Big Cards Flashcards
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
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”
In Virginia, the________ is said to own the property on the date of _________or__________.
Buyer
Closing or Settlement
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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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
The English law passed in ____ known as the ______________ requires that the transfer of real estate be in writing.
1667
Statute of Frauds
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.
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)
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%
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
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
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
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’
In regards to the creation of time-shares, name 5 items that are included in the project instrument?
1) Name
2) address and legal description
3) Identification of time periods
4) Provisions for amending the time-share instrument
5) Restrictions
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.
Surety Bond
$25,000
45 days
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?
90%
all amenities and facilities have been completed
Developer Control Period
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.
51%
In regards to time-share resale, the owners’ association may charge up to _______ for the certificate of resale.
$50
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.
Time-Shares
- 7 calendar days
- 5 days
- 2 years
Cooperatives
- 10 days
- 5 days
Condominiums
- 3
- 6
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 ______.
- 3
- 6
- 14 days
- $.10
- $100
- $500
- 10 days
- $50
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?
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
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.
9 7 brokers or salespersons 5 2 citizen (consumer) 4 years 4 year
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.
36 of the 48 months
12
4
180
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?
10 days of the date of notification
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
- 12
- 36
- 36
- 48
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
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
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.
1 year
30 days
reinstatement fee
Post-licensing education always takes place when?
Continuing Education must be completed when?
During the initial 2-year term of the license
During the 2nd and all subsequent 2-year licensing terms
(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?
(1) salespersons = 30 hours
broker = 24 hours
(2) salespersons = 16 hours
brokers = 24 hours
Describe the make-up of the curriculum for brokers 24 hour continuing education requirements which must be completed every licensing term?
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
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?
1) 3 years
2) 5 years minimum
Each new licensee, whether salesperson or broker, must pay _______ into the Transaction Recovery Fund.
$20
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.
principal broker’s
REB
30 days
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.
principal broker
10 calendar days
3 business days
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.
5th business banking day
Regarding broker record keeping of escrow funds, escrow account records must be maintained for ________ from date of ____________ or ____________ of the transaction.
3 years
consummation
termination
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);
- 5 business banking days
- 3 business days
- 3 years
Regarding the Virginia Real Estate Transaction Recovery Fund, The establishment and maintenance of the fund is the duty of the ___________ of the __________.
Director
DPOR
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.
$20 2-year period June 30 even-numbered 45 days 30 days
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 ___________.
$50,000
$20,000
$100,000
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 _________.
10 days
21 days
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.
misdemeanor
30 days
Compliance & Investigations Division
Complaint Analysis and Resolutions Section?
- reviews complaints to determine whether the Department is authorized to process the complaint.
- responsible for the receipt, processing, and analysis of all complaints
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 ____________.
IFF DPOR REB Consent Order Summary and Recommendation
Consent Order?
- 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
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.
8
5
evidence
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 _________.
$2,500
Court of Appeals
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?
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.
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.
4 or more
Virginia resident
Secretary of the Commonwealth
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).
1) 3-month notice
2) 30-day notice
3) 120-day notice
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 ________.
10 days
1 month
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?
5 years
sheriff
1) the grounds for believing that the rent is due
2) the exact amount owed
In VA regarding rent control, in ______, the ___________ declared that federal rent control is no longer necessary in the state.
1950
Virginia General Assembly
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.
$32
20 days
10 days
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.
2 months rent
45 days
72 hours
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?
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
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.
13 months
4 percentage points
January 1
List and describe 5 obligations of the landlord towards the tenant?
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.
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 _______.
30 days
21 days
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.
unlawful detainer
21 days
15 calendar days
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.
7 days
T/F. In VA automatic renewal clauses are plausible?
True
In regards to early termination by military personnel, a member of the armed forces may terminate his rental agreement under what 4 terms?
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
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 _______.
10 business days
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
10 days
What two things cannot be signed by an attorney-in-fact?
1) Affidavits
2) Sworn Statements
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.
$.25 $100 .0025 x sales price 1/3 .0008 x sales price
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.
grantor’s tax
$.50
$500
In Virginia, what serves as probate courts?
Circuit Courts
What is the rule of construction in determining whether an instrument is a will or a contract?
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
T/F. Oral wills and nuncupative (deathbed) wills are valid in VA?
False
Describe 4 characteristics of the VA Settlement Agent?
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
T/F. In VA, interest may be earned on funds deposited in connection with any escrow, settlement, or closing?
False. Interest may NOT be earned
At a minimum, what should a title report reveal? (9)
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.
_____________ 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.
Judgements
real property
affidavit
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.
20 years
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 ____________.
90 days
T/F. Regarding title issues and insurance, Mechanics’ liens are generally covered by standard title insurance?
False. insurance carriers will provide this coverage for an additional premium.
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?
within 2 business days of settlement
A settlement agent or attorney may not disburse any loan funds prior to what?
recording the deed of trust or other security instrument perfecting the lender’s security instrument.
Advertising the Title
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.
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.
5%
7 calendar days
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.
2nd mortgages
daily
Purchase-Money Financing
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.
Deferred Purchase-Money Deed of Trust
Sellers having no immediate need to take the full amount of the proceeds of a sale may choose to defer the income
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.
Virginia Housing Development Authority (VHDA)
1972
Virginia General Assembly
VHDA bonds
10 members
governor
The Virginia Housing Partnership Fund?
Managed by the VHDA and was created to provide decent residential housing at prices that low and moderate income families can afford.
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?
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
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
title theory
trustee
grantor
beneficiary
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 __________.
deed of trust
8th day
1st advertisement
30 days
last advertisement
What does the Virginia Fair Housing Law, Title ____, Chapter _____ state?
36
5.1
All discriminatory practices in residential housing transactions are prohibited.
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 ______.
Department of Professional and Occupational Regulation (DPOR)
2003
Real Estate Board
REB
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?
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
What are the initial time frame terms of Board members for the Fair Housing Board?
- 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.
List and describe 5 exemptions to the Virginia Fair Housing Law?
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
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.
62
55
80%
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.
REB attorney general 1 year complainant 10 days 30 days 100 days 1 year
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.
civil action 2 years delay conciliation agreement 2 years
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?
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