Virginia Fair Housing & Other Virginia Laws Flashcards
(25 cards)
In the context of certain fair housing real estate laws a person is considered elderly if they are_____
55
Rules and regulations governing the formation and conveyancing of condominiums are governed
Requirements found in the Virginia condominium Act
Which document creates a time-share project and program and contains restrictions on the use of the time-share?
Time-share instrument
How much is the grantor tax?
$1 for every $1,000 of the sale price
Who traditionally pays the grantor tax?
Seller
What is the purpose of the Virginia housing trust fund?
To meet the needs for early-stage financing for affordable housing development
What is the state tax rate for recording a deed?
0.25 for every $100 or fraction there of the consideration paid for the property
Which of the following is true of joint tenancies in Virginia with respect to survivorship?
The phrase survivorship must be expressed to establish survivorship
How long does an owner have to repay all delinquent taxes and associate fees and penalties to redeem his or her property?
36 months after the request for redemption
What are the four unities Virginia requires to create a joint tenancy?
Time title interest and possession
How much is the homestead exemption for principal residences?
$25,000
Veterans disabled by______or more can receive a homestead exemption of $10,000
40%
A co-op interest initial purchaser may cancel the purchase contract within____days signing
10
What is the name of real estate that is owned by an associate where each of the members is entitled to exclusive possession of a unit simply by virtue of his or her ownership interest in the association?
Cooperative
What is the central purpose of the Virginia property owners association act?
To regulate associations that manage real estate development governed by laws and covenants
Specific functions regulated by the Virginia property owners association act include
POA powers required disclosure and dispute resolution alternatives
The office of the______offers assistance and information to associate members regarding their rights and process in relation to their associations
CIC Ombudsman
Timeshare grants the right to occupy any several time-share units during_______or more separated time periods over a period of at least 5 years
5
Deposits for time-share contracts must be refunded within____after the cancellation notice is received
45 days
Ross is on month to month lease in a condominium in Miami he gets notice from a developer that they are converting the condominium into a time-share How long does have to vacate the property?
120 days
What is the average tax rate for all Virginia properties?
9.74-0.80%
What portion of the Virginia housing trust fund may be used to reduce homelessness?
Up to 20%
Upon a conveyance, Virginia levies a transfer tax, a recordation tax, and a mortgage tax. What is the mortgage tax rate per $100 of the buyer’s loan?
$0.25
What are annual property taxes due?
Tax payment deadlines vary by country
