An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. 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. The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. 1.555.555.555 | influencer scandal 2022. Which lien is classified as a voluntary lien? The land value is 20 percent of the total acquisition cost. 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. Includes: Ann. Which law prohibits racial discrimination in the sale or lease of all real property without exception? 51,904.64 x .07375 = 3,830.56 / 12 = 319.21 414.94 - 319.21 = 95.94 principal amount for month 2. A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. A real estate licensee purchased a home from the seller. The FALSE statement is the a SECTION contains 43,560 sf. deliver the deposit check to the employer by the end of business on Thursday. Which solution is NOT a remedy for the breach of a real estate sale contract? Prohibits telemarketers from calling Arizona residents between the hours of 9 p.m. and. Which expense is deducted to derive effective gross income? A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply. State law (CGS 42-288a) requires DCP to establish and maintain a listing of consumers who do not wish to receive unsolicited telephone sales calls from firms offering goods or services. The buyer did not accept the seller's counteroffer. The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages. B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. 8 a.m. 1. What is the final step in the real estate sale process? 4. 633.33 debited to seller and credited to buyer. The referring tenants do not hold real estate licensees. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. Which entity is a guarantor of mortgage-back securities? The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. A) Limited partners must register with the FREC under the limited partnership name. (Round answer to nearest dollar. 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. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? Calculate the reproduction cost new of the structure. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? tenants and buyers of all residential property built before 1978. In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . Which property is immune from property taxes? tenants and buyers of all residential property built before 1978. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. 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. Calculate the developer's percentage of profit (round to nearest whole percentage point). Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee (page 58). Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? The rental property has a negative cash flow of $11,000. A buyer and seller enter into a contract for sale and purchase of a home. A) Only veterans, surviving spouses of veterans, and active military personnel are eligible to apply for a VA loan. 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. 156) croatia vs bulgaria prediction; he said she said wedding game; Florida Changes its Telemarketing Laws | Jones Day Which statement is TRUE regarding this situation? The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. Deed is the written instrument to convey an interest in real property. Eaux Claires, Edmonton home for sale. A buyer and seller enter into a contract for sale and purchase of a home. Which item would be classified as a fixed expense in the calculation of net operating income? C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. A developer advertises homes for sale with a total down payment of $2,000. Using the lump-sum age-life method, find the depreciated value of the building. 1. transactions for the sale, lease or purchase of RE Lynn is preparing a classified ad for a listed property. A court may award up to three times that amount for a willful or knowing violation. The licensee sued the seller's broker and was awarded a judgment. Complying with the Telemarketing Sales Rule - Federal Trade Commission A buyer offered $225,000 for a seller's property. Citations involve fines that currently range from $100 to $500 per offense and may include other assessments (ex: REQUIRE EDUCATIONAL COURSE ATTENDANCE), If the licensee-respondent disputes the alleged facts noted in the complaint, the licensee-respondent's case must be heard by an administrative judge in a FORMAL HEARING (PAGE 118). The developer sold the lots for $250 per front foot. The contract is contingent on a radon test. 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? D) Buyer finds another property at a lower price and demands a refund of the earnest money deposit. The Internet connects marketers to customers across the country and around the world. Which characteristic is a disadvantage of investing in real estate? Funeral homes may not require customers to buy certain funeral goods and services as a condition for receiving other funeral goods and services. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. (page 91). Lynn Amherst is a sales associate for Excel Realty. A duplex is scheduled to close on September 10. Which statement is TRUE regarding the federal telemarketing law? Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. A person who rents lots in a mobile home park. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. which statement is true regarding the federal telemarketing law? It does require that buyer, before signing a sale contract, receive an information brochure notifying the purchaser of the option for an EE rating on the building. Business Combination Agreement and Plan Of Reorganization, dated ($500 fine if not notified correctly). Which statement is TRUE regarding this situation? 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. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? 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. Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? Mortgage origination fees (points) 501.001 and following, and includes the Florida Telemarketing Act at Fla. Stat. Azure Exam Prep Questions Flashcards | Quizlet A real estate broker has been hired to manage an apartment complex on behalf of the landlord. (page 176). The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. 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)? 3. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Williams v. The PISA Group DNC Lawsuit Update Which lien is classified as a voluntary lien? Calculate the proration and indicate who is debited and who is credited. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. Which statement applies to this situation? An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. We work to advance government policies that protect consumers and promote competition. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? She requests a Florida sales associate license based on mutual recognition. PDF United States District Court District of Massachusetts Find the resources you need to understand how consumer protection law impacts your business. 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. It was first signed into law by President George H.W. Vendor's Lien - equitable lien of the grantor (seller under a PMM) on the land conveyed in the amount of the unpaid purchase price. On July 1, 2021, Florida enacted a comprehensive new telemarketing law that arguably goes beyond the federal Telephone Consumer Protection Act ("TCPA"). Main Menu 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. What is the annual IRS depreciation deduction? A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. The company's phone number is 222-1010. 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 . C) tenants and buyers of all residential property built before 1978. Florida's telemarketing law became invalid when federal telemarketing laws were implemented. Use the actual number of days in the closing month when determining the time line. what is edgar xbrl validation errors and warnings. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. If the annual operating expenses amount to $36,990, and a prospective investor insists on at least a 12 percent overall rate of return, what is the maximum amount the investor should pay for the property? Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. Which brokerage relationship is BEST suited to this couple? Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. 47 Usc Chapter 5, Subchapter Ii: Common Carriers $276,060 total. How will the property taxes be entered on the closing statement? C) 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. Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. 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. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. D) notification that the buyer may order an energy-efficiency rating on the building. 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. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. 3.5% is the minimum down payment on a FHA loan. Code of Federal Regulations: Restrictions on Telemarketing and B) The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. Which statement applies to this situation? Reply 'STOP' to unsubscribe from SMS service. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. What is the annual rent for the year if the annual gross sales are $450,000? The mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. Which item would be classified as a fixed expense in the calculation of net operating income? b. 30 Days - if landlord is making a claim on the deposit, the landlord has 30 days to notify the tenant of the claim. D. The building has an effective age of five years. 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). A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. U.S.C. Title 18 - CRIMES AND CRIMINAL PROCEDURE Monthly payments remain constant, and the interest portion comprises the majority of the payments. Telephone Consumer Protection Act of 1991 - Wikipedia Property taxes are paid in arrears - so seller has paid no taxes that month. All national chartered commercial banks are members of which entity? Within ten business days after the deposit is due under the sale contract, the broker . When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? Choose the correct concept with the example below: When Fern saw the man sitting on the steps in San Francisco holding a cup, she thought he was a homeless person. Display Type: Quantum Dot OLED Diagonal Size: 34.18" Curved Screen: Yes (1800R) Adaptive-Sync Technology: NVIDIA G-SYNC ULTIMATE Built-in Devices: USB 3.2 Gen 1 hub Aspect Ratio: 21:9 Native Resolution: 3440 x 1440 . Learn more about your rights as a consumer and how to spot and avoid scams. Nothing in the Florida Telemarketing Act or the Telephonic Sales Law prohibits sending advertisements by fax. Deed is considered voluntary because it's under the owner's control. Municipal Airport - immune properties are city, county, state and federal gov't properties - others are exempt only, which are subject to taxes, but are released from obligation, Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. a. The seller countered at $250,000. Only 2 members must be consumer members who have never been brokers or sales associates. The applicant has not fulfilled the experience requirement. Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife.