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Resale Certificate Requirement Quiz

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Questions and Answers

According to HB 2184, when can a settlement agent release judgement liens on property?

When the settlement agent is unable to obtain payoff information

When the lien creditor cannot be located

When the judgment lien is older than three years

All of the above (correct)

According to HB 2184, what is the maximum amount for judgments that can be covered by the bill?

$25,000 (correct)

$100,000

$1,000,000

$50,000

According to HB 1888, what type of fees may a settlement agent not collect from a represented seller without written consent?

Fees payable to the settlement agent

Fees payable to the settlement agent's subsidiaries

Fees payable to the settlement agent's affiliates

All of the above (correct)

According to HB 1888, when must a settlement agent obtain written consent to collect fees from a represented seller?

When the seller is represented by an attorney (B) Signup and view all the answers

Which bill allows a settlement agent to release judgment liens when the lien creditor cannot be located?

HB 2184 (A) Signup and view all the answers

Which bill covers judgment liens older than three years?

HB 2184 (A) Signup and view all the answers

According to HB 2184, what is the process for releasing a judgment lien when the lien creditor does not provide payoff information?

The settlement agent can release the judgment lien (B) Signup and view all the answers

According to HB 1888, what must a settlement agent do before collecting fees from a represented seller?

Obtain written consent from the seller's counsel (B) Signup and view all the answers

According to HB 1888, what fees are the settlement agent prohibited from collecting without written consent?

All of the above (D) Signup and view all the answers

Which bill adds language to the Virginia Real Estate Settlement Act regarding settlement fees?

HB 1888 (D) Signup and view all the answers