Unit Exam 2 Flashcards | Quizlet You are appraising a four-year-old, single-family residence. The street in front of your house is to be paved at a cost of $45 per foot. On the first of the month, the seller collected total rent for September amounting to $950. Which business would be classified as a service industry? Which type of listing allows the seller to list the property with other brokers? 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. 640/4/4/2 = 20 Which statement about the economic concept of demand is FALSE? 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). Wattage is the measurement of the amount of energy consumed. is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. Restrictions on telemarketing to Florida residents are about to get tighter. 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 broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. How will the property taxes be entered on the closing statement? A buyer and seller enter into a contract for sale and purchase of a home. von | Jun 17, 2022 | tornadoes of 1965 | | Jun 17, 2022 | tornadoes of 1965 | CBS vs. CIA Management considerations is one of the disadvantages of investing in RE. The brothers want their interest in the property to go to their spouses in the event of their deaths. Which requirement is one of the elements of a valid real estate contract? Which statement is TRUE regarding this situation? 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 tenant has a tenancy. 8-K: Oak Street Health, Inc. - MarketWatch The developer sold the lots for $250 per front foot. The applicant has not fulfilled the experience requirement. 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 brokerage can work with the buyer, in the same transaction, A sales associate receives a deposit from a buyer on Wednesday morning. Property taxes Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. Real estate licensees may not represent a CMA as an appraisal. The covenant of warranty forever is included in which type of statutory deed? An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. The most high-profile celebrity lawsuits of all time In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). Therefore. Use the actual number of days in the closing month when determining the time line. Since seller hasn't received the money, it's not shown on the seller's statement. Runners crossing the finish line in the Boston Marathon. Facebook Instagram. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. This arrangement is. The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. salvarani.com Informacin detallada del sitio web y la empresa 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. deliver the deposit check to the employer by the end of business on Thursday. Residential leases are usually gross leases. Widow: $500 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 broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. D) Federally related transactions include transactions for the sale, lease, or purchase of real estate. 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. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? In addition, truth-in-advertising standards apply if . 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. Which statement is TRUE regarding the key rings? 51,904.64 x .07375 = 3,830.56 / 12 = 319.21 RESPA disclosures at time of loan or within 3 business days of: Property taxes are paid in arrears - so seller has paid no taxes that month. A buyer offered $225,000 for a seller's property. A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. 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. 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. (Round answer to nearest dollar. This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. 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. The TCPA restricts telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. 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. Statutes change, so checking them is always a good idea. A person applies for a mortgage loan from a local credit union. 1. Base: 14,500 They have created which type of estate or tenancy? Also, created a uniform statewide rating system for rating new and existing residential, commercial and public buildings. A written contract for sale and purchase of commercial property that used designated sales associates failed to close. The land value is 20 percent of the total acquisition cost. Which brokerage relationship is BEST suited to this couple? And some rules can even vary within a state. Exclusion from gain on sale of principal residence up to $250K for single person, $500K for married couple filing jointly. C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. Which item would be classified as a fixed expense in the calculation of net operating income? which statement is true regarding the federal telemarketing law? The broker decides to appeal FREC's final order. In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . deliver the deposit check to the employer by the end of business on Thursday. The land value is 20 percent of the total acquisition cost. 3. 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. D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. Vendor's Lien - equitable lien of the grantor (seller under a PMM) on the land conveyed in the amount of the unpaid purchase price. Which expense is deducted to derive effective gross income? 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. 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 licensee sued the seller's broker and was awarded a judgment. The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? 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 final step in the real estate sale process? Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? (Round answer to nearest dollar. If you prefer to file your comment on paper, mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex B), Washington, DC 20580. 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. A developer advertises homes for sale with a total down payment of $2,000. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. A township has 36 parcels called "sections." Find the resources you need to understand how consumer protection law impacts your business. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? Bush in 1991 and has remained the bedrock of federal telemarketing regulations ever since. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? 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. Includes: Deed is the written instrument to convey an interest in real property. 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 mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. Which statement about the economic concept of demand is FALSE? Deed is considered voluntary because it's under the owner's control. Market is local in nature; 3. The associate must. Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. A developer advertises homes for sale with a total down payment of $2,000. 34,840 / .12 = $290,250 max purchase price. What is the TCPA? - Contact Center Compliance TELEMARKETERS FOR ELECTRIC SUPPLIERS - Connecticut General Assembly Accretion is the process of land buildup from water-borne rock, sand, and soil. Open listing allows the seller to list the property with multiple brokers. The Federal Communications Commission (FCC) enforces the Telephone Consumer Protection Act (TCPA), which also regulates telemarketing. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. 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. Monthly payments remain constant, and the interest portion comprises the majority of the payments. Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. 3.5% is the minimum down payment on a FHA loan. Write "Telemarketing Sales Rule ANPR, R411001" on your comment, and file your comment through https://www.regulations.gov. Telemarketing | Federal Trade Commission B) The buyer and seller have entered into a contract for $225,000. Florida's telemarketing law became invalid when federal telemarketing laws were implemented. Which statement is FALSE concerning federally related transactions? The tenant has what type of lease? A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. It was first signed into law by President George H.W. The street in front of your house is to be paved at a cost of $45 per foot. allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. How much of the $414.94 monthly payment paid in month two will apply to principal? Federal and State Laws, Regulations, and Related Court Decisions Executive Orders and Other Presidential Actions The president creates many documents to issue orders and make announcements. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. Option Contracts Interest on Home Equity A court may award up to three times that amount for a willful or knowing violation. 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. She requests a Florida sales associate license based on mutual recognition. 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. which statement is true regarding the federal telemarketing law? 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? Mortgage origination fees (points) A building is valued at $135,000 with an estimated 25-year useful economic life. 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. 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. Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? 290 x 250 = 72,500 - 47,800 = 24,700 Accretion is the process of land buildup from water-borne rock, sand, and soil. Deeds and Mortgage Instruments Limited partners must register with the FREC under the limited partnership name. 227. (PAGE 190), Which statement concerning sections is FALSE?
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