Virginia Fair Housing & Other Virginia Laws

Question 1

In the context of certain fair housing real estate laws a person is considered elderly if they are_____

Answer 1

55

Question 2

Rules and regulations governing the formation and conveyancing of condominiums are governed

Answer 2

Requirements found in the Virginia condominium Act

Question 3

Which document creates a time-share project and program and contains restrictions on the use of the time-share?

Answer 3

Time-share instrument

Question 4

How much is the grantor tax?

Answer 4

$1 for every $1,000 of the sale price

Question 5

Who traditionally pays the grantor tax?

Answer 5

Seller

Question 6

What is the purpose of the Virginia housing trust fund?

Answer 6

To meet the needs for early-stage financing for affordable housing development

Question 7

What is the state tax rate for recording a deed?

Answer 7

0.25 for every $100 or fraction there of the consideration paid for the property

Question 8

Which of the following is true of joint tenancies in Virginia with respect to survivorship?

Answer 8

The phrase survivorship must be expressed to establish survivorship

Question 9

How long does an owner have to repay all delinquent taxes and associate fees and penalties to redeem his or her property?

Answer 9

36 months after the request for redemption

Question 10

What are the four unities Virginia requires to create a joint tenancy?

Answer 10

Time title interest and possession

Question 11

How much is the homestead exemption for principal residences?

Answer 11

$25,000

Question 12

Veterans disabled by______or more can receive a homestead exemption of $10,000

Answer 12

40%

Question 13

A co-op interest initial purchaser may cancel the purchase contract within____days signing

Answer 13

10

Question 14

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?

Answer 14

Cooperative

Question 15

What is the central purpose of the Virginia property owners association act?

Answer 15

To regulate associations that manage real estate development governed by laws and covenants

Question 16

Specific functions regulated by the Virginia property owners association act include

Answer 16

POA powers required disclosure and dispute resolution alternatives

Question 17

The office of the______offers assistance and information to associate members regarding their rights and process in relation to their associations

Answer 17

CIC Ombudsman

Question 18

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

Answer 18

5

Question 19

Deposits for time-share contracts must be refunded within____after the cancellation notice is received

Answer 19

45 days

Question 20

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?

Answer 20

120 days

Question 21

What is the average tax rate for all Virginia properties?

Answer 21

9.74-0.80%

Question 22

What portion of the Virginia housing trust fund may be used to reduce homelessness?

Answer 22

Up to 20%

Question 23

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?

Answer 23

$0.25

Question 24

What are annual property taxes due?

Answer 24

Tax payment deadlines vary by country

Question 25

Which statue protects underground storage and conveyance of water and sewage?

Answer 25

The Underground Utility Damage Prevention Act