Virginia

Question 1

Title 55

Answer 1

Leases and landlord-tenant relationships are governed by Title 55

Question 2

General Leasing

Answer 2

A nonresident owning four or more rentals must appoint a VA resident as agent.

Question 3

VRLTA

Answer 3

Virginia Residential Landlord & Tenant Act (VRLTA) 
Article 1: General Provisions
Article 2: Landlord Obligations
Article 3: Tenant Obligations
Article 4: Tenant Remedies
Article 5: Landlord Remedies 
Article 6: Retaliatory Action

Question 4

Security Deposit

Answer 4

May not exceed 2 months rent and has to be returned within 45 days. Landlord must make a final inspection within 72 hours of termination of lease.

Question 5

Virginia Fair Housing Law

Answer 5

Prohibits discrimination in housing and real estate activities on the basis of: Race, Color, Religion, National Origin, Sex, Elderliness, Familial Status, or Handicap

Elderliness (not included in federal law)

Question 6

Fair Housing Law Exemption

Answer 6

Single-Family residence sold/rented by the owner as long as the owner owns no more than three homes.

• Did not use real estate broker
• No discriminatory advertising

Question 7

Fair Housing Law Exemption

Answer 7

If owner occupies one of the unit.

- No discriminatory advertising

Question 8

Fair Housing Law Exemption (Basis of Age)

Answer 8

Occupied by person at least 62 years old.

-One person 55+ in 80% of occupied units.

Question 9

Disability

Answer 9

Must be permitted to make reasonable accommodation modification at their own expense.

• Landlord may require restoration to original condition
• Common area must be accessible to handicapped person, esp ground-floor units.
• Buildings with elevator, all units must meet accessibility

Question 10

54.1 Code of VA

Answer 10

The statue that governs the practice of real estate professionals.

Question 11

Real Estate Board (REB)

Answer 11

• issue/renew real estate licenses
• take disciplinary action for violations
• establish requirements for licenses
• determine license fees

9 members: 7 licensed & 2 unlicensed
Appointed by governor
4 year term

Question 12

Fair Housing Board has how many members?

Answer 12

FHB has 12 members.
Appointed by the governor
All 4-year Terms
3 Citizen Members

1 = Local government
1 = Architect 
1 = Mortgage lending industry
1 = Property and casualty insurance industry, 
2 = Residential property management industry/ member of a property owners' association or condominium unit owners' association, 
1 = Contractor 
1 = Disability community
1 = Residential land lease industry 
3 = Citizen members

Question 13

Familial Status

Answer 13

families with children under age 18

Question 14

Transaction Recovery Fund

Answer 14

• Provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker, or firm
• License can be suspended or revoked without review if one does not pay a required assessment to the Transaction Recovery Fund
• Paid by Real Estate licensees ($20), not by any tax revenues.
• single Recovery Fund claim to $20,000.
• Balance is maintained a$400,000

Question 15

Civil Rights Act of 1866

Answer 15

Prohibits discrimination based on RACE only.

Question 16

Civil Rights Act of 1968

Answer 16

Prohibits discrimination based on race, sex, religion, color, national origin, familial status, disability

Question 17

Real estate taxes

Answer 17

Levied according to provisions of Article X of VA constitution

Question 18

58.1 Code of VA

Answer 18

General laws regarding taxation

Question 19

Exemption from taxation

Answer 19

Surviving spouse of a solder killed in action

Question 20

“taxes run with the land”

Answer 20

VA

owner is responsible for paying taxes from the date of closing to the end of the year

Question 21

Tax Lien

Answer 21

Has priority over all other liens

Will be paid first after deducting court costs

Question 22

Special Assessments

Answer 22

Pay for the limited local improvements.

Fees levied to pay installment of sidewalk or sewer in “one” neighborhood.

Question 23

Mechanic’s Lien

Answer 23

Filed by anyone who performs labor with a value of $150+ for construction, removal, repair, improvement.
File with 90days

Question 24

Transfer of Property (TYPES)

Answer 24

1) Purchase and Sale of Property
2) Eminent Domain
3) Descent and Distribution in Marital Estates
4) Easements
5) Condemnation

Question 25

Augmented Estate and Elective Share Act

Answer 25

Distribute property if an individual dies without a valid will (intestate). Surviving spouse OR 1/3 to spouse and 2/3 to children.

Question 26

Easement by Necessity

Answer 26

grants access to property (ex: walking path)

Question 27

Easement by prescription

Answer 27

use of property was adverse, exclusive or continuous with the knowledge of owner. Period is 20years.

Question 28

Easement by gross

Answer 28

Easement ends if owner sells or dies.

Grants access to utility companies

Question 29

Homestead exemption

Answer 29

• Protection from judgement of creditors
• Not to exceed $5K, plus $500/dependent
• Exemption from judgments for debts, but not those used to purchase or improve the homestead property.

Question 30

CIC Board

Answer 30

Controls Condos and HOAs. It is under DPOR.

Question 31

Severalty

Answer 31

An individual owns property.

Question 32

Condominium Ownership

Answer 32

Fee simple

Question 33

Cooperative Ownership

Answer 33

Buyer purchases shares in the corporation that owns the property, then receives a proprietary lease.
- Become shareholders in the corporation that owns the complex.

Question 34

Virginia Department of Professional and Occupational Regulation

Answer 34

DPOR

Administers both REB and CIC Board

Question 35

Easement

Answer 35

Right to cross another’s land

Question 36

Appurtenant Easement

Answer 36

Runs with the land, lasts forever