Virginia Brokerage Regulation & Disclosures Flashcards
If a broker who is a sole proprietor becomes disabled the REB will allow another individual within the firm complete the brokers business within_____of the brokers disability
180 days
Broker ann deposits one of her personal checks in her brokerages escrow account which of the following has she done?
Commingling
If the REB wants to conduct an in her brokerages escrow account which of the
Broker have to submit the records?
10 days
If the REB wants to conduct an inspection of the financial records of a brokerage how long does the broker have to submit the records?
10 days
Which property information is a seller required to disclose?
A methamphetamine laboratory that has not been cleaned up
What year was the Chesapeake bay preservation act originally adopted?
1989
Brokers must retain all business records for______from the date of execution
3 years
If a buyer discovers material and visible defects in a property that were not disclosed in the property conditions disclosure, the buyer may take legal action within________of the disclosure
Delivery date
1 year
Which law requires authority to make information about registration sex offenders available to the public?
Megan’s law
Which of the following is the seller required to disclose?
Defective drywall that the seller is aware of
Sellers must provide an HOA/POA disclosure packet to the buyer within_____after a written request has been submitted
14 days
Electronic media advertising carried out by the firm must include the firm’s licensed name city
State
Michael was accused of false advertising even though he had gotten the information from public records.
What will the outcome of this complaint most likely be?
Michaels found the information on public records and was unaware it was false so he is not liable
If the broker uses any escrow funds for his or her own purposes the broker is committed to an act of___________.
Illegal conversation
If the broker uses any escrow funds for his or own purposes, the broker is committed to an act of__________.
Illegal conversation
When is a commission generally paid in a transaction?
When the transaction closes
Which statue governs the information property owners disclose to buyers?
The Virginia residential property disclosure act
Which property must comply with Virginia residential property disclosure act?
A quadplex that is for sale
Which Virginia requires inspection of septic systems on a property sale?
No Virginia law or regulation requires inspection of septic systems on properties for sale
Nick did not receive the required property condition disclosures before the sales was ratified. How long does he have to terminate the contract if he chooses to?
3 days after delivery of the disclosure statement
Amber is the listing agent of the 1950s mid-century modern home. What is she required to provide to the buyers in a timely fashion?
Lead warning statement and us EPA protect your family from lead in your home booklet
Unless otherwise agreed to in writing, all prepaid rent and deposit paid by a tenant must be deposited into an escrow account escrow account by the end of the_______following receipt of the funds
Fifth business banking day
Which of the following is specific to an independent contractor?
An independent contractor does not have any social security tax withheld by the broker
Salesperson and associate brokers must be licensed and registered with a the____to legally receive compensation
Broker
For sale and for lease signs placed on the property must include the firm’s name main or branch office_______
Telephone number
Which of the following is true regarding escrow accounts?
Escrow accounts are not required to be interest bearing
Which of the following is true regarding branch office?
Branches must be individually licensed
How often should an escrow account have sufficient balances for all funds that are designated held by the firm?
At all times
Which of the following is a voluntary deed transfer?
When a closing transfer a property from one or more co-owner to other co-owners
If a broker passes away which is first in line to be chosen by the REB to complete broker’s business
A personal representative qualified by the court
Miller is listing a home that is located near a military air installation what does it need to share with the buyers?
An aircraft noise/crash disclosure from the REB
Which of the following affects the desirability of a property and not the physical condition of a property?
A murder previously committed on the public
