Which statement regarding a limited real estate partnership is TRUE? (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. All national chartered commercial banks are members of which entity? The seller cannot now accept the original offer, because it was killed by the counteroffer. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). Monthly payments remain constant, and the interest portion comprises the majority of the payments. Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. Seller refuses to sign the release of escrow funds. A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. (page 362), Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. 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. Calculate the developer's percentage of profit (round to nearest whole percentage point). 145 x 2 = 290 315,000 - 20,000 - 25,000 = 270,000. A person who rents lots in a mobile home park. The stepson's interest is that of. FL law does not require that prospective buyers and seller be represented. Which requirement is one of the elements of a valid real estate contract? NOI = Cap Rate x Value (sale price) deliver the deposit check to the employer by the end of business on Thursday. The FALSE statement is the a SECTION contains 43,560 sf. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? The referring tenants do not hold real estate licensees. PSA Which type of depreciation is associated with inefficient architectural design? We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Lease Agreements longer than 1 year D) buyers of all single-family homes. These presidential actions can include executive orders, presidential memoranda, and proclamations. Which statement is TRUE regarding this situation? Restrictions on telemarketing to Florida residents are about to get tighter. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. The tenant has a tenancy. (page 176). The FTC does not prohibit bait-and-switch advertising. 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 A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. Complaint resolution for homeowner associations is provided by which division of Florida government? An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. Less than $50,000 = $25,000 Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. (page 91). 5. 34,840 / .12 = $290,250 max purchase price. A real estate licensee purchased a home from the seller. The brokerage can work with the buyer, in the same transaction, A sales associate receives a deposit from a buyer on Wednesday morning. (Round answer to nearest dollar. This arrangement is. What is the adjusted sale price of the comparable? 0. tenants and buyers of all residential property built before 1978. $276,060 total. Nothing in the Florida Telemarketing Act or the Telephonic Sales Law prohibits sending advertisements by fax. Referred to as Florida's "Mini-TCPA," this new law, CS/SB 1120, updates the Florida Consumer Protection Law and the Florida Telemarketing Act. 633.33 debited to seller and credited to buyer. Which item would be classified as a fixed expense in the calculation of net operating income? 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. A Poisson distribution might be a good approximation for which of the following? A comparable property recently sold for $315,000. Section 31 would be located in which corner? NOI and Sale Price. The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? You are appraising a four-year-old, single-family residence. Which statement is TRUE? What is the state's intangible tax on a new mortgage of $10,000? 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 telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. Reply 'STOP' to unsubscribe from SMS service. The tenant has a tenancy, 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. The lender's policy protects the lender against title defects. 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? Which type of window is the least energy efficient? A) The federal telemarketing law exempts telephone surveyors. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? Lynn's home phone number is 333-2020. It was first signed into law by President George H.W. a) The name on the real estate brokerage firm for which the associate works must be printed on the key rings b) As long as the sales associate is paying the entire cost of the rings, he can put any wording on them he chooses. 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 The seller countered at $250,000. Range 1 West is located immediately west of the principal meridian and base line. For more information about the TCPA, contact the FCC at fcc.gov. Lynn Amherst is a sales associate for Excel Realty. . Savings associations can sell existing mortgage loans to which entity? Prohibits telemarketers from calling Arizona residents between the hours of 9 p.m. and. Exclusion from gain on sale of principal residence up to $250K for single person, $500K for married couple filing jointly. Deed is the written instrument to convey an interest in real property. 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. 1. transactions for the sale, lease or purchase of RE 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). C. The applicant must apply for a broker license under mutual recognition. The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. 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. Reproduction cost: The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? 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)? Which characteristic is a disadvantage of investing in real estate? Which statement is TRUE regarding comparative market analyses (CMAs)? What was the approximate yield on the loan? Persons or entities making calls for telemarketing purposes must have a written policy, available upon demand, for maintaining a do-not-call list. All national chartered commercial banks are members of which entity? I understand these calls may be generated using an autodialer and may contain pre-recorded messages and that consenting is not required to The right of the state to take property of a person who died intestate and without heirs is known as. Which statement is TRUE regarding a title company holding the escrow funds? 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. ), $475,000*.8 = $380,000 / 39 years = $9,744. 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. Which statement is TRUE regarding this situation? (page 99), Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. Which type of listing allows the seller to list the property with other brokers? (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). Which statement is TRUE regarding the federal telemarketing law? (page 247). The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. How must the broker as agent handle the security deposits and advance rent? 3. Calculate the developer's percentage of profit (round to nearest whole percentage point). The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. The answer is ACCRETION. The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. Which statement is TRUE regarding this situation? Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. united states district court middle district of florida orlando division filed 1-: }lf 111 ai-l in: 56 { tv case no lcoc{-c!- l l-t f securities and exchange The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. In 1992, the Commission adopted rules to implement the TCPA. 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. Which type of window is the least energy efficient? Effective Age / Total Economic Life x Reproduction Cost New 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. The Florida Consumer Protection Law is located at Fla. Stat. D) Credit unions are exempt from the Real Estate Settlement Procedures Act. Complaint resolution for homeowner associations is provided by which division of Florida government? 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.
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