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VA Real Estate Exam > VA Real Estate > Flashcards

VA Real Estate Flashcards

1
Q

Comingling, conversion

A

Depositing client fund in broker’s own account is comingling. Using the funds for personal use is conversion.

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2
Q

Remainder and Reversionary interest

A

Remainder passes ownership to a third person, reversionary reverts ownership to the grantor of the deed granting ownership of the life estate.

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3
Q

Trade Fixtures

A

Installed by tenant for doing business. Remain property of tenant, but must be removed before lease expiration and repair damages to property caused by fixture.

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4
Q

Fixed rate lease

A

Property manager can’t raise rent as market dictates

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5
Q

co-op apartment

A

Is personal property, not real estate and no deed involved. Owners are shareholders in overall organization and have a proprietary lease to their apartments

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6
Q

CERCLA

A

Comprehensive Environmental Response, Compensation, and Liability Act (Superfund) to clean up uncontrolled releases of specified hazardous substances. Was amended by congress and president in 1986 to peg liability only to polluters and landlords who failed to take steps to prevent it

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7
Q

Blockbusting

A

“panic peddling” or “panic selling” when someone seeks to get listings by predicting negative results as minorities buy homes and move into a neighborhood

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8
Q

Contract for deed

A

property purchased on the installment plan with the seller holding title for at least one year after the date of sale

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9
Q

eminent domain

A

delegated police power that is exercised via a suit for condemnation (due process; a public forum no t usually tried in courts) for the public good, and that requires market value compensation for the owner of rights in real property

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10
Q

Civil Rights Act of 1866

Fair Housing 1968

A

Civil Rights 1866: law that followed Civil War extending equal rights in real property to members of all races.
Fair Housing of 1968: Race, creed, or national origin; Gender (1974); Disabilities and families w/childern (1988)

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11
Q

familial status

A

people with children

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12
Q

easement

A

right to use land of another for a specific purpose (right of way)

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13
Q

airspace

A

three dimensional and is measured by lengthxwidthxheight-= cubic feet. Divide by 27 for cubic yards

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14
Q

life estate

A

the holder’s interest ends at the death of the person (typically the holder) against whose life the estate is measured

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15
Q

what must a real estate contract be to be enforceable (according to statute of frauds)?

A

in writing

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16
Q

appraisal consideration for investment property for gross income

A

income from all accounts is considered, but settlements of sale of land are not figured into the calculation

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17
Q

fair housing not applicable when?

A

single-family homes not covered if owned by private individual who owns 3 or fewer such houses, a broker isn’t used and there was no discriminatory advertising, and the owner sells no more than one house he didn’t live in during the past year check this..

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18
Q

Property development limitations (which apply?)

A

the most restrictive

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19
Q

executory

A

contract not yet completely performed. When all terms and cond are met, it is “executed”

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20
Q

restaurant that exists in a building now zoned for office development

A

restaurant remains as a nonconforming use, but cannot expand

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21
Q

broker, salesperson relationship to seller

A

broker is single agent of seller, and salesperson is subagent of the seller

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22
Q

appraisal

A

an estimate or opinion of value on a certain date based on verifiable data obtained within a certain period of time

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23
Q

When can broker functioning as intermediary appoint one licensee to communicate with seller and another to communicate with buyer?

A

broker who wishes to make appointments must obtain WRITTEN permission from the parties to do so and must give them written notice of who is being appointed to the seller and to the buyer.

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24
Q

irs form 8300

A

must be filed on all cash payments above $10,000

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25
Q

vendor/vendee

A

best describes parties to a purchase and sales contract

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26
Q

What kind of contract conveys the covenant of quiet enjoyment and right to use property but does not convey ownership?

A

lease

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27
Q

Net lease, gross lease

A

Net lease: Tenant pays property expenses. Gross lease: tenant pays rent and landlord pays property expenses

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28
Q

Discussion of fees between competitors

A

could be seen as an attempt to conspire to set the coset of real estate brockerage services–violate antitrust law.

