VA RE laws Exam Questions with correct Answers

Notify VREB w/in 10 days of: - ANSWER-Upon termination of a licensee, closing of a firm, death of a licensee, change of license status, change of licensee name or address or both, such licenses must be returned with proper instruction to the board within: Notify VREB w/in 30 days of: - ANSWER-Changes that are not on the license such as personal information, legal name, and change of ownership of the brokerage partnership, or change of officers in a corporation require that the board receive notification within: # of CE hours needed biannually - ANSWER-Beginning July 1, 2007 all salespeople must complete at least 16 hours in approved continuing education during each licensed term. Break down the 16 hours of CE biannually into required types. - ANSWER-At least 8 of these CE hours must include courses in: Ethics and Standards of Conduct (3), Fair Housing Laws (2) Legal Updates and emerging Trends (1), and real estate contracts (1). The remaining 8 hours must be in real estate-related topics approved by the Virginia Real Estate Board # of years to create Adverse Possession (by prescription) in VA - ANSWER-in VA, 15 years of: POACH. Possession, Open, Actual, Continuous, Hostile - to create adverse possession. Intestate Succession in VA - ANSWER-Intestate Succession in VA is spouse, children, parents, siblings. Transfer Tax charged by VA - ANSWER-In VA 15 cents per $100 charged by state when property is conveyed. Paid by seller/ lessor or paid via purchase of tax stamps or transfer fee.