Virginia VA State Portion Exam Prep Questions and answers 2024

How often do you pay property tax in VA? - ANSWER-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 - ANSWER-A contract between an owner and a pest control company for regular pest inspection and treatment Stigmatized properties - ANSWER-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) - ANSWER-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) - ANSWER-A property or development where ownership interest is shared by multiple owners, such as a condominium or timeshare. Virginia's Residential Property Disclosure Statement - ANSWER-Form that, but for a few exemp