q

Independent contractor

A

Hired to perform a specific task, who uses independent discretion and judgement to select a method of completion.

112
Q

Single agency

A

Agency representation where broker represents only one party in the transaction. That party is the client and the other party is the customer.

113
Q

Dual agency

A

Same agent represents multiple parties with competing interests in the same transaction. Escrow agents are example.
Must be written and signed by all parties before any confidential information is exchanged.

114
Q

Designated agency

A

Single broker represents both buyer and seller but appoints two different salespeople to handle the transaction.

115
Q

Universal agent

A

Authorized to perform a variety of tasks, much broader grant than special or general agency. An unlimited power of attorney is an example. Have authority to legally obligate clients.

116
Q

Fiduciary

A

Person holding a position of trust and confidence by the virtue of their representation of another. Fair and honest treatment, disclose material adverse facts, performance of ministerial acts.
Obedience to client
Loyalty, disclosure, confidentiality, accounting, reasonable care and due diligence.

117
Q

Express agreement

A

Agency agreement where parties clearly state such an intent orally or in writing.

118
Q

Implied agreement

A

Agency agreement created by actions or statements of the parties. If they act as though an agency relationship exists it does.

119
Q

Trust accounts

A

Escrow accounts laws require brokers to maintain in order to deposit and hold monies if third parties.

120
Q

Fair housing laws

A

Administered by HUD; enforced by HUD and dept of justice. Includes dwellings for sale or lease. All buildings, structures, vacant land, not including commercial property.

121
Q

Civil rights act of 1866

A

Federal law and constitutional amendment that prevents any discrimination based on race. Enforced by federal court.

122
Q

Federal fair housing act of 1968

A

Race, color, religion, sex, or national origin.

123
Q

Fair housing amendment act of 1988

A

Increased penalties for violators and to include handicapped and for familial status.

124
Q

Fair housing exemption

A

Never race

125
Q

Private individual owner exemptions of fair housing

A

Exempt if

1) they don’t own more than three single-family houses at any one time
2) don’t sell more than one sfh in any two year period
3) do not employ a real estate agent
4) do not use discriminatory advertising
5) owner occupants ie rent rooms exempt from non racial aspects if less than 4 units.

126
Q

Elderly housing

A 
All residents (excluding employees) over 62
Or at least one person in household be 55 years old or older and 80% of all units are so occupied... They are exempt from familial status protection.
127
Q

Federal fair housing enforcement

A

File a complaint with HUD within one year of the alleged act or two years in federal court. Right to hearing by administrative law judge who can award actual damages.

128
Q

Fair housing penalties

A

Up to 16k for first time violations, 65k for third time violations within 7 years. Pattern on discrimination…civil penalties up to 55k to 110k

129
Q

Primary mortgage market

A

Direct lenders aka prime lenders or originators who make loans directly to borrowers. Most sell the loan to other investors, by selling their loans they liquidate their investment and receive additional funds to make more loans

130
Q

Secondary mortgage market

A

Network of institutions that purchase and sell existing mortgages.

131
Q

Usury

A

Act of charging interest rate in excess of what the law permits, state usury laws establish a max interest rate lenders may charge.

132
Q

Reduction certificate

A

Doc aka estoppel certificate that certifies the status of a loan as of a certain date. Usually provided when a loan is being assumed

133
Q

Hypothecation

A

Lending arrangement where buyer retains right to possess while it serves as security for loan.

134
Q

Graduated payment mortgage

A

Fixed rate loan where payments are initially negatively amortized (causing low initial payments) and then amortized causing increasing payments for the life of the loan.

135
Q

Interest only mortgage

A

Aka straight mortgage or term loan where buyer pays only interest during the life of the loan followed by the entire balance. Achieve low monthly payments in the begining.

136
Q

Blanket mortgage

A

Borrower pledges more than one parcel of real estate, normally contain a partial release clause allowing parcels to be released as the debt is paid down.

137
Q

Package loan

A

Pledges personal property as well as real property as collateral.

