T! Flashcards
In Virginia, there are specific requirements for all transactions involving the purchase or lease of residential properties constructed before 1978. Licensees are required to provide a lead-based paint disclosure form, and all purchase agreements must allow the buyer the option to conduct a lead-based paint risk assessment or inspection. What is the third item a licensee must provide to the buyer?
1, Assurance that the home is lead-free before offering it for sale
2. Lead safety pamphlet
3. List of reputable home improvement contractors
4. Written proof that the home is lead-free
Lead safety pamphlet
Licensees must also provide a lead safety pamphlet to prospective buyers.
How many scheduled public meetings does the VREB hold each year? Eight Four Seven Two
Eight
The VREB holds eight scheduled public meetings each year.
Grant, a landlord, doesn’t like to rent to those over the age of 60, and goes out of his way to discourage these applicants from his apartments. “I don’t hate older people,” he explains to you, his agent. “It’s just that they usually forget to pay rent on time and need a lot more managing.” What should you tell him?
“As long as you make sure you’re not discriminating based on race, color, or national origin, you are fine to continue this practice.”
“It’s okay. The elderly aren’t protected under federal law, so you can choose not to rent to them.”
“The elderly are protected under Virginia fair housing laws, so you could be found guilty of breaking those laws.”
“You’re allowed to rent to whomever you choose. That means you can turn away anyone you want to.”
“The elderly are protected under Virginia fair housing laws, so you could be found guilty of breaking those laws.”
Grant absolutely needs to rethink his approach, since the elderly are a protected class under Virginia fair housing law.
Which of these is NOT an example of improper escrow account handling?
Kerri deposits a down payment check and the rent she received from one of her own properties in the same account.
Lou maintains all account-related records for three years after the transactions close.
Maxine withdraws money from an escrow account to pay for a business lunch.
Three weeks after he receives the check, Derek opens an escrow account for a client’s rental security deposit.
Lou maintains all account-related records for three years after the transactions close.
Lou has done the correct thing in maintaining all account-related records for three years, so he hasn’t done anything improper.
Unfulfilled contracts are also called \_\_\_\_\_\_\_. Indefinite contracts On-hold contracts Unachieved contracts Unconsummated contracts
Unconsummated contracts
The other term for unfulfilled contracts is “unconsummated contracts.”
Philip tells his agent, Jeff, “I know for a fact that there have been three homicides in this house. What are buyers going to think about this?” What should Jeff say?
“If I tell buyers this, I could be found guilty of negligence to you, so don’t worry. Mum’s the word.”
“My duties toward the public include disclosing information like this, so I’ll have to mention this to potential buyers.”
“This is something we have to disclose only if we’re asked about it directly. Otherwise, we don’t have to mention it.”
“This sort of information has its own mandatory disclosure form in Virginia, so it’ll have to come out eventually.”
“If I tell buyers this, I could be found guilty of negligence to you, so don’t worry. Mum’s the word.”
Not only is there no disclosure requirement for homicides on the property, but Jeff could be found guilty of negligence toward Philip if he even mentions it to potential buyers.
In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided?
Within 30 days of the tenant’s occupancy
Within five days of the tenant’s occupancy
Within one month of the agreement’s effective date
Within seven days
Within one month of the agreement’s effective date
A signed copy of the written rental agreement must be provided to the tenant within one month of the agreement’s effective date. The landlord must provide a written report of existing damage to the unit within five days of the tenant’s occupancy.
Question 24
Which of the following should licensees be careful to avoid when interacting with an opposing party who has a limited service agent?
Creating unintended dual agency
Interacting directly with the opposing party
Interacting with the limited service agent
Maintaining the confidentiality of information shared by the opposing party
Creating unintended dual agency
Although the duties a limited service agent will perform are clearly listed in the brokerage agreement, some consumers still may not fully understand what they are getting into and may rely on the opposing party’s agent to assist them with aspects of the transaction. Agents who are too helpful to the opposing party may get themselves into an unintended dual agency situation and breach the duties they owe their client. Use caution!
Sandy is a real estate licensee who is listing a condo for her client. Sandy sends a note to the owner’s association requesting a condo disclosure package. How long does the association have to provide this to her and her client?
14 days after receipt of the written request
28 days after receipt of the written request
30 days after receipt of the written request
45 days after receipt of the written request
14 days after receipt of the written request
The condo disclosure package must be delivered by the association within 14 days after receipt of a written request and instructions by a seller or seller’s agent.
Nathaniel assisted with the purchase of a commercial building that will be used as a community center. He doesn’t hold a real estate license, yet his actions didn’t violate any license laws. What must be true about Nathaniel’s situation?
He received a commission of less than $1,000.
Nathaniel is a public official whose salaried duties include real estate transactions.
Nathaniel’s church purchased the building.
The commercial building was valued at less than $500,000.
Licensure is nearly always required when performing real estate activities for others for compensation, but exceptions are made in specific circumstances, such as a public officer performing official duties.
Nathaniel is a public official whose salaried duties include real estate transactions.
Licensure is nearly always required when performing real estate activities for others for compensation, but exceptions are made in specific circumstances, such as a public officer performing official duties.
Reggie has a buyer client who is purchasing a home built before 1978. Which two documents must Reggie ensure that his client receives as part of the Residential Lead-Based Paint Hazard Reduction Act?
EPA lead-based paint brochure and residential property disclosure
EPA lead-based paint brochure and state-specific lead-paint disclosure
State-specific lead-paint disclosure and residential property disclosure
Synopsis of the Lead-Based Paint Hazard Reduction Act and EPA lead-based paint brochure
EPA lead-based paint brochure and state-specific lead-paint disclosure
Reggie must ensure that his client receives copies of the EPA lead-based paint brochure and Virginia’s Disclosure of Information and Acknowledgement Lead-Based Paint and/or Lead-Based Paint Hazards document.
Three of these situations fall into the category of being exempt from Virginia fair housing law, and one does not. Which is NOT exempt?
A couple owns a duplex and rents the other half of the property to a retired couple. They own no other real estate property.
A family of 10 applies to live in a studio apartment that has a maximum occupancy limit of three people.
A man rents a room in his single-residency home to another tenant, and he owns and rents three additional single-family houses.
A property owner discovers through a background check that a potential tenant has been convicted of manufacturing methamphetamines.
A man rents a room in his single-residency home to another tenant, and he owns and rents three additional single-family houses.
Single-family residences are only exempt from fair housing law if the owner does not own more than three single-family houses at any time.
Which of the following describes Virginia? Lien theory state Mortgage state Title theory state Trustee state
Title theory state
Virginia is a title theory state, meaning the trustee can only act in a manner authorized by statute of the terms of the trust.
In Virginia, the floodplain consists of the floodway and the \_\_\_\_\_\_. Flood discharge area Flood fringe Property within a one mile radius Surrounding community
Flood fringe
The floodplain consists of the floodway and the flood fringe. Development is generally not permitted in floodways, because this is the most dangerous area in a floodplain.
Condominium \_\_\_\_\_\_\_ set forth the rules and regulations for the condominium owners associations. They govern how the associations manage and spend cash reserves, for example. Bylaws CC&Rs Disclosure packets Public offering statements
Bylaws
Rules and regulations for owners associations are set forth in the condo development’s bylaws.
