VA Real Estate
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Concurrent license | show 🗑
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| Acre | show 🗑
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| Subrogate | show 🗑
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| show | reimburses parties who suffer $ loss due to licensee's improper or dishonest conduct; $400K minimum balance or charge active/inactive agents proportional amount; none pay more than $20 in 2yrs; 45/30d to pay or suspension
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| show | requires owner to give disclosure form to purchaser and refer buyer to VA RE board website for more info
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| Independent contractor | show 🗑
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| show | has to do with augmented estates; makes joint tenants tenants in common; abolished in VA
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| show | Easement allowed by law as necessary for full enjoyment of parcel of RE; right of ingress & egress
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| Easement by prescription | show 🗑
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| show | that owned by person, including: insurance, retirement benefits (not social sec), annuities, pension, compensation, employee benefits (same as "property")
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| Homestead exemption | show 🗑
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| Intestate | show 🗑
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| Land trust | show 🗑
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| show | full and accurate disclosure of characteristics of condo/coop/time share
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| show | seller must obtain certain docs from unit owners' association in event of resale
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| show | combining successive periods of continuous uninterrupted use by dif parties
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| show | partner is co-owner with other partners of real property
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| show | not secured by real preoperty (like credit card debt)
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| Broker's lien | show 🗑
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| show | lien on tenant's property for satisfaction of unpaid rent or property damage
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| show | All property shall be taxed at fair market value and shall be uniform upon same calss of subjects within territorial limits of authority of levying tax
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| show | owner must pay taxes for current tax year from date of purchase until end of year; buyer owns property on SETTLEMENT DATE
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| Succession tax | show 🗑
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| Vendor's lien | show 🗑
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| Writ of execution | show 🗑
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| show | court ordered judgment where debtor's real property may be conveyed to sheriff
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| show | house location survey with all physical features of property shown (water, utility lines, fences, outbuildings, etc.)
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| Boundary survey | show 🗑
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| show | boundary survey with location of house shown
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| show | description of land by courses and distances with identifiable starting point; uses monuments; uses point of beginning and ending
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| Lot-and-block method | show 🗑
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| Parol evidence | show 🗑
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| Power of attorney | show 🗑
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| Statue of frauds | show 🗑
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| show | map of each parcel of land, shows subdivided lots, streets, etc.
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| show | doc used to create mortgage lien
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| show | gives homeowners opportunity to refinance mortgage in order to make monthly payments affordable and avoid foreclosure
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| show | if mortgage is used instead of deed of trust, court action is required to foreclose
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| show | trustee has right to sell property without going to court
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| show | allows for nonjudicial foreclosure
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| Short sales | show 🗑
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| show | charging interest higher than the max amount allowed by state law
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| VA Housing Development Authority (VHDA) | show 🗑
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| 90-day letter | show 🗑
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| Adverse possession | show 🗑
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| show | deed where errors are corrected (like erroneous legal description, misspelled name, etc.)
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| show | persons who perform escrow, closing, or settlement services must comply with consumer protection safeguards
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| Grantor tax | show 🗑
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| show | continuous succession of adverse possessors
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| show | tax purchaser pays on transfer of property
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| show | a policy insuring one's personal and/or financial integrity; settlement agent must have one at least $100k; used to ensure project will be completed, contract performed, etc.