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29
Q

Who disburses commissions?

A

All commission fees must be paid to the primary broker, who then disburses commissions/fees to agents

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30
Q

buyer broker agreement

A

contract wherein the broker represents a buyer or tenant.

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31
Q

Who can sue the principal

A

only the broker

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32
Q

real property/personal property

A

surface land, subsurface and airspace above and all natural vegetation. When trees are cut, minerals are extracted or other crops harvested, they are severed from the real property and become personal property

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33
Q

Principle of conformity

A

To retain value, property should be located in an area with similar properties

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34
Q

net lease

A

includes rent plus operating expenses within the rental price

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35
Q

Blanket loan

A

covers several parcels of real estate and provides for the release of the mortgage lien on each parcel when it is sold and an agreed-upon amount of the original loan is paid. (normally used to finance developments, in that it has a partial release clause

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36
Q

partial release clause

A

allows the take out of individual properties as they are sold off (as in a blanket loan that affects many parcels in one development

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37
Q

lis pedens

A

legal notice that a legal suit has been filed or is being filed that could affect the property, but the case hasn’t yet been heard, therefore effect on property can’t be determined

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38
Q

condo vs coop

A

condo is fee simple just like a house. coop owner owns shares in a corporation that owns the whole building and pays property taxes on it.

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39
Q

Mills

A

each 1/10 of a cent–used to express the tax rate per dollar of assessed value

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40
Q

Equal Credit Opportunity Act

A

Borrower is entitled to a copy of the appraisal if the buyer paid for it. In michgan, the buyer must get lender’s permission to get a copy of the appraisal

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41
Q

Property or neighborhood’s life cycle

A

growth, equilibrium, decline (GED old!)

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42
Q

sales comparison approach, cost approach, income approach

A

SC: estimates value based on most recent sales of comps. CA: est value of land by sales comparison approach and the actual cost to replace or reproduce improvements. IA: estimates value based on net operating income in relation to comparable capitalization rates of comparable recently sold properties.

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43
Q

square feet in an acre, acre in square mile

A

43,560, 640

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44
Q

first violation of fair housing law

A

HUD’s penalty is 10K, while Justice department may fine for a pattern of repeat violations up to 100,000

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45
Q

Find taxable capital gain from sale of principal residence

A

subtract adjusted cost basis from net proceeds

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46
Q

After paying for an option to purchase, who may renegotiate the terms

A

both may renegotiate terms of the transaction

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47
Q

what law protects handicapped

A

fair housing law.

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48
Q

determine net operating income

A

estimate potential gross income, then deduct estimated vacancy and collection losses to derive effective gross income. THen subtract yearly operating expense from effective gross income.

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49
Q

Zoning regulations establish

A

permitted land use and also can include building height, setbacks and density. Careful zoning will increase property appreciation.

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50
Q

What does RESPA cover

A

federally related loans , which include loans made through Federal Housing Admin (FHA) or VA, loans intended to be sold to Fannie or Freddie or any other type of loan regulated by fed govt.

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51
Q

lead paint last used

A

1977

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52
Q

spot survey

A

discloses any improvements on a property as well as any encroachments or easements

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53
Q

Earnest money must be held where?

A

Escrow account–not in a deal file, or company operating account

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54
Q

License requirement for home office

A

None required, but any licenses accociated with that office must be available for customers and clients to view

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55
Q

How soon after successful completion of the licensing exam must an applicant apply for license

A

52 weeks, otherwise the course will have to be retaken

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56
Q

Consent order issued by REB and signed by a licensee represents …

A

admission of guilt for which REB may asses $2500 fine per violation of license law or REB regulations

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57
Q

Licensee convicted of fraud will likely…

A

have license suspended or revoved by the REB and assessed a fine by REB

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58
Q

What must a licensee have to apply for a broker license

A

Must be actively engaged, maintaining 40 hrs of work experience per week in 36 of last 48 months, must also pass four broker courses.

