A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. 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. Reply 'Help' for help. PGI - V&C = EGI Which statement is TRUE regarding comparative market analyses (CMAs)? They have created which type of estate or tenancy? Calculate the developer's percentage of profit (round to nearest whole percentage point). Please note that the following information is for educational purposes only, and additional laws may apply. UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA FEDERAL TRADE COMMISSION, Plaintiff, V. JUSTIN RAMSEY, individually and as an officer of Data Guru LLC, Tailbone Security LLC, and Prime Marketing LLC, BRIAN OFFNER, individually and as an officer of Data Guru LLC, Tailbone Security LLC, and Leading Apex LLC, CHRISTOPHER HERGHELEGIU, individually and as an officer of Data Guru LLC and . The Florida Consumer Protection Law is located at Fla. Stat. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? The broker decides to appeal FREC's final order. Widow: $500 A) Only veterans, surviving spouses of veterans, and active military personnel are eligible to apply for a VA loan. It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. Which statement is TRUE regarding the key rings? 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. What is the annual rent for the year if the annual gross sales are $450,000? The loan officer has three business days to give the loan applicant a copy of the information booklet. Search the Legal Library instead. D) The VA can make direct loans to veterans. Total = 14,500 + 3,000 = $17,500. Governance Form summarizes board of directors and the rights of the unit. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. Since seller hasn't received the money, it's not shown on the seller's statement. Call Us Today! is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. A person applies for a mortgage loan from a local credit union. The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. Which excerpt conforms to the rule regarding advertising? A real estate licensee purchased a home from the seller. A satisfaction of mortgage is given by the lender to the borrower when the loan is paid off, must be sent to mortgagor within 60 days. Subtract The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. The landlord pays the property taxes, hazard insurance, and maintenance expenses. 633.33 debited to seller and credited to buyer. Which statement regarding a limited real estate partnership is TRUE? 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. Which entity is a guarantor of mortgage-back securities? Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. 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. 227. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee. 50 / 100. 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. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? Which business would be classified as a service industry? D) Buyer finds another property at a lower price and demands a refund of the earnest money deposit. 3. deliver the deposit check to the employer by the end of business on Thursday. What is the annual IRS depreciation deduction? XML overcomes the limitations of hypertext markup language (HTML) and represents an important opportunity to solve the problem of protecting information distributed on the Web, with the definition of access restrictions directly on the structure and content of the document. Which brokerage relationship is BEST suited to this couple? Servicing disclosure statement. 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? 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 FTC does not prohibit bait-and-switch advertising. 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? C) Federally related transactions involve a federally insured financial institution. The licensee sued the seller's broker and was awarded a judgment. 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. $52,000 x .07375 = 3,835 / 12 = 319.58 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 Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. Which statement is FALSE? The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. The brothers want their interest in the property to go to their spouses in the event of their deaths. Companies also need to be familiar with rules banning most forms of robocalling. The Telephone Consumer Protection Act (TCPA) is the primary federal law governing the regulation of telephone solicitations. The referring tenants do not hold real estate licensees. The covenant of warranty forever is included in which type of statutory deed? The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? Nothing in the Florida Telemarketing Act or the Telephonic Sales Law prohibits sending advertisements by fax. The building has an effective age of five years. Lynn Amherst is a sales associate for Excel Realty. 51,904.64 x .07375 = 3,830.56 / 12 = 319.21 AN ACT RELATIVE TO RESTRUCTURING THE ELECTRIC UTILITY INDUSTRY IN THE COMMONWEALTH, REGULATING THE PROVISION OF ELECTRICITY AND OTHER SERVICES, AND PROMOTING ENHANCED CONSUMER PROTECTIONS. (page 169), The answer is ACCRETION. 2003-2023 Chegg Inc. All rights reserved. We work to advance government policies that protect consumers and promote competition. The TCPA restricts telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. The earnest money deposit normally appears on the closing statement as a. Which individual is exempt from licensure under Florida Statute 475? Lynn's home phone number is 333-2020. Call Lynn Amherst, Excel Realty 333-2020 (cell). The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? Which statement is TRUE regarding this situation? CREDIT TO THE BUYER ONLY - the buyer pays the binder deposit when the contract info is entered into - entered as a credit to the buyer since this portion of the purchase price has already been paid and will not be paid again. D) Limited partners may participate in management activities of the limited partnership. In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. However, there is a law found in Section 365.1657, Florida Statutes, that prohibits sending an unsolicited advertisement by fax machine within the state. 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. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee (page 58). Also, created a uniform statewide rating system for rating new and existing residential, commercial and public buildings. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. An official website of the United States government. 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. Which law prohibits racial discrimination in the sale or lease of all real property without exception? RE R V RE EVERE E R Vol. Recording it in the public records shows that the mortgage lien has been removed. 2. Reproduction cost: The procedures instituted must meet the following minimum standards: (1) Written policy. (Round answer to nearest dollar. False - All VA mortgage loans contain a due on sale clause (page 265), 3.5% is the minimum down payment on a FHA loan. (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. Main Menu Open listing allows the seller to list the property with multiple brokers. Central Asia. CBS vs. CIA Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. 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. D) Principal payments remain constant while interest payments increase. On the first of the month, the seller collected total rent for September amounting to $950. What is the adjusted sale price of the comparable? Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . B) the creation of a uniform, statewide energy-efficiency rating system. The contract is contingent on a radon test. Bush in 1991 and has remained the bedrock of federal telemarketing regulations ever since. (page 398), 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 (page 395). c. There are no federal laws that regulate This problem has been solved! The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. FL law does not require that prospective buyers and seller be represented. merrick okamoto net worth How much of the $414.94 monthly payment paid in month two will apply to principal? Use the actual number of days in the closing month when determining the time line. 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. What was the approximate yield on the loan? How is the earnest money deposit entered on the closing statement? D. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc.
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