VA Exam Questions & Answers 100% verified

Under the Augmented Estate and Elective Share Act - ANSWER-if there are no surviving children (or their heirs), the widow or widower would receive one-half of the estate. If there are surviving children or heirs, the widow or widower would receive one-third of the estate. These provisions would take effect if the widow or widower is renouncing the terms of a will. a civil action may also be initiated by an injured party within - ANSWER-2 years of the occurance Virginia Utility Damage Prevention Act - ANSWER-can effect realtors when placing signs/ call Miss utility in case of Easment. no disclosures to client for this agent cant get paid with escrow - ANSWER-until trans is consummated escrow funds may be used otherwise if... - ANSWER-agreed in writing by all principals written disclosure of brokerage relationship required - ANSWER-on lease or application(whatever is first) only if OVER 100 days Any septic system currently in use must be - ANSWER-disclosed and inspected (but only if in use) right to represent agreements - ANSWER-typically does not include cancellation clause for either party if dissatisfied. Usually set amount of day to cure if agent lists her property WITH BROKER - ANSWER-she must disclose interest in the contract transaction recovery fund est for protection - ANSWER-The transaction recovery fund is to provide persons with recourse if they have suffered a monetary loss due to a licensee's misconduct and have been unable to receive satisfaction from that licensee.