VA Real Estate

A title was recorded for a parcel of real property vested in the name of Johan Wilson, a property only in the name of Johan Roberts, a married woman. The discrepancy in the grantor's name is: - Answer A defect which may cause a cloud on the title. Which contract would be the most difficult for a buyer to obtain financing? - Answer Land Contract When a broker runs an advertisement, the broker must disclose: - Answer Name of the Broker Following in-house sales are true, except: - Answer ...

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...

Abstract of Title - ANSWER-A condensed history of property An acre contains (sq. ft.) - ANSWER-43,560 sq. ft. An administrator is - ANSWER-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - ANSWER-A means of acquiring title to property Alienation Clause - ANSWER-Allows lender to require balance of loan to be paid in full when you allow someone to assume your loan An appurtenance is - ANSWER-something which benefits the property An as...

According to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date. - ANSWER-One month 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 p...

The tax base in a jurisdiction is derived by subtracting exemptions from - ANSWER-assessed values 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 salespers...

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...