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a USE THIS ONE > Virginia Forms of Real Estate Ownership (4) > Flashcards

Virginia Forms of Real Estate Ownership (4) Flashcards

1
Q

T/F. In regards to Joint Tenancy in VA, Virginia’s interpretation of unity of interest is that one joint tenant cannot be a tenant for life and another for years. Similarly, one tenant cannot be a tenant in fee and another a tenant for life?

A

True

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2
Q

T/F. Joint Tenancy may be created by decent or operation of law?

A

False. It is always created by an act of the parties involved

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3
Q

T/F. In regards to Joint Tenancy, the doctrine of automatic survivorship has been abolished in VA?

A

True

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4
Q

T/F. If a deed expressly creates a joint tenancy with right of survivorship, as at common law, then on the death of a joint tenant the entire estate continues in the surviving tenant or tenants. The surviving spouse, in turn is liable for the deceased’s creditors?

A

False

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5
Q

T/F. Joint tenants or tenants in common who improve a common property at their own expense are entitled to file a partition suit to divide and sell the property to obtain compensation for the improvements?

A

True

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6
Q

T/F. If one tenant makes improvements without the consent of the other, the amount of compensation is limited to the amount by which the value of the common property has been enhanced?

A

True

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7
Q

Name 5 ways in which a Tenancy in Common can be created?

A

1) by express limitation to two or more persons
2) conveyance of part interest in one’s land to another
3) conveyance of land to two or more persons
4) dissolution of joint tenancy
5) dissolution of a tenancy by the entirety

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8
Q

T/F. A tenant in common may convey his or her undivided interest; however, a contract by one tenant in common relating to the whole estate is voidable by any cotenant who did not join in the contract?

A

True

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9
Q

A deceased cotenant’s interest, in passing through his or her will or to his or her heirs, is subject to the ___________________, which protects the rights of the surviving spouse.

A

Statute of Wills and Decedents Estates

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10
Q

T/F. A Tenancy in Common carries rights of survivorship, and the interest of the deceased automatically passes to a surviving cotenant?

A

False

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11
Q

Tenancy by the Entirety?

A
  • special type of joint tenancy created between husband and wife.
  • No right to partition or to convey a half interest.
  • Indestructible except by mutual agreement or divorce, in which case the tenancy by the entirety is converted into a tenancy in common.
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12
Q

Under this form of real estate ownership, property held by husband and wife is legally an asset of both parties. If one spouse contracts to convey the property, he or she cannot do so alone. The conveying spouse would be answerable to the would-be purchaser for the inability to perform?

A

Tenants by the Entirety

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13
Q

T/F. Under ownership by Tenants by the Entirety, one spouse alone may encumber the property, however any debts that could become liens on the property must be entered into jointly by both parties?

A

False, one spouse alone CANNOT encumber the property.

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14
Q

T/F. Community property laws are recognized in VA?

A

False

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15
Q

A____________ is a trust in which the assets consist of real estate and is permitted in VA.

A

Land Trust

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16
Q

T/F. A partnership may own real property as Tenants in Partnership with each individual’s partner’s interest as considered real property?

A

False. Each individual’s partner’s interest is considered PERSONAL PROPERTY.

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17
Q

Describe 5 features that accompany a Tenancy in Partnership?

A

1) POSSESION. Equal rights of both partners to possess the property for partnership purposes but may not possess it for any other purpose without the other partners’ consent.
2) ASSIGNABLE. A partner’s right in a property is not assignable unless all the partners assign their rights in the same property.
3) CREDITORS. A partner’s right in the property is not subject to creditors, except for a claim against the partnership itself.
4) DEATH. On the death of a partner, his or her interest in partnership property passes to the surviving partners. If the decedent was the last surviving partner, his or her right in the property vests in his or her legal representative. The surviving partner, or legal representative, has no right to possess the property for anything other than a partnership purpose.
5) TRANSFER. A partner can transfer property on behalf of all the partners if acting within the scope of the firm’s business and purposes. Partners may transfer partnership property among themselves, provided all partners consent.

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18
Q

What is required for a contract entered into by a corporation to be presumed as a corporate instrument?

A

1) Bears corporate seal

2) Signatures of the responsible corporate officers

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19
Q

T/F. A contract entered into by a Corporation is NOT presumed to be a corporate instrument if it lacks the required number of signatures and/or the corporate name?

A

False. Only Corporate Seal & Signatures of responsible corporate officers is required

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20
Q

T/F. Anyone who purchases real estate from a corporation should require a written corporate resolution that duly authorizes the sale of property by the corporation?

A

True

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21
Q

Some forms of ownership involve the use of a Public Offering Statement (POS). What are 4 scenarios where a POS is used?

