Virginia Real Estate Broker Exam — All Questions

In Virginia, associations such as condominiums and property owners' associations are part of the framework of:

• a.Agricultural districts
• b.Common interest communities✓
• c.Commercial zoning overlays
• d.Enterprise zones

Virginia's Common Interest Communities framework governs associations such as condominiums and property owners' associations, with the Common Interest Community Board overseeing managers and associations. Brokers handling these properties must understand the governing documents, assessments, and buyer disclosures. This is a Broker-only emphasis because the broker is responsible for the firm's compliance.

Under the Virginia Property Owners' Association Act, a buyer of a lot in a development with a property owners' association is generally entitled to:

• a.Nothing beyond the deed
• b.A guarantee that assessments will never rise
• c.An association disclosure packet with the declaration, bylaws, rules, and assessments, plus a period to review and cancel✓
• d.Free membership on the association board

The Virginia Property Owners' Association Act generally entitles a buyer to an association disclosure packet containing the declaration, bylaws, rules, assessments, and other required information, with a statutory period to review the packet and cancel. Brokers must ensure the packet is requested and delivered on time so the buyer can evaluate the association's obligations.

Under the Virginia Condominium Act, a buyer of a resale condominium unit is generally entitled to a resale certificate that discloses:

• a.The association's budget, assessments, reserves, rules, and any pending matters, with a review-and-cancel window✓
• b.Only the unit's square footage
• c.The seller's mortgage balance
• d.A promise that no special assessments will ever occur

The Virginia Condominium Act generally entitles a resale buyer to a resale certificate disclosing the association's budget, assessments, reserves, rules, and any pending matters, with a statutory review-and-cancel window. Monthly assessments are a recurring cost affecting affordability and financing, so brokers should ensure accurate, timely disclosure.