Is this transaction covered under Truth in Lending Act? (page 247). Since seller hasn't received the money, it's not shown on the seller's statement. 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. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. Servicing disclosure statement. Which of the following is an accurate statement regarding the Federal Trade Commission (FTC) and the consumer protection laws related to funeral home services? 640/4/4 = 40 C) Limited partners are personally liable for the debts of the partnership. Which statement is TRUE regarding this situation? (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). The seller is still owed the entire amount of the purchase price. 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. Restrictions on telemarketing to Florida residents are about to get tighter. The term used to measure the amount of energy an electrical appliance consumes is. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). The associate must, An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. Branch office of a bank is a service industry that services primarily local residents. (page 176). Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? The contract is contingent on a radon test. Mass, direct, telemarketing, e-marketing, social media, billboards Personal selling: sales representatives directed to a customer in attempt to make a sale Can be modified, individualised, after-sales customer service Relationship marketing: development of long-term and cost-effective relationships with customers Also, created a uniform statewide rating system for rating new and existing residential, commercial and public buildings. 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. Better 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. 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. This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. Reproduction cost: which statement is true regarding the federal telemarketing law? 50 / 100. The brokerage can work with the buyer, in the same transaction. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. The rental property has a negative cash flow of $11,000. The associate must. The seller is still owed the entire amount of the purchase price. Complaint resolution for homeowner associations is provided by which division of Florida government? Only 2 members must be consumer members who have never been brokers or sales associates. [1] Certain callers are required by federal law to respect this request. Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. Total is 60 Acres. Annual Gross: 450,000 - 350,000 = 100,000 x .03 = $3,000 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. 501.059. The brothers want their interest in the property to go to their spouses in the event of their deaths. The associate continues to be employed by the same broker, who has an office in Atlanta. 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). 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. A buyer offered $225,000 for a seller's property. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. Subtract A) Seller and buyer both claim the earnest money deposit. RESPA disclosures at time of loan or within 3 business days of: B) It is in the licensee's best interest not to request reimbursement from the fund, because the licensee's license would be suspended. Since seller hasn't received the money, it's not shown on the seller's statement. D) Real estate licensees are exempt from the telemarketing laws. (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. C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. Session Law - Acts of 1997 Chapter 164 - EU-Vietnam Business Network (EVBN) It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. CBS vs. CIA astros vs yankees cheating. The total square footage of the livable area is 2,600. Referred to as Florida's "Mini-TCPA," this new law, CS/SB 1120, updates the Florida Consumer Protection Law and the Florida Telemarketing Act. The loan officer did not give the loan applicant a copy of the HUD information booklet concerning settlement costs at the time of loan application. 2,600 x 92 = 239,200 Call Us Today! 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. Business Combination Agreement and Plan Of Reorganization, dated (PDF) American Ways American Ways A Guide for Foreigners in the United Ann. 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. 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. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. The referring tenants do not hold real estate licensees. Telemarketing Laws - FindLaw The earnest money deposit normally appears on the closing statement as a. 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. Real estate licensees may contact their former customers for up to 18 months. Monthly payments remain constant, and the interest portion comprises the majority of the payments. Which requirement is one of the elements of a valid real estate contract? Florida Expands Telemarketing Laws - The National Law Review D) notification that the buyer may order an energy-efficiency rating on the building. PGI - V&C = EGI D) The VA can make direct loans to veterans. Option Contracts Lease Agreements longer than 1 year Prohibits telemarketers from calling Arizona residents between the hours of 9 p.m. and. D) Credit unions are exempt from the Real Estate Settlement Procedures Act. What is the annual rent for the year if the annual gross sales are $450,000? Includes: False - All VA mortgage loans contain a due on sale clause (page 265), 3.5% is the minimum down payment on a FHA loan. (2) Training of personnel engaged in telemarketing. Many of these lawsuits seem outrageously frivolous, while others deal with incredibly serious matters. Less than $50,000 = $25,000 Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis). C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. 19 - Just Test Questions Flashcards | Chegg.com Which statement about the economic concept of demand is FALSE? Contract to purchase a shopping center (page 58). The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? Index plus Margin equals Calculated Interest Payment on an ARM. (Round answer to nearest dollar. Which property is immune from property taxes? 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. required by Florida law to verify that license applicants are current on child support payments. What is the adjusted sale price of the comparable? A buyer and seller enter into a contract for sale and purchase of a home. The loan officer has three business days to give the loan applicant a copy of the information booklet. Recording it in the public records shows that the mortgage lien has been removed. The Telephone Consumer Protection Act of 1991 (TCPA) was passed by the United States Congress in 1991 and signed into law by President George H. W. Bush as Public Law 102-243. To obtain a stay of the final order, the district court of appeals must issue a writ of supersedes to stop the enforcement pending the outcome of the appeal process A licensee who is issued a citation may be ordered to, Citations involve fines that currently range from $100 to $500 per offense and may include other assessments (ex: REQUIRE EDUCATIONAL COURSE ATTENDANCE), If a licensee/respondent disputes any of the allegations outlined in the administrative complaint, the case must be heard in, 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, 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. 