A

1) Sale of cooperative
2) Sale of condominium
3) Sale of time-share
4) Under the Virginia Property Owners Association Act

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22
Q

Cooperative ownership is governed by the ________________. Which is administered by?

A

Virginia Real Estate Cooperative Act

The Real Estate Board

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23
Q

Cooperative possession is evidenced by a ____________?

A

Proprietary Lease

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24
Q

A cooperative is created by a ______________, filed in the ___________ of the ____________ in the district in which the real estate is located.

A

Declaration of Cooperative
clerk’s office
circuit court

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25
Q

Before the contract for the resale of a cooperative interest is executed or before conveyance, the purchaser must be given what 4 things?

  • These documents can be provided after the ratification of a contract when the contract is made contingent on the receipt of such documents and when it provides for the statutory rescission period to the purchaser.
A

1) A proprietary Lease
2) A copy of Declaration and Bylaws
3) A copy of the rules and regulations of the association
4) Disclosures

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26
Q

T/F. The purchaser of a cooperative must always be given a POS in initial and subsequent sales of a cooperative?

A

False. Only initial sale

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27
Q

T/F. Regarding the initial purchase of a cooperative, the POS must be provided before conveyance and not later than the date of the contract?

A

True

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28
Q

T/F. In the sale of a cooperative interest, it is the licensee’s obligation to provide a buyer with the required information?

A

False. Seller’s obligation. Though licensee may facilitate transfer of information

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29
Q

In Virginia, purchasers of a cooperative interest have certain rights to rescind the contract. There are two types of rescission rights:_______________and____________.

A

1) Initial Sale Rescission

2) Resale Rescission

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30
Q

In an initial cooperative sale, the buyer has the right to rescind within________ following ratification of the contract or after receiving the public offering statement, whichever is later.

A

10 days

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31
Q

When a cooperative unit is resold, that is, by an owner to a buyer, the purchase contract is voidable by the purchaser until the certificate has been provided and for ________ thereafter or until conveyance, whichever occurs first.

A

5 days

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32
Q

T/F. A condominium is a form of ownership and not a type of property or structure?

A

True

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33
Q

The owner of property may convert his or her property to condominium status. The owner is referred to as the __________ because he or she must declare his or her intent to have the property considered a condominium.

A

Declarant

34
Q

T/F. The Real Estate Board is charged with the responsibility for the VA Condominium Act?

A

True

35
Q

In VA, the statutory requirements for meeting notices is?

A

21 days

36
Q

In order to declare a property as a condominium, the declarant must provide what 3 things to the REB?

A

1) Declaration Instruments
2) Copy of bylaws
3) POS (Public offering Statement)

37
Q

In regards to the initial sale of a condominium unit, at closing, the purchaser acquires a______________ interest in the individual unit and an ______________ interest in the common elements as a tenant in common with the other unit owners.

A

fee simple

undivided percentage

38
Q

In regards to condominiums, the declarant remains responsible for all unsold units and for the overall management and maintenance of the condominium development until ____ percent of the units are sold. At that point, responsibility for maintenance and management of the property shifts to the owners’ association

A

75%

39
Q

Regarding condominium ownership, The Condominium Act states that ______ of the total voting interest is required to change the bylaws.

A

2/3

40
Q

Once a property has been declared a condominium, its status can be changed by abandoning or dissolving it; ________ of the voting interest must approve the termination of a condominium’s status.

A

80%

41
Q

Regarding condominiums, the unit owners’ association has a _____________ on every unit for unpaid assessments levied against the unit. This lien is secondary to real estate tax liens and other liens recorded prior to the filing of the original condominium declaration.

A

statutory lien

42
Q

Regarding condominiums, All unit owners have the right to resell their individual units. In the event of an intended resale, the seller must obtain certain documents from the unit owners’ association. These documents are collectively called the _______________.

A

Resale Certificate

43
Q

The unit owners’ association shall furnish the resale certificate upon the written notice request of any unit owner within _______ of the receipt of such request.