138
Q

Conventional loans

A

Originated by primary market lenders without government insurance. Represents a greater risk to lenders than govt backed loans. Down payment PMI

139
Q

FHA

A

Govt backed loan backed by government insurance. Provides mortgage insurance on loans made by the FHA approved lenders. Insures but does not originate

140
Q

VA loan

A

Govt backed loan that is guaranteed.
Established in 1944
Guarantees loans made by approved lenders; they can lend but typically don’t.
Little or no down payment
And no PMI
Regulated closing costs
Funding fee charged at closing; 2.15 first time and
Are assumable and prepaid without penalty

141
Q

Commercial banks

A

Banks which make loans primarily to assist commerce especially in the areas of business loans, home improvement loans, and short term construction ( demand deposits (checking accounts) are primary source of funds). Need to be
More liquid than s&l

142
Q

Savings and loans S&L

A

Deal mainly in conventional loans and govt backed loans but primarily conventional loans. They also buy and sell mortgages on the secondary market.

143
Q

Mortgage bankers

A

Primary lender that borrow from commercial sources. Close loans in their own name, assume risks, and may service loans even after sold. They do not take deposits.

144
Q

Mortgage broker

A

Merely an intermediary who arranges and closes loans in the name of the lender. Doesn’t loan funds themselves. They arrange loans and then charge the borrower a fee.

145
Q

Secondary mortgage market

A

Purchase and sell existing mortgages

146
Q

FNMA

A

Fannie Mae doesn’t loan money directly. Generates funds by buying and selling existing FHA and VA loans and conventional mortgages.

147
Q

GNMA

A

Ginnie Mae operates federal subsidy housing loan programs. Works with Fannie Mae to provide special assistance programs for low yield, high risk loans. Helps to stabilize national realestate markets. Don’t buy or sell loans

148
Q

FHLMC

A

Freddie Mac
Borrows money from pension and trust funds to purchase mortgages and pool them together. Doesn’t guarantee payment of Freddie Mac mortgages. Purchases conventional and govt backed mortgages.

149
Q

FHA advantages

A

Lower down ala 3.5 % down
Must purchase FHA mortgage insurance. And pay it up front on each payment.
No income requirement but steady for two years
Debt to income 31% for housing costs and 43% for housing expenses less than conventional.
Credit score more forgiving
Sets max loan amts
Defines allowable closing costs

150
Q

Inactive statue

A

Person who is not under the supervision of a principal or supervising broker. Can’t engage in acts requiring a license.

Must apply for active status within 3 years or re-qualify
Education must be within 2 years

151
Q

Regulant

A

One who is regulated by the board

152
Q

Brokerage agreement

A

Written agreement establishing the brokerage relationship between client and a licensee which states if they will represent as an agent or independent contractor.

153
Q

Brokerage relationship

A

The contractual relationship between a client and a licensee

154
Q

Client

A

The person who has entered into a brokerage relationship with a licensee

155
Q

Sole proprietor (non broker owned)

A

Brokerage firm which requires a firm license but must be owned by an unlicensed individual under specific circumstances.

156
Q

Sole proprietor (principal broker owned)

A

Brokerage firm which does not require a firm license as long as the individual broker/owner is licensed.

157
Q

The VREB consists of:

A

Consists of 9 members
7 licensed brokers or salespersons with five consecutive years of experience and 2 citizens with a 4 year term
Chairmen elected from membership.

158
Q

vRAB authority

A

Regulates real estate licenses
May enforce va fair housing laws involving licensees and their employees.
May promulgate real estate forms; but can’t standardize agreements ( such as sales contracts)

159
Q

License exemptions

A

Sell own property
Act under power of attorney
Follow a court order
Auction property when not held over 48 hrs

160
Q

Firm license qualifications

A

All firms except those owned by a single broker and a single location must be separately licensed and must be registered to do business in Virginia

161
Q

Business entity salesperson license

A

Licensed salespersons and associate brokers may apply for a separate “business entity” sales person license. Permits work under a broker as a business entity and to benefit from the accompanying limitations on personal liability.

162
Q

Non residents license by reciprocity

A

Applying for a va license must file an irrevocable consent to suits and services.
Waive national portion of exam and pre exam class
Salesperson experience is 12 to 36 months or 36 to 48 broker experience.
Must take va portion

163
Q

Concurrent brokers license

A

Seeking to be active in multiple firms (only brokers can) broker pays fee, submit application, and provide written verification that they notified the principal broker of each firm.

164
Q

Branch offices

A

Must be licensed and supervised by a broker even If owned by a single licensed broker. Branch licenses must be kept at the licensed branch.