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59
Q

What must nonresident salespeople from states with reciprocity do

A

May meet either active practice requirement or must meet educational requirement of their state, provided courses are equivalent to VA, do not have to be active in their state

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60
Q

Sales person continuing education requirements

A

every two years–three hours of ethics, two of fiar housing, one of legal updates, one of agency and one of contracts.

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61
Q

escrow account

A

money of others, rent fees, so on

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62
Q

When can escrowed money be distributed

A

broker determines that seller breached and buyer should receive refund; seller and buyer give broker a written disbursement agreement; settlement on property

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63
Q

how long should broker keep copies of disclosure docs

A

three years minimum

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64
Q

exclusive right to sell agreements

A
  1. must be written and have termination date
  2. entitle a commission to the agent if property is sold by owner during term.
  3. state that sellers must enter into a sales contract if the broker brings a buyer who offers the price and terms in the listing agreement. (VA allows seller to not sell but instead pay the commission.)
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65
Q

material fact

A

A fact that a client or customer would reasonably require in order to make a decision to contract.

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66
Q

Inactive or experied licensses

A

must be returned to the REB

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67
Q

A nonlicensed teneant of an apartment bulding knowingly solicited and accepted payment from MT realty, a licensed property manager for referring prospective tentants. Which is true?

A

Both Tim and MT Realty acted within the law

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68
Q

Seller owes what to broker

A

an accurate disclosure statement or disclaimer statement to be provided to the buyer. Seller clients also owe their agents an accurate disclosure of whether they are contracted with another agent.

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69
Q

Virginia Real Estate Board stated purpose

A

protect the public from any dishonesty and incompetence by real estate licensees

70
Q

Buyer client owes what to broker

A

accurate discolsure of whether the client is contracted with anotehr agent, items covered under the agreement, eneral location of the property desired and type of transaction sought (rental, purchase, etc.) plus the commission when triggered.

71
Q

real estaet brokerage or leasing business that is a sole proprietorship or artificial person must have

A
  1. One principal or corporate offiicer as a principal broker with active license.
  2. A firm license from REB.
  3. a supervising broker to supervise each associate broker in each of its branch offices.
72
Q

REB VA Transaction Recovery Fund assessment…

A

$20 at initial licensing. if fund goes below 400k, board can assess all licensees up to $20 every 2 yr renewal. Inactivation is automatic following a month after a second notice of amounts due, which is sent 45 days after the initial assessment. Licenses who remain inactive for nonpayment for an additional 30 days have their licenses terminated.

73
Q

Size of the VA Transaction Recovery Fund

A

Fund must have minimum 400,000 or maximum $2 million.

74
Q

Law that states any parent or guardian accompanied by a minor under 18 is a family, which is a protected class and further defines a pregnant woman as constituting a parent with a minor.

A

familial status

75
Q

All resale purchasers of time-share interests in VA must be given

A

a certificate of resale anytime prior to contracting, and the resale buyer has five days from the making of that contract to cancel it. The cancellation right may NOT be waived.

76
Q

Time share developers in VA are required to

A
  1. post with the REB a surety bond for the greater of 25,000 or total deposits
  2. maintain controld of an responsibility for the project until 90% of units have been sold and the common facilities have been completed, whichever occurs later (up to 10 years)
77
Q

Condominium owners association in VA

A

Regulated by the VA Condominnium Act, which would subject a condominium oners’ association to the requirement and pentalty up to 500 if the association failed to provide a complete certificate within 14 days of the sellers or the seller’s agent’s request

78
Q

Legal docs …. Agent should …

A

agent should never interpret

79
Q

nonresident owners of rental real estate must

A

have an agent, whether a licensee or otherwise, for at least the purpose of service of process. Otherwise the Secretary of the Commonwealth will act as agent by default.

80
Q

Equal credit opportunity Act appraisal reg?