A

14 days

44
Q

Regarding the resale of condominiums, payment of actual costs of preparing the resale certificate may be required of the unit owner requesting it as a prerequisite to its issuance, but the total fee shall not exceed _____per page in copying costs or a total of _____, including and not in addition to, any fee charged pursuant to subsection H of §55-79.84 (Lien for assessments) and §55-79.85 (Restraints on alienation

A

$.10

$100

45
Q

Regarding the resale of condominiums, the unit owners’ association may

upon mutual agreement with the seller, collect for actual costs incurred, in addition to any fee charged pursuant to this subsection,
  - a rush fee, not to exceed \_\_\_\_, for furnishing the resale certificate within \_\_\_\_ business days from the actual receipt of the request;
   - the actual cost of any mailing or delivery requested by the seller pursuant to this subsection; and
   - any actual cost incurred at the request and with the consent of the purchaser; and
collect a reasonable fee for preparing the resale certificate, not to exceed \_\_\_\_, if the amount of the fee
  - reflects actual cost;
  - is established in the contract between the unit owners' association and any managing agent; and
  - is disclosed on the unit owners' association Web site or the Web site of its managing agent.
A

$25

3

$325

46
Q

T/F. In regards to condominium resales, the purchaser has the statutory right to request an update of the resale certificate prior to settlement?

A

True

47
Q

T/F. Neither the unit owners’ association nor its management agent, if any, shall require cash or certified funds unless the unit owner is delinquent in any payments due to the unit owners’ association in excess of 60 days, or if a check of the unit owner made payable to the unit owners’ association was returned for insufficient funds within the last 3 months.

A

False.

  • 30 days
  • 6 months
48
Q

T/F. In regards to buyers rights to rescind a contract for condominium purchases, the right to receive the resale certificate and the right to cancel the contract are waived if not exercised before settlement?

A

True

49
Q

What are are two types of time-share ownership recognized by the Virginia Time-Share Act?

A

1) Time-Share Estate

2) Time-Share Use

50
Q

Before time-share estates can be sold, what 2 things must have been completed?

A

1) Time-share association is set up

2) Time-Share projects must be named

51
Q

T/F. The REB is charged with the administrative responsibility for the Time-Share Act?

A

True

52
Q

T/F. A POS is filed for a time-share as well as a condominium?

A

True

53
Q

Time-Share Use?

A

a right to occupy a time-share unit during five or more separated time periods over a period of at least five years,

  • Including renewal options
  • Not coupled with a freehold estate or an estate for years in a time-share project
54
Q

Before time-share estates can be sold, what 2 things must have been completed?

A

1) Time-share association is set up

2) Time-Share projects must be named

55
Q

In creating a time-share, what are 4 possible word combinations that must be included in a time-share name?

A

1) time-share
2) time-share interest
3) interval ownership
4) vacation ownership

56
Q

T/F. In regards to time-share creation, The developer of a time-share project must file and record with the REB a time-share project instrument that defines the project being created?

A

True

57
Q

T/F. A POS is filed for a time-share as well as a condominium?

A

True

58
Q

T/F. In regards to initial time-share sales, the developer may convey interest or advertise the property even if the POS hasn’t been approved?

A

False. POS must be approved for initial sale

59
Q

In regards to converting property into time-shares, If the property to be converted is currently leased, tenants must be given ______ notice of the intent to convert the property to a time-share project. The tenants then have______ in which to contract with the developer to purchase the unit currently occupied if that unit is to be part of the overall project. Tenants on month-to-month leases must be given ______ notice to vacate.

A

90 day’s
60 days
120 days’

60
Q

In regards to rights to rescind a contract for condominium sales, the purchaser may cancel the contract under what 3 conditions?

A

1) Within three days after the date of the contract if the certificate was provided to the purchaser on or before the date that the purchaser signs the contract
2) Within three days after receiving the certificate if hand-delivered
3) Within six days of the postmark date if the certificate is mailed

61
Q

Neither the unit owners’ association nor its management agent, if any, shall require cash or certified funds unless the unit owner is delinquent in any payments due to the unit owners’ association in excess of __________, or if a check of the unit owner made payable to the unit owners’ association was returned for insufficient funds within the last ___________.

A

30 days

6 months

62
Q

T/F. In regards to condominium resales, the purchaser has the statutory right to request an update of the resale certificate prior to settlement?

A

True

63
Q

Regarding the resale of condominiums, the unit owners’ association may

upon mutual agreement with the seller, collect for actual costs incurred, in addition to any fee charged pursuant to this subsection,
  - a rush fee, not to exceed \_\_\_\_, for furnishing the resale certificate within \_\_\_\_ business days from the actual receipt of the request;
   - the actual cost of any mailing or delivery requested by the seller pursuant to this subsection; and
   - any actual cost incurred at the request and with the consent of the purchaser; and
collect a reasonable fee for preparing the resale certificate, not to exceed \_\_\_\_, if the amount of the fee
  - reflects actual cost;
  - is established in the contract between the unit owners' association and any managing agent; and
  - is disclosed on the unit owners' association Web site or the Web site of its managing agent.
A

$25

3

$325

64
Q

In regards to the creation of time-shares, name 5 items that are included in the project instrument?

