Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:
A contract is executory when its terms have not yet been fully performed (here, closing has not yet occurred).
Because Trystan is 17 years old, he is a minor under Virginia law (legal capacity begins at 18). A minor's contract is generally voidable at the option of the minor, but enforceable against the adult party.
Therefore, this contract is executory (not yet performed) and voidable (due to Trystan's age).
Code of Virginia 1-204 (Age of majority = 18)
Virginia Real Estate Board Exam Outline -- Contracts (capacity, validity, executory vs executed)
All of the following are examples of legal descriptions of property EXCEPT:
Legal descriptions must be precise and unique so land can be located without confusion.
Accepted forms:
Metes and bounds
Rectangular (government) survey (e.g., ''SW 1/4 of NW 1/4...'')
Lot and block (e.g., subdivision plats)
A street address (Option B) is not a legal description---too general and can change.
Virginia Real Estate Principles & Practices -- Legal Descriptions
Virginia Exam Outline -- Land and Property Descriptions
What is the difference between assemblage and plottage?
Assemblage: The process of combining two or more adjacent parcels of land into one larger parcel.
Plottage: The increase in value that results from assemblage due to the greater utility or economic use of the combined parcel.
Example: Two small lots may be worth $50,000 each separately, but if assembled into one larger parcel, the combined property may be worth $120,000 due to increased development potential.
Reference (Virginia Real Estate):
Virginia Real Estate Principles -- Land and Appraisal section
A490-02REGS.pdf -- Valuation curriculum
In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:
In Virginia, agency law recognizes several forms of representation that real estate licensees may provide. These include standard agency, dual agency, and limited service agency. But Virginia also allows licensees to operate in a capacity where they provide no agency representation to either party.
No Agency (also called ''Independent Contractor'' or ''Facilitator/Transaction Coordinator'')
When a licensee assists in a real estate transaction without representing either the buyer or the seller, they are said to be practicing ''no agency.''
In this capacity, the licensee does not advocate for either side but may assist with paperwork, communication, and coordination of the transaction.
In Virginia, such licensees are sometimes referred to as intermediaries.
Why not the other options?
Single Agent (A): A single agent represents only one party (buyer or seller) in the transaction with full fiduciary duties. This is the most common agency relationship.
Dual Agent (C): A dual agent represents both buyer and seller in the same transaction with limited duties to each. This is a recognized but restricted practice in Virginia.
Appraiser (D): An appraiser is a licensed professional who provides valuation services and is not acting as an agent or intermediary in the transaction.
Because Mindy's question specifies no agency, the correct Virginia terminology aligns with ''intermediary.''
Reference (without URLs):
Code of Virginia, Title 54.1, Chapter 21 -- Real Estate Brokers, Salespersons, and Rental Location Agents ( 54.1-2130 et seq.) (defining agency and non-agency relationships)
Real Estate Board Regulations (18 VAC 135-20-10 Definitions; 18 VAC 135-20-300 Standards of Conduct)
Virginia Real Estate Principles & Practices -- discussion on transaction coordinators/intermediaries and their duties under no-agency status
The title of a fee simple determinable estate reverts automatically if title conditions are violated. How do fee simple condition subsequent estates compare?
A fee simple determinable estate automatically reverts to the grantor if the condition is violated (e.g., ''so long as the land is used as a park''). No legal action is required.
A fee simple subject to condition subsequent estate, however, requires the grantor to take legal action (such as filing for repossession) if the condition is violated (e.g., ''on the condition that the land is used as a park; if not, the grantor has the right of reentry'').
Thus, the distinction is automatic reversion vs. reversion only through legal action.
Reference (Virginia Real Estate):
Virginia Real Estate Principles -- Estates in Land section
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