A

provides that borrower is entitle to a copy of the appraisal if the buyer paid for it.

81
Q

Rental property sold mid lease

A

new owner must stick to lease terms unless the lease was period-to-period with automatic renewal when rent is tendered

82
Q
  1. blanket mortgage
  2. buydown mortgage
  3. graduated payment
  4. growing equity
  5. package
  6. participation
  7. reverse
  8. shared equity
A
  1. More than 1 parcel of real estate is pledged as collateral. Typically has partial release clause allowing borrower to sell parcels and keep mortgage on remaining ones.
  2. paying lender upfront points on the loan, interest temporarily reduced
  3. payment in first 1-3 years is paid at reduced rate, and may result in negative amortization, unpaid int put back on principal.
  4. borrower agrees to increase principal payment a certain percentage each year–faster equity.
  5. includes personal property such as furnishings and appliances–common in condos
  6. more than 1 lnder funds the loan an d each holds EQUAL lien position.
  7. for srs over 62, homeowner receives payments drawn from home equity and repayment is due when senior no longer lives in home.
  8. lender may offer favorable interest rate in return for equity interest in property.
83
Q

truth in lending act (implemented by Fed Res board Regulation z

A

Requires that borrowers be shown how much they are paying for credit in both dollar terms and percentage terms at annual rate(APR) before committing to the loan. Borrower has right to rescind certain transactions. Lender must notify borrrower if using prin. dwelling for loan security. borrow may rescind in writing until midnight of the 3rd business day after settlement

84
Q

Equal Credit Opportunity Act

A

1974, first protected against sex and marital status. IN 1976, feds added color, race, religion, national origin, age and those who receive pub assistance were added. (Regulation B)

85
Q

Home Mortgage Disclosure Act

A

1975, Reg C, ensure banks provide regular reports to Fed govt that they are serving housing needs or communities.

Bullshit paperwork for banks to report data on home purchases.

86
Q

Community reinvestment act

A

designed to combat redlining. Forces loans to low-income communities.

Forced to give loans to peps with bad credit who has no biz buying houses!

87
Q

fair credit reporting act

A

1970, if person denied credit because of bad report, lender must reveal to the buyer the identity of the credit agency reporting information. Most are to be dropped after 7 years from report

88
Q

gramm-leach-bliley act GBLA

A

Requires copanies to give consumers privacy notices explaining the company’s privacy policies–applies to banks and lending institutions

Hint: Gramm is a private man

89
Q

Performance and Forbearance are …

A

Things that make contracts legally enforceable: parties must do something (performance) or to refrain from certain acts (forbearance)

90
Q

Seven things that make contract valid and legally enforceable.

A
  1. legally competent parties
    2 in writing (statute of frauds)
  2. signed by parties to agreement
  3. have a lawful objective
  4. include consideration–doesn’t need to be $
  5. mention of offer and acceptance
  6. contain legal description of the property.
91
Q

express contract

A

parties declare intentions verbally or in writing

92
Q

implied contract

A

created by actions of parties–like sitting down at a restaurant. You expect to be served food

93
Q

bilateral contract

A

promise is exchanged for a promise. “I will do this, you will do that”
Each must act

94
Q

unilateral contract

A

promise is exchanged for performance–I will do this IF you do that.

One acts only if first fulfilled his promised action.

95
Q

valid contract

A

meets all requirements of law

96
Q

void contract

A

no legal effect, and is not a contract at all

97
Q

voidABLE contract

A

binds one party but not the other. 17 year old who’s selling a property is voidable by the minor

98
Q

unenforceable contract

A

may have once been valid, but its enforcement is barred by statute of limitations or law change

99
Q

offer includes what? 4 things

A
  1. ID of parties
  2. legal description of real estate and personal property included
  3. sales price
  4. financing contingency
    other contingencies, list of inspections, discoseure
100
Q

In case of breach or default, what can innocent party do

A
  1. accept partial performance (acreage is smaller than described).
  2. unilaterally rescind
  3. sue for specific performance–contract must do exactly what it says.
  4. sue for money damages
  5. accept liquidated money damages –applies only to seller, means retaining earnest money
  6. Mutually rescind the contract–sometimes best for both to just walk away
101
Q

Agency relationship created when?

