2006 Code of Virginia § 54.1-2105.1 - Other powers and duties of the Real Estate Board

54.1-2105.1. Other powers and duties of the Real Estate Board.

In addition to the provisions of 54.1-2105, the Board shall:

1. Administer the provisions of Chapter 29 ( 55-528 et seq.) of Title 55;

2. Develop and disseminate an association annual report form for use inaccordance with 55-79.93:1, 55-504.1, and 55-516.1;

3. Develop a residential property disclaimer statement form and a residentialproperty disclosure statement form for use in accordance with the provisionsof 55-519; and

4. Develop and disseminate a one-page form to accompany associationdisclosure packets required pursuant to 55-512, which form shall summarizethe unique characteristics of property owners' associations generally andshall make known to prospective purchasers the unusual and materialcircumstances affecting a lot owner in a property owners' association,including, but not limited to, the obligation of a lot owner to pay regularannual or special assessments to the association, and the penalty forfailure/orefusal to pay such assessments; the purposes for which suchassessments may be used; and the importance the declaration of restrictivecovenants and other governing documents play in association living.

(1993, c. 958; 2000, c. 759.)