Virginia Flashcards
Title 55
Leases and landlord-tenant relationships are governed by Title 55
General Leasing
A nonresident owning four or more rentals must appoint a VA resident as agent.
VRLTA
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
Security Deposit
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.
Virginia Fair Housing Law
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)
Fair Housing Law Exemption
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
Fair Housing Law Exemption
If owner occupies one of the unit.
- No discriminatory advertising
Fair Housing Law Exemption (Basis of Age)
Occupied by person at least 62 years old.
-One person 55+ in 80% of occupied units.
Disability
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
54.1 Code of VA
The statue that governs the practice of real estate professionals.
Real Estate Board (REB)
- 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
Fair Housing Board has how many members?
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
Familial Status
families with children under age 18
Transaction Recovery Fund
- 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
Civil Rights Act of 1866
Prohibits discrimination based on RACE only.
Civil Rights Act of 1968
Prohibits discrimination based on race, sex, religion, color, national origin, familial status, disability
Real estate taxes
Levied according to provisions of Article X of VA constitution
58.1 Code of VA
General laws regarding taxation
Exemption from taxation
Surviving spouse of a solder killed in action
“taxes run with the land”
VA
owner is responsible for paying taxes from the date of closing to the end of the year
Tax Lien
Has priority over all other liens
Will be paid first after deducting court costs
Special Assessments
Pay for the limited local improvements.
Fees levied to pay installment of sidewalk or sewer in “one” neighborhood.
Mechanic’s Lien
Filed by anyone who performs labor with a value of $150+ for construction, removal, repair, improvement.
File with 90days
Transfer of Property (TYPES)
1) Purchase and Sale of Property
2) Eminent Domain
3) Descent and Distribution in Marital Estates
4) Easements
5) Condemnation
