Virginia Real Estate Salesperson

Joint tenancy carries the right of survivorship (a deceased owner's interest passes automatically to the surviving joint tenants) and requires equal interests, while in tenancy in common shares may be unequal and a deceased owner's interest passes to the heirs.

An easement appurtenant benefits a specific parcel (the dominant estate) and transfers automatically with that land, while an easement in gross benefits a person or entity (such as a utility company) and has no dominant tenement.

In a condominium each unit is separately deeded — the unit being held individually (in severalty when there is a single owner) and the common elements as a tenant in common with the other unit owners — while in a cooperative a corporation holds title and the buyer owns shares (personal property) plus a proprietary lease.

In eminent domain the government initiates a taking of private property for public use with just compensation, while in inverse condemnation the owner sues for compensation because a nearby public project diminished the property's use and value without a direct taking.

Fannie Mae and Freddie Mac are GSEs that purchase mortgages (Fannie Mae primarily conventional loans) in the secondary market but do not lend directly to consumers, while Ginnie Mae neither buys nor sells loans and instead guarantees securities issued by private offerors and backed by FHA, VA and USDA government-insured loans.

A buyer taking 'subject to' is not personally obligated for the debt and the original seller/borrower may remain liable for a foreclosure deficiency, while a buyer who assumes the mortgage becomes personally obligated.

Under a purchase money mortgage the buyer receives legal title immediately and gives the seller a security interest, while under a land contract the seller keeps legal title until all payments are made and the buyer holds only equitable title.

Under an exclusive agency listing the seller may sell the property himself without owing the broker a commission, while under an exclusive right-to-sell the broker earns the commission no matter who sells.

Clients are owed fiduciary duties such as loyalty, obedience and confidentiality, while customers are owed only fair and honest dealing, not fiduciary duties.

With a fee simple determinable title reverts automatically on breach, while with a fee simple subject to a condition subsequent the estate does not end automatically and the holder of the right of reentry must bring a legal action in court.

Negligent misrepresentation occurs when the licensee should have known a statement of material fact was false (no intent required but still liable for damages), whereas fraud requires intentional misrepresentation and puffing involves opinions rather than facts.

Dual agency/dual representation disclosures and consents and brokerage agreements are kept three years from the date of execution (18VAC135-20-185 C 1), while documents pertaining to the transaction run three years from the date of closing, or from ratification if the transaction fails to close (18VAC135-20-185 C 2).