Unit 1; Virginia Real Estate Law Exam Questions & Answers 100% Accurate

DPOR - ANSWER-Nine member board appointed by the governor for staggered four-year terms Agency 135 - ANSWER-Real Estate Board Agency 48 - ANSWER-Common Interest Community Board Real Estate Board - ANSWER-1. issues regulations that further describe what will be expected of both salespersons and brokers 2. administers the VA Real Estate Transaction Recovery Fund 3. Enforces the provisions of the Virginia Fair Housing Law Common Interest Community Act - ANSWER-- changed condominium law - 9 members appointed by the governor - Ombudsman created to provide assistance to both community associations and consumers Common Interest Community Board (CIC) - ANSWER-- regulatory body responsible for licensing association managers, certifying certain employees of licensed management firms, receiving annual reports filed by associations, and registering condominium and time-share projects Acts under the CIC Board - ANSWER-1. Condominium Act 2. Real Estate Time-Share Act 3. Real Estate Cooperative Act 4. Property Owners' Association Act