VIRGINIA VA STATE PORTION EXAM PREP|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

How often do you pay property tax in VA? Property taxes in Virginia are calculated by multiplying a home's assessed value by its total property tax rate. Assessed value is determined by local assessors on regular two- to six-year cycles. By state law, cities are required to reassess every two years and counties every four years. Termite bonds A contract between an owner and a pest control company for regular pest inspection and treatment Stigmatized properties A property that buyers may shy away from for reasons other than physical defects, such as a property being the site of a murder Property Owners' Association Act (POAA) Governs HOA/POA activities in Virginia, requiring the seller to provide prospective buyers with certain information and disclosures prior to purchase. Common Interest Community (CIC) A property or development where ownership interest is shared by multiple owners, such as a condominium or timeshare. Virginia's Residential Property Disclosure Statement Form that, but for a few exempt types of transactions, must be provided to Virginia property buyers, advising them to consult the Real Estate Board's website for disclosure requirements and exemptions. Caveat emptor Latin for "let the buyer beware"; Buyers carry the responsibility of performing due diligence to determine the property's condition. Virginia's Residential Property Disclosure Act (VRPDA) Governs the information Virginia property sellers must disclose to prospective buyers. The Chesapeake Bay Preservation Act Virginia law designed to improve water quality in the Chesapeake Bay and other waters of the state and still allow reasonable real estate development by placing restrictive ordinances on protected areas. Megan's Law An amendment to the Jacob Wetterling Act requiring law enforcement authorities to share information from sex offender registries with the public CLUE Report Comprehensive Loss Underwriting Exchange:helps home insurance underwriters and buyers determine whether a particular property has hidden issues What does the Code of Virginia Title 54.1 Chapter 21 cover? It defines Virginia's real estate licensing regulations and the scope of the Real Estate Board. How is the Virginia Real Estate Board selected, and how long do its members serve? The governor appoints nine members to four-year terms, and may reappoint sitting members for one additional term. Who is on the VREB? Who is on the VREB? Seven real estate professionals (must have at least five years experience as salespersons or brokers) and two members of the public. How many hours of prelicense education is required to qualify to apply for a Virginia salesperson's license? 60 How many years experience must a Virginia broker applicant have? At least three of the last four years How often must Virginia brokers renew their licenses? Every two years (just like salespeople) How many hours of board-approved education must a broker applicant take in Virginia? 180 What type of brokerage business requires only a broker's license to operate (it does not require a firm license)? A sole proprietorship, in the broker's own name How long must new salesperson licensees in Virginia be affiliated and supervised by a broker? 3 years By when must a brokerage's address change be sent to the Virginia Real Estate Board? No later than 30 days from the date of the change Who may have their license with more than one brokerage in Virginia? Only brokers You're transferring brokers. How long does your prior broker have to return your license? Your previous supervising broker has 10 days to return your license to the VREB after a notification of transfer has been received. How many hours of post-license education must a first-year salesperson take to maintain their license? 30 hours. If not completed within 1 year the license will be placed on inactive status by the Board until the curriculum has been completed. How many hours of continuing education must a salesperson take every two years to renew their license? 16 hours How many hours of continuing education must a broker take every two years to renew their license? 24 hours How long do you have to renew an expired license before having to reapply for a new license? Up to one year Which entity investigates complaints against licensees? The Department of Professional and Occupational Regulation (DPOR).