A

When one person agrees to act on behalf of another.

102
Q

Residential Property Disclosure Law provisions related to stigmatized property.

A

Clarifies that there is no legal requirement to disclose stigmatizing events that had no physical effect on property–murder, rape, suicide-or adverse conditions outside the four corners of the property.

103
Q

Post licensure education

A 
in the first two-year renewal period, each must complete 30 hours of post-licensure education. three hours of each: afroe
agency law
fair housing
real estate law
offer to purchase
ethics and standards
(15 hours of mandatory topics)
also, 15 hours of elective topics in either commercial or residential track. Electives must be a minimum of 1 hr in duration to a max of 4 hours)
104
Q

closing

A

process of transfer of title and settlement of accounts.

105
Q

deed restrictions

A

private and non-governmental, set by previous owners of the property and are enforced through neighbors’ lawsuits, not by local building authorities

106
Q

right to exclude

A

one of the rights contained int he bundle of legal rights of ownership

107
Q

oral lease length …and it creates what

A

is enforceable if less than a year and creates tenancy at will

108
Q

acceleration clause

A

clause in note, mortgage or deed of trust that permits lender to declare entire amount of principal and accrued interest due and payable immediately in event of default

109
Q

acceptance

A

indication by a party receiving an offer that they agree to terms. most states, must be in writing when real property involved

110
Q

accretion

A

increase or addition of land from natural deposit of sand or soil by stream, lake or river

111
Q

accrued depreciation

A

amt of depreciation, or loss in alue that has accumulated since initial construction. difference between current appraised value and cost to replace building new

112
Q

accrued items in mort. Escrow

A

list of expenses incurred but not yet paid, such as mort. interests

113
Q

acknowledgement

A

formal declaration before pubic official, usually notary, by person who has signed a deed, contract or other doc.

114
Q

acre sq feet?

Sq Yards?

A

43,560 sq feet or 4,840 sq. yards

115
Q

actual notice

A

actual knowledge a person has of particular fact

116
Q

adjacent property is …

A

near but not necessarily in contact with

117
Q

adjoining property is…

A

contiguous or attached

118
Q

adjusted basis

A

original cost of a property, plus acquisition costs, plus the value of added improvements to the property

119
Q

adjustment date in a mortgage …

A

date interest rate changes on arm

120
Q

ad valorem tax

A

tax in proportion to value of property

121
Q

adverse possession

A

method of acquiring title to another person’s property through court action after taking actual open hostile and continuous possession for a statutory period of time. May require payment of prop taxes

122
Q

agency what is it?

Names of parties?

A

legal relationship between principal (client) and agent that arises out of a contract wherein an agent is employed to do certain tasks

123
Q

agent what is it?

A

someone granted authority to act on behalf of another

124
Q

allodial system is …

A

in the US, system of land ownership in which land is held free and clear of any rent or services due to the govt. commonly contrasted with feudal system

125
Q

apportionments

A

adustment of income, expenses or carrying charges related to real estate.

126
Q

approbation

A

right of govt to set aside land for public use

Communist crap

127
Q

appurtenance

A

something that transfers with the title to land even if not an actual part of the property, such as an easement

128
Q

ARELLO

A

association of Real Estate LIcense Law Officials

129
Q

assignment

A

transfer of rights from one to another; assignable loans, assignable real estate purchase contract, for example.

130
Q

attachment

A

process where court takes custody of a debtor’s property until debt is satisfied

131
Q

avulsion

A

removal of land when strem or other body of water changes its channel

132
Q

bare title

A

naked title, lacks any ownership interests.

