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63 Cards in this Set
- Front
- Back
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Imputed liability is:
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a. under old law, any knolwledge possessd by the agent, subagent, or client, was deemed to be known by all.
b. The new agency law specifically holds each person responsilble for what they actually know. |
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"Safe Harbor Forms" are:
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forms initiated by firms which disclose agency relationships.
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"Common law abrogated means":
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the common law of agency relative to brokerage relationships in r.e. transactions to the extent inconsistent with the new agency law shall be expressly abrogagted.
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Revocation, suspension, or denial of renewal of the license of a princiapal broker or sole proprietor shall result in:
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an order that the license of any and all individuals active with the affected firm be returned to the board until such time as they are reissued upon the written request of a sole proprietor or principal broker.
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The Board can now take disciplinary action without:
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holding a hearing.
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If a licensee is found guilty, the Board may impose monetary penalties of up to:
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$1000 per violation and may suspend, revoke, or deny renewal of the persons license.
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If the Board decides to hold a formal hearing, all proceedings are conducted in accordance with:
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the Administrative Process Act of the Code of Virginia.
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Since the Board is not a court of law, decisions of the Board can be appealed to a court of competent jurisdiction within:
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30 days
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Any licensee who does not pay the assessment , within the specified time, to the Transaction Recovery Fund will have his license:
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automatically suspended.
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If a payment is made from the Transaction Recovery Fund, the license of the licensee namsed in the complaint will be:
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automatically revoked.
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If the Board hears of improper handling of a escrow account by a broker:
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the Board will request an injunction from a court barring any further activity by the broker with the account until an investigation has been completed.
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During the time of injunction, the Board will also request that:
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the court appoint a receiver to take over the handling of the account until such time as the investigation is completed and the broker's guilt or innocence is determined.
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If found guilty, the broker is responsible for paying:
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the receiver's fee.
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If a guilty broker is unable to pay the receiver's fee:
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the fee will be payed by the Transaction Recovery Fund or form funds recieved from by the Board, and the broker's license will be immediately revoked.
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If the broker is found not guilty the receiver's fee:
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will be paid by the Board.
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In VA, the only individuals who may close is:
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brokers, lawyers, title companies, and their title agents. All of whom must register with the VA State Bar.
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The Board is composed of:
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9 members, 7of whom must have been licensed R.E. brokers or salespersons for atleast the last 5 consecutive years, and two citizen members.
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Appointments are made by the Governor for terms of:
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4 years.
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The Board has the authority to:
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1. Issue & renew R.E. license
2. Suspend, revoke, or deny 3. Determine license fees 4. Levy fines for violations of license law or rules and regs. |
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In addition, the Board is charged with resposibilty to administer:
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1. The VA Fair Housing Act
2. The VA Condominium Act 3. The VA Timeshare Act 4. The VA R.E. Transacton Recovery Fund |
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The Board does not:
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1. Arbitrate disputes between salespersons and brokers
2. Arbitrate disputes between brokers 3. Establish commission rates or commission splits 4. Standardize listing agreements, sales contracts, or any other forms used in the industry. |
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Fines for operating without a license must be at least $____, but no more than $____ per violation.
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$200 & $,1000
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Multiple fines for operating without a license can not exceed $______ for any one person, partnership, corporation.
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$10,000
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A landlord's current tenant can receive a referral fee if the current tenant finds a tenant to occupy another vacant unit owned by the tenant's landlord.
True/False |
True
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If a agent is inactive, he may not engage in acts of brokerage or earn any compensation, including referral fees.
True/False |
True
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All initial applicaions for licensure must be made within __ months of examination date.
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12
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Failure to apply for licene within the time required will result in:
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taking the exam over.
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All inidvidual licenses hang in the main office under the custody and control of the:
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Principal Broker.
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If you are assigned to a branch office, it is possible that you may never actually see your own license.
True/False |
True
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How many Pricipal Brokers can there be in a firm?
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only 1
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If an fictious name is used by s brokerage, the application for licensure must be accompanied by a certificate of ownership which has which has been filed with the _____ in the jurisdiction in which the business is conducted. This the name by which the business will be ____.
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clerk of the court;
known by |
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The broker shall obtain a separate license for each:
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branh office.
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What will be available to the public in each branch office?
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The branh office license and a roster of every salesperson or broker assigned to the branch office.
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If a sole proprietor or the only broker in a firm dies or becomes disabled, the Board may authorize an individual to:
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conclude the business of the broker.
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How long does a person hired have to conclude the business of a deceased broker?
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180 days
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Cities, counties, or towns within the Commonweath may require the licensing, taxation, or regulation of any R.E. brokerage business within its jurisdiction.
True/False |
True
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The purpose of the VA RE Transaction Recovery Fund is to:
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reimburse a person for monetary losses due to the misconduct of a licensee.
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The min. for the Fund has been set at $___.
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$400,000
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Each new license, salesperson or broker must pay $____ into the Fund.
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$20
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Monies collected as payment to the Fund, must be deposited into the Fund within ___ after receipt by the director.
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30 days
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If the Fund falls below $400,000, the Board may assess each licensee $____ during each biennial (2year) period ending on ___ at the time of renewal.
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30 June of even numbered years
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When assessment becomes necessary, notice is sent by ____ to each licesee, and payment is due within _____.
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first class mail;
45 days |
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If payment is not received in the first 45 days a second notice is sent. Failure to pay the assessment within ____ of the second notice results in automatic ____ of the licensee's license.
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30 days;
suspension |
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The license will be suspended untill:
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the director has recieved the delinquent assessment.
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File a claim with the Board requesting payment from the Fund for the unsatisfied portion of the total claim within _____ from the date of the final judgement.
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12 months
*the Fund is considered to be a last choice to recoup any funds that have not been recovererd |
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No claim can be filed until all other legal avenues of recovery have been exhausted.
True/False |
True
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Who is exempt from recovery from the Fund?
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1. Any licensee
2. Financial or lending institutions 3. Any persons who business involves the construction or development of real property. 4. The spouse or child of any licensee against whom the judgement was awarded. |
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The Fund pays for court costs and attorney fee.
True/False |
False
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If the Fund is below the min. balance, the Fund will distribute money as funds become available to satisfy the pending clims, easch will be paid _____.
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in the order in which they were originally recieved
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Max. payment to one claimant.
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$20,000
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Max. payment to more than one claimant.
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$50,000
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Max. payment to all climants, involved in improper transactions dating two years or more.
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$100,000
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The Board may withhold payment of any claim for _____ if it has reason to believe additional claims may be filed.
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12 months
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Illegal restrictive covenants in the deed are ___ as being contrary to the ____. And without a cout order.
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voidable;
public policy |
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Refusal to accept a deed with a restriction is not deemed to be a brach of contract.
True/False |
True
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Complaints under the Fair Housing Law may be filed within ____.
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12 months
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If filed with the Board, Board must initiate their investigation of a complaint within ___ and shall comlpete it within ____.
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30 days;
100 days |
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Under no circumstances can it go beyond one year.
True/False |
True
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Max. penalty for a Fed. Violation.
1. 2. 3. |
1st. $11,000
2nd. $27,000 3rd. $55,000 |
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Max. penalty for a VA conviction:
1. 2. |
1st. $50,000
2nd. $100,000 |
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Any monetary award for a complaint against a license cannot be paid from the VA Transaction Recovery Fund.
True/False |
True
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If a tenant is violation of a rental agreement, the landlord must:
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notify the tenant in writing of the violation.
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The tenant has ____ to remedy the violation, if the violation is not fixed the lease will be terminated in ___ days.
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21 days;
30 days |
