Study with Quizlet and memorize flashcards containing terms like Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated?, Certain age-55-and-older communities are exempt from the familial status provisions of the Fair Housing Act if the communities offer amenities, specific programs, and activities designed for the mature adult and, Capri Realty is . Which statement is TRUE regarding this situation? In 1992, the Commission adopted rules to implement the TCPA. C) All VA mortgage loans contain a due on sale clause. Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. Open listing allows the seller to list the property with multiple brokers. Three brothers join together to purchase property. The referring tenants do not hold real estate licensees. The broker must notify the Florida Real Estate Commission in writing within 15 business days of the buyer's and seller's conflicting demands for the earnest money. 20-cv-10857, Judge Burroughs construed two disputed terms in a patent relating to a method of aligning a laser projector for projecting a laser image onto a work surface.. 1. The Telephone Consumer Protection Act (TCPA) is the primary federal law governing the regulation of telephone solicitations. SB 1120, which went into effect July 1, 2021, imposes significant additional restrictions (and additional penalties for violations) on businesses making calls to Florida residents or Florida area. Final Exam Flashcards | Chegg.com The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. What is the adjusted sale price of the comparable? The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. A real estate licensee purchased a home from the seller. The company's phone number is 222-1010. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). Calculate the proration and indicate who is debited and who is credited. Which of the following is an accurate statement regarding the Federal Trade Commission (FTC) and the consumer protection laws related to funeral home services? Which excerpt conforms to the rule regarding advertising? Complaint resolution for homeowner associations is provided by which division of Florida government? 2,600 x 92 = 239,200 Which statement applies to this situation? Yes, because this is an example of bait-and-switch advertising, and it is illegal. Savings associations can sell existing mortgage loans to which entity? Prevention Methods - Identity Crimes - Center for Identity Management Less than $50,000 = $25,000 allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. Which type of window is the least energy efficient? The referring tenants do not hold real estate licensees. TELEMARKETERS FOR ELECTRIC SUPPLIERS - Connecticut General Assembly 2. refinancing of real property or interests in real property Which statement is TRUE regarding a title company holding the escrow funds? Which statement is TRUE regarding this situation? The total square footage of the livable area is 2,600. 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. The brokerage can work with the buyer, in the same transaction. The associate must. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? Therefore, debited to seller and credited to buyer. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? Which statement is FALSE? The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. Azure Exam Prep Questions Flashcards | Quizlet Which type of depreciation is associated with inefficient architectural design? Call Lynn Amherst, Excel Realty 333-2020 (cell). Mortgage origination fees (points) Arizona Telemarketing Fraud Laws - FindLaw Which statement is TRUE regarding this situation? A person applies for a mortgage loan from a local credit union. Calculate the proration and indicate who is debited and who is credited. Savings associations can sell existing mortgage loans to which entity? Servicing disclosure statement. The associate continues to be employed by the same broker, who has an office in Atlanta. Ann. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? Referred to as Florida's "Mini-TCPA," this new law, CS/SB 1120, updates the Florida Consumer Protection Law and the Florida Telemarketing Act. Limited partners must register with the FREC under the limited partnership name. At resale, buyer entitled to copy of declaration of condominium, articles of incorporation, bylaws, rules of assoc, FAQ, copy of most recent year end financial statement and GOVERNANCE FORM. What is the final step in the real estate sale process? An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. What is the annual rent for the year if the annual gross sales are $450,000? What is the total property tax exemption on her homesteaded property? 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. Deed is considered voluntary because it's under the owner's control. Looking for legal documents or records? Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife. The Internet connects marketers to customers across the country and around the world. 6. Property taxes are paid in arrears - so seller has paid no taxes that month. A) Real estate licensees may call all the for-sale-by-owner sellers in a community to solicit listings without regard to whether the homeowners are listed on the do-not-call registry. 50 / 100. The garage is 485 square feet. 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. 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. Search the Legal Library instead. Wattage is the measurement of the amount of energy consumed. The tenant has a tenancy, Tenancy at Will - if the tenant's holding over is continued with the written consent of the lessor, the tenancy becomes a tenancy at will under FL law. Many states also have laws regulating telemarketing. A brokerage firm represents a seller as a single agent. C) Limited partners are personally liable for the debts of the partnership. Which statement about the economic concept of demand is FALSE? What was the approximate yield on the loan? Which statement is TRUE? The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? Which entity is a guarantor of mortgage-back securities? (EDGAR Online via COMTEX) -- false 0001564406 0001564406 2023-02-08 2023-02-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM. Call Lynn Amherst, Excel Realty 333-2020 (cell). The seller cannot now accept the original offer, because it was killed by the counteroffer. The building has an effective age of five years. croatia vs bulgaria prediction; he said she said wedding game; 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 Florida Consumer Protection Law is located at Fla. Stat. General warranty deed includes quiet enjoyment (peaceful possession undisturbed by claims of title), warranty forever (forever warrant and defend grantee's title), and further assurance (will help make title good in the future too), The lender's policy protects the lender against title defects. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. D) Federally related transactions include transactions for the sale, lease, or purchase of real estate. How much of the $414.94 monthly payment paid in month two will apply to principal? (Pdf) Southern District of Florida Federal Trade Commission, Southern A developer advertises homes for sale with a total down payment of $2,000. Exclusion from gain on sale of principal residence up to $250K for single person, $500K for married couple filing jointly. Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. Included advantages: 485 x 76 = 36,860 Tenancy at Will - if the tenant's holding over is continued with the written consent of the lessor, the tenancy becomes a tenancy at will under FL law. The covenant of warranty forever is included in which type of statutory deed? On the first of the month, the seller collected total rent for September amounting to $950. Which requirement is one of the elements of a valid real estate contract? I = R x V 1. A person who rents lots in a mobile home park. b. Deductions of hazard insurance expense on a principal residence. D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. NOI and Sale Price. A) Limited partners must register with the FREC under the limited partnership name. The Telemarketing Sales Rule, which requires telemarketers to make specific disclosures of material information; prohibits misrepresentations; sets limits on the times telemarketers may call consumers; prohibits calls to a consumer who has asked not to be called again; and sets payment restrictions for the sale of certain goods and services. Since seller hasn't received the money, it's not shown on the seller's statement. A. NOI = Cap Rate x Value (sale price) Listed here are some FTC laws about specific marketing practices and the promotion of products and services in specific industries. 501.001 and following, and includes the Florida Telemarketing Act at Fla. Stat. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. Telemarketing also includes sales solicitations via fax, the Internet and mail, if the consumer is encouraged to respond via the telephone, fax . The brothers want their interest in the property to go to their spouses in the event of their deaths. 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. A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. They have created which type of estate or tenancy? Tenancy in Common (no right of survivor ship, heirs inherit), A parcel of real estate has been left to the wife through her husband's will for the widow's use and enjoyment during her lifetime, with the provision the property goes to the widow's stepson at her death. The statement is TRUE. Limited partners must register with the FREC under the limited partnership name. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? For copies of the rules and commentaries relevant to your Internet enterprise, contact: Consumer Response Center, Federal Trade Commission, Washington, DC 20580; toll-free: 1-877-FTC-HELP begin_of_the_skype_highlighting 1-877-FTC-HELP end_of_the_skype_highlighting . Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? 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. Recording it in the public records shows that the mortgage lien has been removed. Annual Gross: 450,000 - 350,000 = 100,000 x .03 = $3,000 A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. Runners crossing the finish line in the Boston Marathon. B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. The brothers want their interest in the property to go to their spouses in the event of their deaths. RESPA disclosures at time of loan or within 3 business days of: Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. Using the lump-sum age-life method, find the depreciated value of the building. A township has 36 parcels called "sections." PSA Therefore. . c. There are no federal laws that regulate This problem has been solved! 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. Deed is considered voluntary because it's under the owner's control. 3. united states district court middle district of florida orlando division filed 1-: }lf 111 ai-l in: 56 { tv case no lcoc{-c!- l l-t f securities and exchange The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). illegal, because the amount of compensation exceeds the allowable amount. C) Principal comprises the majority of the payments. Statutes change, so checking them is always a good idea. Which property is immune from property taxes? The following is a robust set of proactive and reactive rules to fraud-proof and protect your good name. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. 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 Good Faith Estimate (GFE) After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. A buyer and seller enter into a contract for sale and purchase of a home. Real estate licensees may contact their former customers for up to 18 months. 1. transactions for the sale, lease or purchase of RE How will the property taxes be entered on the closing statement? Criminals use this method as a way to obtain a victim's credit card information, identity, or bank account numbers. 156) 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. Which statement is FALSE concerning federally related transactions? Maccas case study - Good - OPERATIONS role of operations management I understand these calls may be generated using an autodialer and may contain pre-recorded messages and that consenting is not required to A) Claim against the Real Estate Recovery Fund B) Suit for compensatory damages C) Suit for specific performance D) Provision for liquidated damages, 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, PAGE 129). The buyer did not accept the seller's counteroffer. Advertising and Marketing | Federal Trade Commission Market is local in nature; 3. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? Lynn's home phone number is 333-2020. 45 x 90 x .75 = $3,037.50 / 2 = $1,518.75, A professional office center is purchased for $475,000. Reply 'Help' for help. An apartment building produces an effective annual gross income of $71,820. a. 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 local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. 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? A closing is set for July 15. 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? The seller is still owed the entire amount of the purchase price. Which statement is TRUE regarding the federal telemarketing law? required by Florida law to verify that license applicants are current on child support payments. hotelroyalvasto.com Informacin detallada del sitio web y la empresa End of Pre-License Course Exam Questions - RealEstateExamAnswers.com Which entity is a guarantor of mortgage-back securities? Please note that the following information is for educational purposes only, and additional laws may apply. Monthly payments remain constant, and the interest portion comprises the majority of the payments. 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). Code of Federal Regulations: Restrictions on Telemarketing and PGI - V&C = EGI Lease Agreements longer than 1 year What is the final step in the real estate sale process? The licensee sued the seller's broker and was awarded a judgment. A developer advertises homes for sale with a total down payment of $2,000. The broker decides to appeal FREC's final order. 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. Solved I need help with any or all of these questions. Thank | Chegg.com The covenant of warranty forever is included in which type of statutory deed? Hazard Insurance is included as part of a fixed expense (also ppty taxes) Mortgage payments are not considered an opex because they are not directly associated with the maintenance and operation of the property. U.S.C. Title 18 - CRIMES AND CRIMINAL PROCEDURE Which document must a prospective buyer of an existing (resale) condominium unit receive? Includes: Open All + Florida's telemarketing law became invalid when federal telemarketing laws were implemented. Lynn is preparing a classified ad for a listed property. Property taxes Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. D) Buyer finds another property at a lower price and demands a refund of the earnest money deposit. Telemarketing - Florida Commissioner of Agriculture (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. Lynn Amherst is a sales associate for Excel Realty. Federal government websites often end in .gov or .mil. The rental property has a negative cash flow of $11,000. AND, IT WILL PROTECT THE NEW OWNER (IF TRANSFERRED) UP TO THE UNPAID BALANCE OF THE MORTGAGE LOAN. which statement is true regarding the federal telemarketing law is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address?
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