A

1) Name
2) address and legal description
3) Identification of time periods
4) Provisions for amending the time-share instrument
5) Restrictions

65
Q

T/F. In regards to initial sale of time-shares, the developer is required to deliver the POS to the purchaser prior to the execution of the contract?

A

True

66
Q

In regards to Time-Share Ownership, Money received by the developer as earnest money deposits or down payments must be placed in an escrow account established by the developer and held there through the rescission period. The developer also must post a ____________ with the REB in the amount of _________ or the amount of the deposits received, whichever is greater. If any purchaser exercises the statutory right of rescission, the developer has __________ in which to refund all monies paid by the purchaser.

A

Surety Bond
$25,000
45 days

67
Q

In regards to time-share control, The developer remains in control of the project until _________ of the time-share estate has been sold or when____________________________, whichever is later.

What is this time period called?

A

90%
all amenities and facilities have been completed

Developer Control Period

68
Q

The developer control period may not exceed what?

A

10 years after the sale of the first time-share interest

69
Q

In regards to time-share control, at the conclusion of the developer control period, the ___________________ assumes control and responsibility for the management and maintenance of the project.

A

Time-share owners’ association

70
Q

In regards to time-shares, the owners’ association has a ____________ on every time-share estate in the project for unpaid regular and special assessments.

A

statutory lien

71
Q

Beginning in the ______ year(s) of owners’ association management of the time-share project, the association must file an ________ with all owners. The report includes financial statements of the association, a list of officers and/or directors, and projected assessments for the coming year.

A

2nd

annual report

72
Q

In regards to time-shares, should the owners decide to terminate the time-share project, approval by ________ of the voting interest of the association is required.

A

51%

73
Q

In regards to the resale of time-share interest, The seller must obtain a _________________ from the owners’ association. The certificate contains a copy of the time-share instruments; current financial statements; current bylaws; current rules and regulations of the association; fees and assessments; a disclosure of any liens that may be pending on the time-share for nonpayment of fees; and a statement of pending litigation against the developer, owners’ association, or managing entity relative to the time-share project.

A

Certificate of Resale

74
Q

In regards to time-share resale, the owners’ association may charge up to _______ for the certificate of resale.

A

$50

75
Q

T/F. The REB is charged with the administrative responsibility for the Virginia POA Act.

A

True

76
Q

What 4 types of property are exempt from the Property Owners Association Act (POAA)?

A

1) Condominiums
2) Cooperatives
3) Time-Shares
4) Campgrounds

77
Q

What 4 things are found in the POAA Disclosure packet?

A

1) Name of the association
2) Name and address of registered agent
3) a statement of all assessments plus any future assessments
4) insurance coverage

78
Q

T/F. When partnership property is attached for a partnership debt, rights can be claimed under homestead exemption laws by any partner or by the representative of a deceased partner?

A

False

79
Q

The Virginia Property Owners’ Association Act?

A

sets forth requirements for the formation and operation of the property owners’ association.

Each association subject to the act is governed by covenants, deed restrictions, POS, bylaws, and other restrictions designed to manage, regulate, and control the specific development, community, subdivision, or neighborhood and their common areas, if any

80
Q

Time-Shares

  • Regarding Time-Shares, INITIAL rights of rescission is ______________ from execution of the contract.
  • RESALE rescission is ___________ following receipt of the certificate of resale or actual transfer.
  • Misrepresentations regarding the transfer of time-share interest must be processed within ________ from the date of the contract.
A
  • 7 calendar days
  • 5 days
  • 2 years
81
Q

POAA Disclosure

-the purchaser has the right to cancel the contract within ________ after the date of the contract or notice that the packet is not available (if hand-delivered).
or within _________ after the postmark date if sent by U.S. mail.

  • association is required to provide the packet within _________ after a written request.
  • The association may charge a fee reflecting the actual cost for preparation of the packet but shall not exceed ________ per page for copying or a total of ________ for all costs incurred. The maximum liability to the association for failing to provide the packet in a timely manner is actual damages not to exceed _______.

-Regarding an update of the POAA disclosure packet, the association must respond within ________ and has the right to charge the purchaser a fee for preparation of the new packet that reflects the actual cost but not to exceed ______.

A
  • 3
  • 6
  • 14 days
  • $.10
  • $100
  • $;. p;500
  • 10 days
  • $50
82
Q

Condominium

In declaring a condominium, the POS includes what 4 things?

In converting to a condominium, the bylaws shall be specific regarding what 4 things?

A

1) Name of declarant
2) narrative description of the condo
3) copies of bylaws and any current management contracts
4) terms and conditions of any financing offered to purchasers

1) form of self-governance
2) accounting and management records
3) schedule of all meetings
4) rules and regulations

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