In addition, truth-in-advertising standards apply if . Accretion is the process of land buildup from water-borne rock, sand, and soil. 4. B) Every general partner in a limited real estate partnership who performs real estate services must hold a real estate broker license. illegal, because the amount of compensation exceeds the allowable amount. The law applies broadly to a "telephonic sales call." "Telephonic sales call" is currently defined as "a telephone call, text message, or voicemail transmission to a consumer for the purpose of soliciting a sale of any consumer goods or services, soliciting an extension of credit for consumer goods or services, or obtaining information that will Vendor's Lien - equitable lien of the grantor (seller under a PMM) on the land conveyed in the amount of the unpaid purchase price. How is the earnest money deposit entered on the closing statement? The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply. The contract is contingent on a radon test. 640/4/4 = 40 8 a.m. PSA SUBCHAPTER IICOMMON CARRIERS Part ICommon Carrier Regulation 201. Which entity is a guarantor of mortgage-back securities? 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? (2) Training of personnel engaged in telemarketing. Which statement is TRUE regarding the federal telemarketing law? An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. Complaint resolution for homeowner associations is provided by which division of Florida government? The street in front of your house is to be paved at a cost of $45 per foot. 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. Which statement about the economic concept of demand is FALSE? The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. I = R x V Companies also need to be familiar with rules banning most forms of robocalling. Yes, because this is an example of bait-and-switch advertising, and it is illegal. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. A real estate licensee purchased a home from the seller. Wattage is the measurement of the amount of energy consumed. A developer advertises homes for sale with a total down payment of $2,000. 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 - page 153). 1.1 - 1.4, in response to questions of general public interest. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? (1) by the person or entity providing a wire or electronic communications service; (2) by a user of that service with respect to a communication of or intended for that user; or (3) in section 2703, 2704 or 2518 of this title. When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? Federally-related transaction includes: In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. 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 statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of Section 19 contains how many acres? 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 covenant of warranty forever is included in which type of statutory deed? A building is valued at $135,000 with an estimated 25-year useful economic life. b. self-serving bias e. social categorization, Briefly explain the importance of each of the following. A building is valued at $135,000 with an estimated 25-year useful economic life. (page 362), Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. Calculate the proration and indicate who is debited and who is credited. 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. 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 Which individual is exempt from licensure under Florida Statute 475? A closing is set for July 15. 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. Which statement regarding a limited real estate partnership is TRUE? Which statement is TRUE regarding Florida's telemarketing law? A broker is NOT required by law to notify the FREC of conflicting demands in which situation? After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. The statement is TRUE. 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 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 Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? The brothers want their interest in the property to go to their spouses in the event of their deaths. What is the state's intangible tax on a new mortgage of $10,000? The buyer did not accept the seller's counteroffer. Real estate licensees may not represent a CMA as an appraisal. 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. C) tenants and buyers of all residential property built before 1978. A) The loan officer has three business days to give the loan applicant a copy of the information booklet. Standard Message & data rates may apply. Which type of window is the least energy efficient? 145 x 2 = 290 52,000 - 95.36 = 51,904.64 Only 2 members must be consumer members who have never been brokers or sales associates. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? 1st time homebuyers (IRA contribution up to $10K) 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. Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. Which type of depreciation is associated with inefficient architectural design? A duplex is scheduled to close on September 10. The loan officer has three business days to give the loan applicant a copy of the information booklet. Base: 14,500 Which entity is a guarantor of mortgage-back securities? The total square footage of the livable area is 2,600. A buyer offered $225,000 for a seller's property. Comp 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. The referring tenants do not hold real estate licensees. It amended the Communications Act of 1934.The TCPA is codified as 47 U.S.C. The mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. 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. Which statement is TRUE regarding this situation? Online Advertising and Marketing. How much is the minimum cash investment on an FHA loan? Many states also have laws regulating telemarketing. Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis). Mortgage origination fees (points) 2003-2023 Chegg Inc. All rights reserved. Is this transaction covered under Truth in Lending Act? An agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party is called a Unilateral contract The period of time during which the terms of a contract may be enforced according to the statute of limitations are Five years for written contracts and four years for parol contacts. 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 constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? The earnest money deposit normally appears on the closing statement as a. C) Limited partners are personally liable for the debts of the partnership. 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 Contract to purchase a shopping center (page 58). 24,700 / 47,800 = 52% profit. 2. 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. The associate continues to be employed by the same broker, who has an office in Atlanta. The developer sold the lots for $250 per front foot. 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 . Which statement concerning sections is FALSE? 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. Which item would be classified as a fixed expense in the calculation of net operating income? Index plus Margin equals Calculated Interest Payment on an ARM. TILA/Reg Z makes "Bait and Switch" advertising a federal offense. allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. (page 247). Included advantages: (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). FL law does not require that prospective buyers and seller be represented. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? What is the annual rent for the year if the annual gross sales are $450,000? Which statement about the economic concept of demand is FALSE? tenants and buyers of all residential property built before 1978. A brokerage firm represents a seller as a single agent. D) notification that the buyer may order an energy-efficiency rating on the building. 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. The settlement benefits consumers who received one or more prerecorded voice messages regarding Connected Investors' goods and services between April 28, 2017, and Sept. 26, 2022. What is the adjusted sale price of the comparable? NOI and Sale Price. (page 169), The answer is ACCRETION. 00018665812022FYFALSEhttp://fasb.org/us-gaap/2022#AccountingStandardsUpdate201602MemberP1YP1YP1YP1YP1Y33.3333.3333.33505010000018665812022-01-012022-12 . Ann. Property taxes are paid in arrears - so seller has paid no taxes that month. What is the annual rent for the year if the annual gross sales are $450,000? The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. Reply 'STOP' to unsubscribe from SMS service. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. 2. refinancing of real property or interests in real property Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee. The Georgia licensee. Funeral homes may not require customers to buy certain funeral goods and services as a condition for receiving other funeral goods and services. B) It is in the licensee's best interest not to request reimbursement from the fund, because the licensee's license would be suspended. B) the creation of a uniform, statewide energy-efficiency rating system. 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. The extensible markup language (XML) is a markup language promoted by the World Wide Web consortium (W3C). 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. Legally Blind: $500 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) A section is a square one mile on each side B) A section contains 640 acres C) A section contains 43,560 square feet D) A section has an area of one square mile, The FALSE statement is the a SECTION contains 43,560 sf. The land value is 20 percent of the total acquisition cost. In practice, the state list is integrated with the national do-not-call list maintained by the Federal Trade Commission (FTC). Illiquidity; 2. (PAGE 190), Which statement concerning sections is FALSE? Ann. Which statement is FALSE concerning federally related transactions? Tax advantages of owning a home do NOT include A) deduction of hazard insurance expense on a principal residence. 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. 501.059. Three brothers join together to purchase property. The following is a robust set of proactive and reactive rules to fraud-proof and protect your good name. EGI - OPEX = NOI Lynn's home phone number is 333-2020. Which statement is TRUE? EGI - OPEX = NOI Special Assessments are one-time taxes levied on properties to help pay for some public improvement that benefits property - typically levied on a front foot basis or per hookup basis for utility and sewer improvements. D) Buyer finds another property at a lower price and demands a refund of the earnest money deposit. 45 x 90 x .75 = $3,037.50 / 2 = $1,518.75, A professional office center is purchased for $475,000. 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. The licensee sued the seller's broker and was awarded a judgment. C) Federally related transactions involve a federally insured financial institution. A township has 36 parcels called "sections." C) All VA mortgage loans contain a due on sale clause. A real estate licensee purchased a home from the seller. Homestead protection does not prevent foreclosure for nonpayment of property taxes, special assessments, mortgages, vendors' liens, or construction liens secured with homestead property. B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. Restrictions on telemarketing to Florida residents are about to get tighter. A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. On February 17, the Justice Department, together with the Federal Trade Commission (FTC), announced a civil enforcement action against several corporate and individual defendants for alleged violations of the FTC Act and the Telemarketing Sales Rule (TSR) in connection with telemarketing campaigns that have involved millions of illegal robocalls. Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. 