VA Real Estate flashcards
VA Real Estate · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Virginia Real Estate Board
- The regulatory body within DPOR that licenses and disciplines Virginia brokers, salespersons, and rental location agents and enforces Board regulations and standards of conduct.
- Salesperson pre-license hours
- Virginia applicants must complete 60 hours of Board-approved pre-license education before sitting for the salesperson licensing examination.
- Continuing education requirement
- Virginia licensees renew biennially by completing 16 hours of continuing education, including 3 hours of ethics, 2 hours of fair housing, and 1 hour of legal updates.
- Board monetary penalty
- The Virginia Real Estate Board may impose a monetary penalty of up to $2,500 for each violation, in addition to reprimand, suspension, or revocation.
- Standard agent duties
- A Virginia standard agent owes the client care, obedience, loyalty, disclosure, accounting, and confidentiality, plus disclosure of known material adverse facts about the property.
- Dual agency in Virginia
- Representing both buyer and seller in the same transaction, which is permitted only after full disclosure and with the written consent of all parties.
- Designated agency
- The broker assigns one licensee to represent the buyer and a different licensee to represent the seller within the same firm, with written consent.
- Disclosure of brokerage relationship
- The Board-approved written statement identifying the type of agency and the duties owed, provided at first substantive contact or when the agreement is formed.
- Statute of Frauds
- Legal rule requiring real estate sale contracts and leases longer than one year to be in writing and signed by the party to be charged.
- Earnest money deposit
- Buyer funds held in the broker's escrow account as evidence of good faith, applied to the purchase price at closing or disbursed on default.
- POA disclosure packet
- Under the Virginia Property Owners' Association Act, a purchaser may cancel the contract within three days after receiving the association resale disclosure packet.
- Contingency clause
- A contract provision making a party's obligation conditional on a specified event, such as financing, appraisal, or inspection, that must be met or waived by a deadline.
- Tenancy by the entirety
- A form of co-ownership available only to married couples in Virginia, carrying a right of survivorship and protection from one spouse's individual creditors.
- Adverse possession period
- Virginia requires 15 years of actual, hostile, open, notorious, exclusive, and continuous possession before title can be acquired by adverse possession.
- Easement appurtenant
- An easement that benefits a dominant parcel and runs with the land, passing automatically when that parcel is transferred.
- Fee simple determinable
- An estate that ends automatically and reverts to the grantor when a stated condition occurs, created by words such as so long as.
- General warranty deed
- A deed containing six covenants, including seisin, right to convey, quiet enjoyment, warranty, and further assurances, covering defects whenever they arose.
- Race-notice recording
- Virginia rule under which a later bona fide purchaser prevails only by recording first and taking without notice of a prior unrecorded interest.
- Deed of trust
- A three-party Virginia security instrument in which the borrower conveys title to a trustee to secure a lender, permitting nonjudicial foreclosure on default.
- Transfer on death deed
- A revocable Virginia deed that transfers real property to a named beneficiary at the owner's death, avoiding probate while remaining changeable during life.
- Loan-to-value ratio
- The loan amount divided by the lesser of the sales price or appraised value, used to set down payment requirements and mortgage insurance.
- Discount point
- A fee equal to one percent of the loan amount, paid at closing to reduce the interest rate on the mortgage.
- Closing Disclosure timing
- Under TILA-RESPA, the borrower must receive the Closing Disclosure at least three business days before loan consummation.
- PITI
- The four components of a monthly mortgage payment: principal, interest, property taxes, and hazard insurance.
- Gross rent multiplier
- Sale price divided by monthly rent; the resulting factor is multiplied by market rent to estimate an income property's value.
- Capitalization rate
- Net operating income divided by property value; a higher cap rate indicates a lower price relative to the income produced.
- Highest and best use
- The use that is legally permissible, physically possible, financially feasible, and maximally productive, producing the greatest value to the property.
- Comparative market analysis
- A licensee's estimate of value based on comparable sales and listings, which is not an appraisal and cannot be presented as one.
- Familial status protection
- Fair housing protection covering households with children under 18, pregnant persons, and those in the process of securing legal custody of minors.
- Blockbusting
- Inducing owners to sell by suggesting that members of a protected class are moving into the neighborhood, which is prohibited.
- Reasonable accommodation
- A change in rules, policies, practices, or services needed by a person with a disability to obtain equal housing opportunity.
- Steering
- Directing prospective buyers or tenants toward or away from particular neighborhoods based on protected class characteristics.