Virginia Real Estate - State Portion
Questions and Answers. (Graded A)
Settlement Agent - ANSWER-The person charged with coordinating the activities and
documentation necessary for completing a real estate transaction. Cannot be a Real
estate salesperson
Principle Broker - ANSWER-the one licensee who is responsible for all of the agent
activities in the company
associate broker - ANSWER-a broker, affiliated with a brokerage, who is not the
principle broker
Transaction Recovery Fund - ANSWER-provides relief to eligible consumers who have
incurred losses through the improper or dishonest conduct of a licensed real estate
salesperson, broker or firm
Supervising broker - ANSWER-a broker who is named by the principal broker to
supervise a branch office is called a supervising broker in VA law
Virginia Real Estate Board - ANSWER-the regulatory board responsible for licensing
and oversight of real estate salespersons, brokers and firms in the Commonwealth of
Virginia
Earnest Money - ANSWER-money offered as an indication of good faith regarding
future performance of a purchase agreement
Escrow Account - ANSWER-a separate account maintained by a broker for the deposit
of client's money (ie good faith deposits)
Commingling - ANSWER-occurs when a licensee mixes client funds with brokerage
funds
Defeasance - ANSWER-a clause used to defeat or cancel a certain right upon the
occurrence of a specific date
encroachment - ANSWER-a physical object intruding onto neighboring property, often
due to a mistake regarding the boundary
application deposit - ANSWER-any refundable deposit of money, however
denominated, including all money intended to be used as a security deposit under a
, rental agreement, or property, which is paid by a tenant to a landlord for the purpose of
being considered as a tenant for a dwelling unit
application fee - ANSWER-any nonrefundable fee, which is paid by the tenant to a
landlord or managing agent for the purpose of being considered as a tenant for a
dwelling unit
escrow account - ANSWER-an account maintained by a broker for the deposit of other
people's money (security deposits)
landlord - ANSWER-the owner, lessor or sublessor of the dwelling unit or the building of
such dwelling unit is a part
constructive eviction - ANSWER-when a LANDLORD's act (or failure of act) interferes
with the tenant's quiet enjoyment of the property, or makes the property unfit for its
intended use, to such an extent that the tenant is forced to serve notice and file an
action with the court
eviction - ANSWER-the legal process by a landlord to terminate a lease and regain
possession of the property
notice - ANSWER-a statement given in WRITING, if it is not in writing the sender has
the burden of proof to show that the notice was given to the recipient
security deposit - ANSWER-any refundable deposit of money that is furnished by a
tenant to a landlord to secure the performance of the terms and conditions of the rental
agreement. Deemed an application deposit until the commencement date of the rental
agreement
lease - ANSWER-written contract between the property owner and a tenant, where the
possession of land and building is granted by the owner to the tenant for a specified
period of time for a specified amount of rent
caveat emptor - ANSWER-"let the buyer beware" the rule that says a buyer is expected
to examine property carefully, instead of relying on the seller to point out the problems
historic area - ANSWER-an area containing one or more buildings or places in which
historic events occurred or having special public value
tenant - ANSWER-a person entitled only under the terms of a rental agreement to
occupy a dwelling unit to the exclusion of others; a lessee
Megan's Law - ANSWER-federal government requiring states to develop a procedure to
notify community residents of sexual offenders living in their area
Questions and Answers. (Graded A)
Settlement Agent - ANSWER-The person charged with coordinating the activities and
documentation necessary for completing a real estate transaction. Cannot be a Real
estate salesperson
Principle Broker - ANSWER-the one licensee who is responsible for all of the agent
activities in the company
associate broker - ANSWER-a broker, affiliated with a brokerage, who is not the
principle broker
Transaction Recovery Fund - ANSWER-provides relief to eligible consumers who have
incurred losses through the improper or dishonest conduct of a licensed real estate
salesperson, broker or firm
Supervising broker - ANSWER-a broker who is named by the principal broker to
supervise a branch office is called a supervising broker in VA law
Virginia Real Estate Board - ANSWER-the regulatory board responsible for licensing
and oversight of real estate salespersons, brokers and firms in the Commonwealth of
Virginia
Earnest Money - ANSWER-money offered as an indication of good faith regarding
future performance of a purchase agreement
Escrow Account - ANSWER-a separate account maintained by a broker for the deposit
of client's money (ie good faith deposits)
Commingling - ANSWER-occurs when a licensee mixes client funds with brokerage
funds
Defeasance - ANSWER-a clause used to defeat or cancel a certain right upon the
occurrence of a specific date
encroachment - ANSWER-a physical object intruding onto neighboring property, often
due to a mistake regarding the boundary
application deposit - ANSWER-any refundable deposit of money, however
denominated, including all money intended to be used as a security deposit under a
, rental agreement, or property, which is paid by a tenant to a landlord for the purpose of
being considered as a tenant for a dwelling unit
application fee - ANSWER-any nonrefundable fee, which is paid by the tenant to a
landlord or managing agent for the purpose of being considered as a tenant for a
dwelling unit
escrow account - ANSWER-an account maintained by a broker for the deposit of other
people's money (security deposits)
landlord - ANSWER-the owner, lessor or sublessor of the dwelling unit or the building of
such dwelling unit is a part
constructive eviction - ANSWER-when a LANDLORD's act (or failure of act) interferes
with the tenant's quiet enjoyment of the property, or makes the property unfit for its
intended use, to such an extent that the tenant is forced to serve notice and file an
action with the court
eviction - ANSWER-the legal process by a landlord to terminate a lease and regain
possession of the property
notice - ANSWER-a statement given in WRITING, if it is not in writing the sender has
the burden of proof to show that the notice was given to the recipient
security deposit - ANSWER-any refundable deposit of money that is furnished by a
tenant to a landlord to secure the performance of the terms and conditions of the rental
agreement. Deemed an application deposit until the commencement date of the rental
agreement
lease - ANSWER-written contract between the property owner and a tenant, where the
possession of land and building is granted by the owner to the tenant for a specified
period of time for a specified amount of rent
caveat emptor - ANSWER-"let the buyer beware" the rule that says a buyer is expected
to examine property carefully, instead of relying on the seller to point out the problems
historic area - ANSWER-an area containing one or more buildings or places in which
historic events occurred or having special public value
tenant - ANSWER-a person entitled only under the terms of a rental agreement to
occupy a dwelling unit to the exclusion of others; a lessee
Megan's Law - ANSWER-federal government requiring states to develop a procedure to
notify community residents of sexual offenders living in their area