640/4/4/2 = 20 Deeds and Mortgage Instruments The FTC does not prohibit bait-and-switch advertising. 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. How much is the minimum cash investment on an FHA loan? What is the state's intangible tax on a new mortgage of $10,000? B) The buyer and seller have entered into a contract for $225,000. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. which statement is true regarding the federal telemarketing law? Yes, because this is an example of bait-and-switch advertising, and it is illegal. How much of the $414.94 monthly payment paid in month two will apply to principal? Lynn is preparing a classified ad for a listed property. Which list of appraisal methods is unique to the appraisal of business enterprises? NOI = Cap Rate x Value (sale price) Test Prep A Flashcards - Cram.com . Three brothers join together to purchase property. 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. The tenant has what type of lease? 1. A buyer offered $225,000 for a seller's property. The total square footage of the livable area is 2,600. Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? Functional Obsolescence - operational inadequacies, poor design, or changing tastes and preferences. Which statement is TRUE regarding this situation? 156) The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. The law is enforced by the Office of the Attorney General. Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. Which law prohibits racial discrimination in the sale or lease of all real property without exception? How is the earnest money deposit entered on the closing statement? Which statement applies to this situation? 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. The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. Mortgage origination fees (points) False - All VA mortgage loans contain a due on sale clause. 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. Florida's telemarketing law became invalid when federal telemarketing laws were implemented. A person applies for a mortgage loan from a local credit union. The company's phone number is 222-1010. Management; 5. Find legal resources and guidance to understand your business responsibilities and comply with the law. The brokerage can work with the buyer, in the same transaction, A sales associate receives a deposit from a buyer on Wednesday morning. 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. You can submit your application to register your company with Working Advantage to get your employees access to a wide variety of everyday savings: home office supplies, streaming services, food delivery, educational programs, automotive, gifts, health and wellness, plus the top offers in travel and entertainment. It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee (page 58). 633.33 debited to seller and credited to buyer. Eaux Claires, Edmonton home for sale. 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. 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. An official website of the United States government. Unit Exam 2 Flashcards | Quizlet D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. Seller refuses to sign the release of escrow funds. The buyer did not accept the seller's counteroffer. 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. c. There are no federal laws that regulate This problem has been solved! Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. An individual who repeatedly writes bad checks can be charged with. Advertising and Marketing | Federal Trade Commission what is edgar xbrl validation errors and warnings. 145 x 2 = 290 A person who rents lots in a mobile home park. Savings associations can sell existing mortgage loans to which entity? All national chartered commercial banks are members of which entity? A) Only veterans, surviving spouses of veterans, and active military personnel are eligible to apply for a VA loan. The site is secure. required by Florida law to verify that license applicants are current on child support payments. Three brothers join together to purchase property. What is the annual IRS depreciation deduction? Yes, because this is an example of bait-and-switch advertising, and it is illegal. Which statement is TRUE regarding comparative market analyses (CMAs)? The procedures instituted must meet the following minimum standards: (1) Written policy. 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. Before sharing sensitive information, make sure youre on a federal government site. content.edgar-online.com Brad Dye's Paging Information Resource Lynn's home phone number is 333-2020. A commercial tenant pays a fixed rent each month. Alienware 34 Curved QD-OLED Gaming Monitor - AW3423DW For Sale which statement is true regarding the federal telemarketing law? Find the resources you need to understand how consumer protection law impacts your business. Telecommunications Consumer Protection Act of 1991 (TCPA) Telemarketing | Federal Trade Commission 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. Deductions of hazard insurance expense on a principal residence. Which document must a prospective buyer of an existing (resale) condominium unit receive? ), $475,000*.8 = $380,000 / 39 years = $9,744, Ch. statement is TRUE. On June 29, - stradanove.net A real estate broker has been hired to manage an apartment complex on behalf of the landlord. 6. The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? Which statement applies to this situation? Which statement regarding a limited real estate partnership is TRUE? Federal government websites often end in .gov or .mil. PDF Small Entity Compliance Guide - Federal Communications Commission RE R V RE EVERE E R Vol. A building is valued at $135,000 with an estimated 25-year useful economic life. 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. This arrangement is. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. 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. Which statement is TRUE regarding this situation? 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 developer sold the lots for $250 per front foot. Within ten business days after the deposit is due under the sale contract, the broker . Range 1 West is located immediately west of the principal meridian and base line. A developer advertises homes for sale with a total down payment of $2,000. A court may award up to three times that amount for a willful or knowing violation. 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. 34,840 / .12 = $290,250 max purchase price. ), $475,000*.8 = $380,000 / 39 years = $9,744. What is the final step in the real estate sale process? The earnest money deposit normally appears on the closing statement as a. How much of the $414.94 monthly payment paid in month two will apply to principal? 63 hour Real Estate practice Exam (first 50) Flashcards | Quizlet The street in front of your house is to be paved at a cost of $45 per foot. 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? (page 166), 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. Reply 'STOP' to unsubscribe from SMS service. It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. The right of the state to take property of a person who died intestate and without heirs is known as. FL law does not require that prospective buyers and seller be represented. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. 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 . a. 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. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long?