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| Testator | show 🗑
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| show | order to seize tenant property
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| show | landlord issues written notice giving tnenant 5 days to pay rent or vacate property
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| show | rent paid more than 1 month in advance of rent due date
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| Retaliatory action | show 🗑
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| Unlawful detainer warrant | show 🗑
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| VA Residential Landlord and Tenant Act (VRLTA) | show 🗑
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| Elderliness | show 🗑
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| show | created by DPOR to administer and enforce state and federal Fair Housing Law
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| show | investigative arm for Fair Housing Board and Real Estate Board
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| Fiduciary relationship | show 🗑
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| Easement in gross | show 🗑
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| Encumbrance | show 🗑
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| Legal life estate | show 🗑
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| show | water ownership in which landowner's right to use water is based on gov't-administered permit system
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| Pur autre vie | show 🗑
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| show | remnant of estate grantor holds after granting life estate to another person
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| Base line | show 🗑
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| show | horizontal plane from which heights and depths are measured
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| Benchmarks | show 🗑
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| Plat map | show 🗑
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| Principal meridians | show 🗑
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| show | strip of land 6 miles wide, extending north & south & numbered east & west according to distance from principal meridian
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| Rectangular (gov't) survey system | show 🗑
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| show | portion of township under rect gov't survey system; township divided into 36 sections, section is square w/mi-long sides & area of 640 acres (1 sq mi)
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| show | process by which boundaries are measured
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| Township lines | show 🗑
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| Townships | show 🗑
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| show | township lines that form strips of land and are designated by consecutive numbers north or south of base line
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| Mile | show 🗑
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| Square mile | show 🗑
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| Assessment | show 🗑
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| Ad valorem tax | show 🗑
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| Attachment | show 🗑
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| Equalization factor | show 🗑
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| Tax sale | show 🗑
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| show | fed tax on decedent (deceased person) real and personal property)
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| show | 1/10 of one cent (.001) - sometimes used to calculate tax
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| Redemption | show 🗑
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| show | property tax; this and special assessments take priority
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| Alienation | show 🗑
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| show | provides certificate of title verified by county clerk; not used in VA
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| Certificate of reasonable value (CRV) | show 🗑
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| show | 1977; financial institutions expected to meet deposit and credit needs of communities
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| Equal Credit Opportunity Act (ECOA) | show 🗑
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| Federal Deposit Insurance Corporation (FDIC) | show 🗑
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| Freddie Mac (Federal Home Loan Mortgage Corp) | show 🗑
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| show | objective economic indicator to which interest rate for ARM is tied
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| Interest-only mortgage | show 🗑
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| Margin | show 🗑
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| show | implements Truth in Lending Act; applies to residences, lenders have to inform true cost of getting credit; 3 day right of rescission
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| Truth in Lending Act | show 🗑
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| show | lease of land only (tenant may own building)
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| Nondisturbance clause | show 🗑
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| show | passive aggressive eviction - landlord makes it uninhabitable so tenant leaves without liability
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| Multiperil policies | show 🗑
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| show | alterations to interior of building to meet functional demands (also called build-outs)
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| Conformity | show 🗑
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| show | # of years an improvement will add value to land
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| show | 5+ units (commercial): sales price/annual gross income
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| Gross rent multiplier (GRM) | show 🗑
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| Law of diminishing returns | show 🗑
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| Law of increasing returns | show 🗑
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| show | increase in value or utility from assemblage (combining 2+ lots)
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| show | opposite of progression; presence of crappy property negatively affects better quality property
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| Replacement cost | show 🗑
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| show | cost to create exact duplicate of property
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| Federal Interstate Land Sales Full Disclosure Act | show 🗑
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| Blockbusting | show 🗑
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| show | 1866; upheld in court in 1968, no racial discrimination
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| Fair Housing Amendments Act | show 🗑
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| Redlining | show 🗑
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| show | channeling home buyers to particular areas either to maintain homogeneity or change character
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| show | 1968; no discrimination based on race, color, religion, national origin; prohibits steering, blockbusting, redlining
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| Housing and Community Development Act | show 🗑
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| show | rentals in owner-occupied buildings 4- units; private clubs w/limit occupancy; sale by owner of single-family home when owner owns 3- houses & no discriminatory advertising; 80% 55+ or 62+ only
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| show | sex offenders must register location
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| show | 1980; fed law admin by EPA; identifies ppl who pollute and forces them to clean up toxic sites
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| show | amendatory statute that contains stronger cleanup standards for contaminated sites
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| show | most mortgage lenders require borrowers to have this for funds to pay future real estate taxes and insurance premiums
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| show | 2009; timeliness of disclosures affects closing dates; 3-7-3
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| show | $ or property given to make up difference in value or equity between 2 properties in an exchange
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| Capital gain | show 🗑
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| Cost recovery | show 🗑
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| Equity buildup | show 🗑
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| Leverage | show 🗑
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| RE mortgage investment conduit (REMIC) | show 🗑
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| Taxpayer Relief Act | show 🗑
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| Hypothecation | show 🗑
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Created by:
teddydesign
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