Mosley Virginia Real Estate Test (Practice) Questions & Answers 100% verified

According to the Virginia Time-Share act, the statute of limitation for an action against the developer (based on inaccuracies in the Project instrument) is: 1 year 2 years 3 years there is no limit - ANSWER-2 years Board regulations require that records of real estate transactions and escrow account activity be kept for: - 2 years from the date of ratification or closing - 3 years from the date of consummation - 3 years from the date of ratification or closing - 5 years from date of consummation - ANSWER-3 years from the date of ratification or closing If a claim is paid from the Transaction Recovery Fund, what disciplinary action is taken against the respondent? - the respondent's license will be revoked - the licensee must post a bond - no action will be taken if the licensee repays the Fund within 30 days - the respondent's license will be suspended pending a formal hearing - ANSWER-the respondent's license will be revoked In Virginia, sellers of residential property must disclose that the: