When the buyer and seller are in agreement as to who should receive the monies. A resident who purchases stock in a corporation and is allowed to occupy a unit in a building. Virginia Fair Housing Law § 36-96.1. A. Unless agreed upon by all parties to a transaction, earnest money ________________ be deposited before acceptance of an offer to purchase. Which of the following acts would be considered illegal? What is the Transaction Recovery Fund's minimum balance? The Virginia Real Estate Board is composed of nine members, of which, _____ members must have been licensed real estate brokers or salespersons for at least five consecutive years before their appointments. the elderly. The final inspection of a rental property is required by Virginia law to be held within ___ hours of the tenant vacating the property. What is the legal limit to file a complaint regarding a time-share contract? Services, Air, Mineral & Water Rights in Real Estate, Real Estate Land Use Controls & Regulations, Basic Real Estate Financing Terms & Concepts, Virginia Real Estate Licensing & Disclosure Requirements, Virginia Real Estate Broker License Exam Flashcards, Working Scholars® Bringing Tuition-Free College to the Community, Effects of the Virginia Residential Landlord and Tenant Act, Acts prohibited by the Virginia Fair Housing Law, Who the Virginia Fair Housing Law does and does not apply to, The Virginia Condominium Act and Regulations and the Virginia Underground Utility Damage Prevention Act, among others. As a renter, there are certain rights and responsibilities that come with renting a home in Virginia. The broker/brokerage that the licensee represents must always be disclosed to landlords and tenants in what manner? If a payment has to be made from the Transaction Recovery Fund, a licensee's license will be. The exception to this rule is which of the following? Which protected status includes pregnant women, those in the process of adopting children, or becoming custodial parents/guardians of a child? Denying housing to someone based on their financial situation. How would that expense be distributed to community members? If a salesperson is offered a $500 bonus from a client, the salesperson. Which statement about the Recovery Fund is TRUE? This chapter shall be known and referred to as the Virginia Fair Housing Law. •Religious organizations (non-public) housing, without discriminating … Under the Virginia Real Estate Transaction Recovery Fund, if there is reason to believe there will be multiple claims involving one regulant, payment of claims will be delayed for a maximum of how long? A licensee is required to maintain confidentiality of all personal and/or financial information received from the client during the brokerage relationship. An auctioneer selling real estate at a public auction for the owner does not need to have a real estate license, if the auction is open for only ___ hours. The illegal practice of pushing a minority member to or away from certain neighborhoods is known as what? In a previous post, we discussed how to answer questions on the telephone. How long does the Board have to decide if there is reasonable cause to back up the discrimination allegations? The terms of Virginia Real Estate Board members are _____ years in length. If a broker knows of wrong doings by an agent, which statement is TRUE? Questions may come in via our social media channels. Which of the following is an illegal activity in which a Virginia real estate licensee mixes earnest money with his own money? •An owner of a single family home rented or sold without the use of a real estate agent or broker. … Enrolling in a course lets you earn progress by passing quizzes and exams. In the cases of termination of a licensee, closing a firm, or change of license status, such licenses must be returned to the board within. Choosing between your ESA and housing is a decision you should never have to face, and the federal Fair Housing Act ensures you’ll never have to. The Virginia Real Estate Board administers which of the following? When may a broker pay out funds on deposit in the firm escrow account? | 18 A person or business entity who for compensation, sells or offers for sale, units or interest in condominiums, cooperative interests, or time-shares in a time-share program, describes a, Virginia real estate law states that any person, persons, or organization, which performs or advertises brokerage services, for another person or entity, must be licensed by the. Which of the following describes, "simple routine acts that a licensee may perform for a person, which do not involve the exercise of the licensee's own judgment"? disclose to the seller all material facts to which the licensee has actual knowledge, related either to the property or the transaction itself. A person with a disability, or a person associated with such person, who maintains an assistance animal in a dwelling shall comply with the rental agreement or any rules and regulations of the property owner applicable to all residents that do … Any person licensed as a broker or salesperson in Virginia may prepare written contracts for the sale of real estate. What must be included with "declaration instruments" to the Virginia Real Estate Board, under the Virginia Condo Act? For example, if a license was issued on December 15, 2010, the license would expire on. Overall, 28% of complaints filed in Virginia … A party to a real estate transaction including without limitation a seller or buyer, landlord, or tenant, optionor or optionee, licensor or licensee, describes which of the following?
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