165
Q

Reporting change in status

A

Active vs inactive must be reported within 10 days

166
Q

Termination

A

Broker must return license to the board by certified mail within 10 days

167
Q

Voluntary inactivation

A

The licensee must notify the board within 10 days.

168
Q

Change in personal information

A

30 days address, name

169
Q

Change in firm info

A

Firm or branch address or ownership principal broker has 30 days

170
Q

Termination of principal broker

A

Firm must return within 3 days

171
Q

Reinstatement

A 
Expired licenses may reinstate for up to one year following expiration (within 30 days by paying renewal fee; 31 days to 1 year by paying extra reinstatement fee.
Salesperson 100
Sales person business entity 135
Broker 120
Concurrent broker 120
Firm 245
Branch office 135
172
Q

Lapse

A

Licenses not timely reinstated (over 1year from expiration) must reapply for initial license.

173
Q

Post licensure education (salesperson)

A

30 hrs of PLE within 1year of initial certification. When renewing for the first time active Nd inactive must complete

174
Q

Continuing education

A

16 hrs every renewal period (2years). Sales persons 16, brokers 24 only active sales people and brokers are required…not inactive

175
Q

Operating a firm

A

Each branch licensed and a single location must be designated as the “main” location
Keep list of assigned licenses
Exercise reasonable supervision
Must have 1 principal broker

176
Q

Principal broker duties

A 
Ensure compliance
Receive board communications
Keep records all financial records for 3 years from the date of closing or ratification.
Supervise advertising
Manage escrow accounts
177
Q

Supervising brokers

A

Broker assigned to supervise associate brokers and salespersons at each branch
Long distance supervision over 50 miles must make quarterly certifications to the board that they complied with rules of supervision

178
Q

Associate brokers

A

Any other licensee in a firm that holds a brokers license that is not the principal or supervising broker.

179
Q

Brokerage disclosure

A

Can be verbal at first but in writing at the earliest practical time but no later than the time when specific real estate assistance is first provided.
Must be conspicuous, printed in bold, all capitals, underlined, and within a separate box.
Kept for 3 years

180
Q

Notification of dual agency

A

Written consent after giving written disclosure
Not in compliance if not signed by client
Given in purchase agreement, lease, or any other doc related to a transaction.
Can be given with other disclosures

181
Q

Conversion

A

Appropriation (stealing) of escrow money or property

182
Q

Reporting escrow violations

A

Within 3 days of forming a reasonable belief that any violation occurred

183
Q

Board inquiries

A

Respond within 21 days (questions or record requests other)

10 days for financial records any book, document, or record concerning any real estate transaction

184
Q

Reporting convictions

A

With in 30 days of plea or conviction

185
Q

Internet advertising

A

Include firm name and address and state of the firm
Individual adds must also include the licensee’s name
Online must include date of last update

186
Q

Internet disclosures

A

Web pages must display disclosures or a link to them
Email, newsgroups, bulletin boards..disclosures must app rear at the beginning or end of a message or posting
Instant messages…disclosure unnecessary only if provided elsewhere (email, letter) before providing or offering regulated services
Chat…may appear on web page containing the chat sessions (must be visible)
Voice over net (VON) must be spoken before providing or offering regulated services
Banner advertisements…disclosures must be in the advertisement itself, or be accessible via a link

187
Q

Disciplinary procedures

A

Complaints- written complaint by any person or by its own discretion
Investigation-notifies licensee and principal broker. A committee investigates. Either dismisses or prosecutes
Prosecution- agree or dispute allegations through an informal trial may impose fines up to $2500 per violation and suspend/ revoke license…must prosecute within one year of discovery, but not over 5 years of violation
Appeal- can be appealed to va court of appeals and higher
Appeal

188
Q

Transaction recovery fund

A

$20 fee
Below 400k board may assess all licensees up to a additional $20 over 2 years (45 days to respond)
2nd notice sent 30 more days to pay..then automatic suspension until received

189
Q

TRF payments

A

Obtain judgement from va court, fail to receive full compensation, exhaust all other attempts to receive full compensation, timely within 6 months of final judgment) file a claim with an affidavit describing actions and steps taken

190
Q

TRF damage limits

A

Actual damage only
Single transaction to a single aggravated party in a single transaction is $20k. Maximum TRF payment to multiple aggrieved parties in a single transaction $50k
Maximum to multiple parties is 100k
Can suspend payments for up to 1 year if they think more are coming

Va Realestate Exam (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions