The following is a robust set of proactive and reactive rules to fraud-proof and protect your good name. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. Under the statute of frauds, which element is required for contracts pertaining to the purchase and sale of real property (except for certain specific exceptions)? The referring tenants do not hold real estate licensees. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. A) The real estate licensee is eligible to make a claim for recovery from the fund, because the licensee acted in the capacity of a buyer. D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. required by Florida law to verify that license applicants are current on child support payments. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; a statement by you, made under penalty of perjury, that the information provided in your notification is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf. How much is the minimum cash investment on an FHA loan? merrick okamoto net worth The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. 8 a.m. Which statement is TRUE regarding this situation? Which statement regarding a limited real estate partnership is TRUE? And some rules can even vary within a state. Which type of listing allows the seller to list the property with other brokers? B) Federally related transactions do not include transactions associated with refinancing real property. The site is secure. Real estate licensees may contact their former customers for up to 18 months following the closing of a transaction, even if the customer's name is on the national registry. Savings associations can sell existing mortgage loans to which entity? C) Federally related transactions involve a federally insured financial institution. (page 169), The answer is ACCRETION. Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. Total = 14,500 + 3,000 = $17,500. B) the creation of a uniform, statewide energy-efficiency rating system. Subtract A licensee who is issued a citation may be ordered to, If a licensee/respondent disputes any of the allegations outlined in the administrative complaint, the case must be heard in, When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of rules of the Florida Real Estate Commission has occurred, the complaint is said to be. The statute of frauds requires that contracts conveying an interest in real property and contracts that aren't to be performed within one year of the date created must be. Which brokerage relationship is BEST suited to this couple? C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. Mortgage interest Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? B) tenants and buyers of all residential property. A) Demand is the desire and ability to purchase or lease goods and services B) Consumer preferences influence demand C) Changes in price cause an inverse change in demand D) The availability of building materials influences demand, The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply (page 415), Implement the comprehensive plan (page 427), Branch office of a bank is a service industry that services primarily local residents (page 425), Effective Age / Total Economic Life x Reproduction Cost New, 45 x 90 x .75 = $3,037.50 / 2 = $1,518.75, A professional office center is purchased for $475,000. (PAGE 190), Which statement concerning sections is FALSE? (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). Many of these lawsuits seem outrageously frivolous, while others deal with incredibly serious matters. A comparable property recently sold for $315,000. A) Monthly payments remain constant, and the interest portion comprises the majority of the payments. Better A person applies for a mortgage loan from a local credit union. Which expense is deducted to derive effective gross income? How will the property taxes be entered on the closing statement? Federally related transactions do not include transactions associated with refinancing real property. A lead-based paint disclosure must be given to A) tenants and buyers of all rental property if a family member is younger than three. The brokerage can work with the buyer, in the same transaction, A sales associate receives a deposit from a buyer on Wednesday morning. The answer is ACCRETION. The earnest money deposit normally appears on the closing statement as a. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. Property taxes are paid in arrears - so seller has paid no taxes that month. (page 176). The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? Which expense is deducted to derive effective gross income? Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? Vendor's Lien - equitable lien of the grantor (seller under a PMM) on the land conveyed in the amount of the unpaid purchase price. The covenant of warranty forever is included in which type of statutory deed? The garage is 485 square feet. C) All VA mortgage loans contain a due on sale clause. The Telephone Consumer Protection Act (TCPA) was passed in 1991 in response to consumer complaints of increased marketing calls and automated, pre-recorded messages. The purpose of the Do Not Call registry is to give consumers a choice regarding telemarketing calls. Which statement is TRUE regarding this situation? In the Government Survey System, the six-mile vertical strip of land that extends from the north to the south of Florida, located immediately west of the Tallahassee Principal Meridian, is called. Federal government websites often end in .gov or .mil. B. call Sue for up to 18 months after she purchases a property through the brokerage firm C. call Sue if she has placed a "for sale" sign in the yard Reproduction cost: Which entity is a guarantor of mortgage-back securities? A broker is NOT required by law to notify the FREC of conflicting demands in which situation? A couple are interested in purchasing residential investment property, and they have informed their sales associate that they want limited representation but do not want to be legally held responsible for the acts of a licensee. Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. It's one mile square of 640 acres. Call Lynn Amherst, Excel Realty 333-2020 (cell). The mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. Wattage is the measurement of the amount of energy consumed. Which statement is FALSE regarding earning continuing education (CE) credit by attending a legal agenda session of the monthly Florida Real Estate Commission (FREC) meeting? What is the adjusted sale price of the comparable? A court may award up to three times that amount for a willful or knowing violation. Claim against the RE Recovery Fund is for a result of license law violations by a licensee ($50k per transaction and mo more than $150K against on licensee involved in mult transactions) the others are remedies for a breach in contract. On the first of the month, the seller collected total rent for September amounting to $950. Is this transaction covered under Truth in Lending Act? B) The Department of Veterans Affairs partially guarantees VA mortgage loans. A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. What is the annual IRS depreciation deduction? Calculate the proration and indicate who is debited and who is credited. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? A sales associate receives a deposit from a buyer on Wednesday morning. Residential leases are usually gross leases. Which characteristic is a disadvantage of investing in real estate? These opinions are issued, pursuant to Rules 1.1 - 1.4 of the Commission's Rules of Practice, 16 C.F.R. Which mortgage clause requires the lender to waive the right to a deficiency judgment against the borrower, relieving the borrower of personal liability to repay the loan? 145 x 2 = 290 D) penalty-free withdrawal from an IRA if the money is used as a down payment on a personal residence (first time home buyers only). Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. Informacin detallada del sitio web y la empresa: salvarani.com, +39522969177 SALVARANI | Agricultural spraying, components 12-24 Volt, compressors, test and calibration equipment, Componenti agricultura, compressori, calibratura e regolazione macchine irroratrici They have created which type of estate or tenancy? Which property is immune from property taxes? Search the Legal Library instead. For a violation of any of the telemarketing rules in Florida Statute Section 501.059, consumers can now sue to enjoin the violation and recover actual damages or $500, whichever amount is greater. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. Which statement is FALSE regarding earning continuing education (CE) credit by attending a legal agenda session of the monthly Florida Real Estate Commission (FREC) meeting? ), $475,000*.8 = $380,000 / 39 years = $9,744, Ch. The lender's policy protects the lender against title defects. False - All VA mortgage loans contain a due on sale clause. Informacin detallada del sitio web y la empresa: hotelroyalvasto.com, +39873801950 Hotel Royal Vasto Marina - Hotel 3 stelle sul mare a Vasto Marina in Abruzzo The associate must. Lease Agreements longer than 1 year Placement of the windows is most important on which type of lot if the homeowner is concerned about the possibility of vehicular headlights shining into the front windows? Which statement is TRUE regarding this situation? Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? What is the final step in the real estate sale process? Under the statute of frauds, which element is required for contracts pertaining to the purchase and sale of real property (except for certain specific exceptions)? After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. $276,060 total. Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. What is the state's intangible tax on a new mortgage of $10,000? Since seller hasn't received the money, it's not shown on the seller's statement. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. A written contract for sale and purchase of commercial property that used designated sales associates failed to close. 1.1 - 1.4, in response to questions of general public interest. T-Intersection (open view down the street, lights shining into window and possible danger from speeding runaway cars), The term used to measure the amount of energy an electrical appliance consumes is. Featuring infinite contrast ratio and VESA Display HDR True Back 400 for remarkably vivid colors and visuals bursting to life. A gross lease is a lease in which the tenant agrees to pay a fixed rental amount, and the landlord pays all expenses related to the property such as real estate taxes, insurance, and maintenance costs. Which item would be classified as a fixed expense in the calculation of net operating income? How must the broker as agent handle the security deposits and advance rent? Listed here are some FTC laws about specific marketing practices and the promotion of products and services in specific industries. 24,700 / 47,800 = 52% profit. The brothers want their interest in the property to go to their spouses in the event of their deaths. A) Seller and buyer both claim the earnest money deposit. 640/4/4/2 = 20 The FTC does not prohibit bait-and-switch advertising. Which statement is TRUE? Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securitie Which statement about the economic concept of demand is FALSE? Which list of appraisal methods is unique to the appraisal of business enterprises? Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? The Telecommunications Consumer Protection Act of 1991 (TCPA) is a piece of U.S. federal legislation that set guidelines for telemarketing practices in response to consumer complaints. A broker working in a no brokerage relationship capacity with a seller can enter into a listing agreement with that seller and be paid a commission. If you advertise online, remember the rules and guidelines that protect consumers also help businesses by maintaining the credibility of the Internet as a marketing medium. How much of the $414.94 monthly payment paid in month two will apply to principal? Property taxes Which statement is TRUE regarding the federal telemarketing law? The National Do Not Call Registry is a database maintained by the United States federal government, listing the telephone numbers of individuals and families who have requested that telemarketers not contact them. A written contract for sale and purchase of commercial property that used designated sales associates failed to close. The procedures instituted must meet the following minimum standards: (1) Written policy. 3. use of real property or interests as a security for a loan or investment including mortgage-backed securities. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. The earnest money deposit normally appears on the closing statement as a. Deed is the written instrument to convey an interest in real property. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). Before sharing sensitive information, make sure youre on a federal government site. required by Florida law to verify that license applicants are current on child support payments. In practice, the state list is integrated with the national do-not-call list maintained by the Federal Trade Commission (FTC). ), $475,000*.8 = $380,000 / 39 years = $9,744. Deeds and Mortgage Instruments EXCULPATORY CLAUSE is a provision in a mortgage or note in which the lender waives the right to a deficiency judgement against the borrower and the borrower is relived of personal liability to repay the loan. The tenant has a tenancy. What is the annual rent for the year if the annual gross sales are $450,000? Which statement is TRUE regarding the federal telemarketing law? According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. The statute of frauds requires that contracts conveying an interest in real property and contracts that aren't to be performed within one year of the date created must be in writing and signed to be enforceable. press system to optout of receiving their prerecorded telemarketing messages;(2) to add the consumers' telephone numbers to the seller's do-not-call list; (3) to immediately disconnect the call; and (4) when leaving a message regarding a telemarketing call, the small business must Save our Home (SOH) regulates that the assessed value of a property can only increase 3% annually or the % change of the CPI for the preceding year; whichever is LESS. RESPA disclosures at time of loan or within 3 business days of: All natural persons in the United States who, within four years preceding the filing of this case, received more than one telephone solicitation call from PGI within a 12-month period. The TCPA restricts telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee (page 58). She requests a Florida sales associate license based on mutual recognition. Lynn is preparing a classified ad for a listed property. Complaint resolution for homeowner associations is provided by which division of Florida government? Which statement applies to this situation? The buyer did not accept the seller's counteroffer. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? Central Asia. Ohio Consumer Protection Laws The Ohio Attorney General has enforcement authority over more than 25 consumer protection laws, which are listed below with a brief overview of key protections that consumers have under the laws. A closing is set for July 15. 14 Real estate related computations and c, 63 hour Real Estate practice Exam (first 50), Course Exam Review for Tampa School of Real E, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. An apartment building produces an effective annual gross income of $71,820. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. Which statement is TRUE regarding the federal telemarketing law? writing bad checks, crimes of larceny). We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. B) The buyer and seller have entered into a contract for $225,000. 156) THIS AGREEMENT AND PLAN OF MERGER AND REORGANIZATION (this "Agreement") is made and entered into as of February 19, 2014(the "Agreement Date"), by and among Facebook, Inc. A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. A lead-based paint disclosure must be given to. What is the annual IRS depreciation deduction? The associate continues to be employed by the same broker, who has an office in Atlanta. EXCULPATORY CLAUSE is a provision in a mortgage or note in which the lender waives the right to a deficiency judgement against the borrower and the borrower is relived of personal liability to repay the loan. B) Every general partner in a limited real estate partnership who performs real estate services must hold a real estate broker license. Calculate the reproduction cost new of the structure. Real estate licensees may not represent a CMA as an appraisal. