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
