VA Real Estate Study guides, Class notes & Summaries

What are the classes of Property? - Personal Property and Real Property What is personal property? - Generally movable and unattached items. What is a trade fixture? - Personal property used for a person's business. (even if it attached to the real estate) What is Fructus Industriales? - Crops also known as chattle. What general categories does personal property fall under? - Intellectual, reputation, leases, partnership interests. Real Property - Everything within a specified blo...

A health insurer MUST provide a proof of loss form - ANSWER-within 15 days of receipt of the notice of loss Which of the following statements accurately describes the "time limit on certain defenses"? - ANSWER-After a stated period of time, claims cannot be denied due to material misrepresentation on the application Every _______ year(s), an agent's license in Virginia must be renewed. - ANSWER-Two An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under...

In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? - ANSWER-Within one month of the agreement's effective date Which of the following is a task that a licensee could perform for a customer in a transaction? - ANSWER-Providing the opposing party with signed copies of paperwork Erin, a contractor and licensee, is selling one of a group of homes she built this year. Which of the following is true about her disclosure responsibilities? - A...

A developer put two lots together and sold them as one large lot. The increase in value is referred to as: - ANSWER-plottage A 20-unit apartment building rented for $750 per month. The annual gross income multiplier was 9. What is the value of the property? - ANSWER-1,620,000 he Virginia Real Estate Board is composed of _______ members who have been licensed real estate brokers or salespersons for at least ____ consecutive years and ____ citizen members - ANSWER-7 5 2 The terms of VA ...

What are the classes of Property? - Personal Property and Real Property What is personal property? - Generally movable and unattached items. What is a trade fixture? - Personal property used for a person's business. (even if it attached to the real estate) What is Fructus Industriales? - Crops also known as chattle. What general categories does personal property fall under? - Intellectual, reputation, leases, partnership interests. Real Property - Everything within a specified bl...

What are the classes of Property? Personal Property and Real Property What is personal property? Generally movable and unattached items. What is a trade fixture? Personal property used for a person's business. (even if it attached to the real estate) What is Fructus Industriales? Crops also known as chattle. What general categories does personal property fall under? Intellectual, reputation, leases, partnership interests. Real Property Everything within a specified block includin...

If, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, any accrued interest and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant together with any amount due the tenant within ____ days after term...

All residential properties (with a few exceptions relating to types of transfer) - ANSWER-Which types of residential properties fall under the residential property disclosure act? Sellers of residential property - ANSWER-Title 55 of the Code of Virginia requires ________ to disclose material info about the property being conveyed Residential Property Disclosure Statement - ANSWER-Sellers of residential real property are required to fill out and sign a ___ ___ ___ ___ 1. Safe living cond...