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. An official website of the United States government. Which statement is TRUE regarding this practice? It amended the Communications Act of 1934.The TCPA is codified as 47 U.S.C. The seller countered at $250,000. The first broker to secure a buyer who is ready, willing and able to purchase at the terms of the listing is the PROCURING CAUSE and earns the commission. Developers of 20 or more new residential units must also prepare a PROSPECTUS and file it which summarizes the major points detailed in the condo docs. All national chartered commercial banks are members of which entity? Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee. It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. EGI - OPEX = NOI The assessed value of an 88-year-old legally blind widow's condominium is $49,500. A building is valued at $135,000 with an estimated 25-year useful economic life. Place the funds in an interest-bearing account in a Florida bank and pay the tenant 5 percent interest (separate interest-bearing FL bank account and pay the tenant at least 75% of any annualized average interest rate or 5% per year simple interest. Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? astros vs yankees cheating. On July 1, 2021, Florida enacted a comprehensive new telemarketing law that arguably goes beyond the federal Telephone Consumer Protection Act ("TCPA"). We work to advance government policies that protect consumers and promote competition. NOI = Cap Rate x Value (sale price) The brokerage can work with the buyer, in the same transaction. Reply 'Help' for help. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? 3. Only 2 members must be consumer members who have never been brokers or sales associates. Why do many second-generation Korean-American mothers, who often have negative memories of growing up under strict, intensive, achievement-oriented "tiger mothering"a term popularized by Amy Chua's bestselling Battle Hymn of the Tiger Mother (Chua 2011)reproduce certain aspects of this parenting style in raising their own children? FL law does not require that prospective buyers and seller be represented. Need for expert help; 4. A) Limited partners must register with the FREC under the limited partnership name. Which lien is classified as a voluntary lien? Interest on Home Equity The company's phone number is 222-1010. Which statement is TRUE regarding the federal telemarketing law? The Telephone Consumer Protection Act (TCPA) is the primary federal law governing the regulation of telephone solicitations. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? Effective Age / Total Economic Life x Reproduction Cost New Which statement is TRUE regarding this situation? Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? Yes, because this is an example of bait-and-switch advertising, and it is illegal. The rental property has a negative cash flow of $11,000. 71,820 - 36,990 = 34,840 NOI The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? The seller countered at $250,000. A tenant, unable to contact the landlord or the landlord's representative prior to the expiration of a written lease, continues to pay the rent and occupy the premises after the lease expired. FL law does not require that prospective buyers and seller be represented. A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. Which statement applies to this situation? A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages. A township has 36 parcels called "sections." Call Lynn Amherst, Excel Realty 333-2020 (cell). In addition, truth-in-advertising standards apply if . "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . tenants and buyers of all residential property built before 1978. B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. Which type of listing allows the seller to list the property with other brokers? The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee. (page 364), Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis), Management considerations is one of the disadvantages of investing in RE. A buyer and seller enter into a contract for sale and purchase of a home. Therefore. The developer sold the lots for $250 per front foot. Real estate licensees may contact their former customers for up to 18 months following the closing of a transaction, even if the customer's name is on the national registry. When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? Implement the comprehensive plan -local gov't exercise police power by regulating and controlling the use of land and structures within designated land-use district or zoned. The landlord pays the property taxes, hazard insurance, and maintenance expenses. Which type of depreciation is associated with inefficient architectural design? Section 31 would be located in which corner? This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. The Florida Building Energy-Efficiency Rating Act does NOT require A) the seller, at the seller's expense, to conduct an energy-efficiency rating of the structure prior to closing. An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant.
To Organize Her Writing, Angela Used Three Guidelines,
Articles W