2,600 x 92 = 239,200 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. The landlord pays the property taxes, hazard insurance, and maintenance expenses. A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The brothers want their interest in the property to go to their spouses in the event of their deaths. (page 219). A) Monthly payments remain constant, and the interest portion comprises the majority of the payments. 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). 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? InVirtek Vision International ULC v.Assembly Guidance Systems, Inc. d/b/a Aligned Vision, No. Property taxes Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. I understand these calls may be generated using an autodialer and may contain pre-recorded messages and that consenting is not required to 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. 227. 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 Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. Interest on Home Equity The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. The associate must, An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. Reproduction cost: Which list of appraisal methods is unique to the appraisal of business enterprises? How much of the $414.94 monthly payment paid in month two will apply to principal? Recording it in the public records shows that the mortgage lien has been removed. You are appraising a four-year-old, single-family residence. 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. Which statement is TRUE? Tenancy at Sufferance - without the consent of the landlord. The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. 1. D) buyers of all single-family homes. Real estate licensees may contact their former customers for up to 18 months. Which type of depreciation is associated with inefficient architectural design? This arrangement is. Which lien is classified as a voluntary lien? The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. 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. 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. 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. 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. 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 right of the state to take property of a person who died intestate and without heirs is known as. Recording it in the public records shows that the mortgage lien has been removed. All national chartered commercial banks are members of which entity? What is the adjusted sale price of the comparable? Which statement is TRUE regarding a title company holding the escrow funds? A commercial tenant pays a fixed rent each month. 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. 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. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. Special Information Booklet (HUD) In 1991, Congress adopted the Telephone Consumer Protection Act (TCPA) to restrict the use of automatic telephone dialing systems and artificial or prerecorded voice messages (robocalls). The building has an effective age of five years. 633.33 debited to seller and credited to buyer. RE R V RE EVERE E R Vol. Total is 60 Acres. The company's phone number is 222-1010. 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. They have created which type of estate or tenancy? The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. The procedures instituted must meet the following minimum standards: (1) Written policy. The Federal Communications Commission (FCC) enforces the Telephone Consumer Protection Act (TCPA), which also regulates telemarketing. Call Us Today! Which statement is TRUE regarding comparative market analyses (CMAs)? (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee. An individual who repeatedly writes bad checks can be charged with. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. Which statement is TRUE regarding this situation? A) Federally related transactions require an appraisal. Monthly payments remain constant, and the interest portion comprises the majority of the payments. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . A buyer and seller enter into a contract for sale and purchase of a home. 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. The company's phone number is 222-1010. 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. The earnest money deposit normally appears on the closing statement as a. Find legal resources and guidance to understand your business responsibilities and comply with the law. Which law prohibits racial discrimination in the sale or lease of all real property without exception? Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). Main Menu C. The applicant must apply for a broker license under mutual recognition. A. What is the annual IRS depreciation deduction? Open All + (page 91). Deductions of hazard insurance expense on a principal residence. Which item would be classified as a fixed expense in the calculation of net operating income? Accretion is the process of land buildup from water-borne rock, sand, and soil. 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? The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. The broker decides to appeal FREC's final order. A person who rents lots in a mobile home park. Part 310: Telemarketing Sales Rule Fees; Final Rule Updating the Fees Charged to Entities Accessing the National Do Not Call Registry, 16 CFR Part 310: Telemarketing Sales Rule: Federal Register Notice Containing Notice of Proposed Rulemaking and Soliciting Public Comment on Proposed Amendments to the Rule, 16 CFR Part 310: Telemarketing Sales Rule: Federal Register Notice Containing Notice of Proposed Rulemaking and Soliciting Public Comment on Proposed Amendments to the Rule - Text Version, 16 CFR Part 310: Telemarketing Sales Rule Fees; Final Rule, 16 C.F.R. It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. 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. Only 2 members must be consumer members who have never been brokers or sales associates. Which statement is TRUE regarding this property? It was first signed into law by President George H.W.