Bear naked … Without the honey lien

133
Q

bargain and sale deed

A

conveys title but does not necessarily carry warranties against liens or encumbrances

134
Q

base line use in establish property lines

A

imaginary east-west line used as a reference point when describing property with the rectangular or govt survey method

135
Q

basis

A

cost of purchase plus capital improvements minus depreciation.

136
Q

bench mark related property boundaries…

A

permanently marked point with a known elevation

137
Q

bequest related to will…what does it give?

A

personal property given by provision of a will

138
Q

bilateral contract

A

each party agrees to perform an act in exchange for anotehr promising to perform an act

139
Q

bill of sale transfers what kind of property?

A

written instrument that transfers ownership of personal property

140
Q

blanket mortgage

A

more than one parcel of real estate is pledged to cover a single debt

141
Q

blockbusting

A

illegal practice of inducing homeowners to sell by suggesting protected class will be entering the neighborhood

142
Q

oral agreement between lessor and lessee

Valid?

Creates what kind of tenancy?

A

valid tenancy at will

143
Q

purchase money mortgage

A

loan taken back as part of the sales price by the seller

Seller financing

144
Q

leashold

A

right to occupy a property without interference for a specified period.

145
Q

economic characteristics of land

A

scarcity, location, and durability.

146
Q

Legal descriptions using the government survey system are NOT generally used in

A

the original 13 states.

147
Q

An escheat occurs when

A

a property owner dies without heirs or a valid will.

148
Q

Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price?

A

The first sold.

149
Q

An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than

A

$250,000.

150
Q

A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of

A

anticipation.

151
Q

When the sellers are lending part of the purchase price, they may secure the debt either with a deed of trust or a mortgage. For the seller, one benefit of the deed of trust is that

A

foreclosure is usually simpler and faster.

152
Q

A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when

A

the seller accepts the offer.

153
Q

A broker supplies the financing for a project to build condominiums with the stipulation that he has the exclusive right to sell the completed condos. Which of the following BEST describes this relationship?

A

Agency coupled with an interest.

154
Q

State laws differ on whether a buyer is entitled to know about

A

a suicide that occurred in the house last year.

155
Q

The Department of Housing and Urban Development estimates that most private homes built before 1978 contain potentially dangerous levels of lead. Because of this, some Federal agencies, such as FHA

A

require the buyer to acknowledge disclosure of the presence of any known lead paint.

156
Q

The document used in a real estate sale that establishes the legal rights of the buyer and seller is the

A

purchase contract.

157
Q

The real estate contract for a specific property for use as an unlicensed whiskey sales operation was forced to terminate. The termination was the result of

A

impossibility of performance.

158
Q

A judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given

A

constructive notice.

159
Q

or Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income?

A

Mortgage loan interest, local property taxes, mortgage loan origination fees.

160
Q

When someone has living heirs but dies without leaving a will, the estate is distributed according to the

A

statute of descent.

161
Q

According to the Truth-in-Lending Act, if any “trigger terms” are used in an ad, all of the following disclosures MUST appear in the ad EXCEPT the

A

prepayment penalties and rebates.

162
Q

An equal housing opportunity notice MUST be

A

displayed in the brokerage office.

163
Q

A managing broker can be held responsible for

A

all real estate activities of salespersons.

164
Q

downzoning

A

Look up

165
Q

who funds a primary loan?

A

mortgage banker
Banks
And more … All Direct lenders.

166
Q

To qualify for innocent landowner status, enviro inspection should occur when?

A

prior to taking title

167
Q

market data approach does not include what?

A

cost of structure replacement

168
Q

Regulation B

A

Equal Credit Opportunity Act

169
Q

a property managment agreement creates what type of agency

A

general agency

170
Q

Entity that loses ownership through a deed of trust mortgage foreclosure is the

A

mortgagor

171
Q

Maximum amt of time given to licensees to respond to VREB demands for ducuments pertaining to a transaction for which the licensee was required to keep records

A

10 days

VA Real Estate Exam (1 decks)

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