Which of the following people involved in a real estate transaction are principal to a transaction according to Virginia real estate law?
Which of the following people involved in a real estate transaction are “Principal to a transaction” according to Virginia real estate law? real estate salesperson.
The correct answer is “a – A time-share project instrument ” In the case of a time-share estate program, the declarant must file a time-share project instrument, which defines the project and is in accordance with the Virginia Non-Stock Corporations Act.
What does the Virginia Real Estate Board administer?
The Real Estate Board licenses salespersons, brokers, and firms representing others in property transactions. The Board also enforces Fair Housing Law in cases involving real estate licensees and their employees.
Which of the following is not a required element of the property Owners Association disclosure packet?
Which of the following is not a required element of the Property Owners’ Association Disclosure Packet? Identification of other property owners in the association.
What is the purpose of Virginia real estate law?
Purpose is to protect the public interest against fraud in real estate transactions–established by police power of the state. VA Law considers them real estate even though the shares held by co-op members are considered personal property.
What is a principal in a real estate transaction?
A principal is any person involved in a contract, such as a seller, buyer, principal broker, or an owner who has hired an agent as a property manager. A client is a party who has signed an agreement with an agent, and this agreement creates a fiduciary relationship.
What is the principal difference between the Virginia and federal fair housing acts?
The principle difference between the Federal Fair Housing Act and the Virginia Act is that the Virginia Act adds elderliness (those 55 or older) to the other protected classes (race, color, religion, national origin, gender, family status, and handicap).
When selling a condominium the seller must provide Virginia?
The Virginia Condominium Act states that after a buyer is in contract to buy a condo, the seller must provide the buyer with the condo resale disclosure package within 14 days.
What is Virginia Property Owners Association Act?
Virginia Property Owners Association Act (Title 55.1, Chapter 18) – Governs the creation and operation of associations subject to a declaration recorded after January 1, 1959. … Virginia Horizontal Property Act (Title 55.1, Chapter 20) – Applies to condominium projects established before July 1, 1974.
Who is exempt from Virginia real estate license requirements?
Any person who is licensed and is in good standing as a real estate broker or salesperson in another state, and who assists a prospective purchaser, tenant, optionee, or licensee located in another state to purchase, lease, option, or license an interest in commercial real estate, as defined in § 55.1-1100, in the …
How long do Virginia real estate Board members serve?
The Real Estate Board shall be composed of nine members as follows: seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment and two citizen members. The terms of Board members shall be four years.
What states does Virginia have real estate reciprocity with?
The full license reciprocity states are: Alabama, Kansas, Virginia, Colorado, Mississippi, Alaska, Washington, Missouri, Georgia, Delaware, Kentucky, and Maine. Any state with full reciprocity allows you to bypass the general real estate courses and narrow your focus to the state-specific laws and requirements.