Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis). The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. Mortgage interest $52,000 x .07375 = 3,835 / 12 = 319.58 Business Combination Agreement and Plan Of Reorganization, dated February 24, 2023 from Oxbridge Acquisition Corp. filed with the Securities and Exchange Commission. The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? A comparable property recently sold for $315,000. A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. Use the actual number of days in the closing month when determining the time line. The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? Range 1 West is located immediately west of the principal meridian and base line. Savings associations can sell existing mortgage loans to which entity? Personnel engaged in any aspect of telemarketing must be . Write "Telemarketing Sales Rule ANPR, R411001" on your comment, and file your comment through https://www.regulations.gov. 1. transactions for the sale, lease or purchase of RE 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. Which statement applies to this situation? Which statement regarding a limited real estate partnership is TRUE? The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. Interest on Home Equity Reply 'STOP' to unsubscribe from SMS service. The broker decides to appeal FREC's final order. A sales associate receives a deposit from a buyer on Wednesday morning. The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. A person applies for a mortgage loan from a local credit union. A person applies for a mortgage loan from a local credit union. ), $475,000*.8 = $380,000 / 39 years = $9,744. Complaint resolution for homeowner associations is provided by which division of Florida government? (page 362), Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. The street in front of your house is to be paved at a cost of $45 per foot. Total = 14,500 + 3,000 = $17,500. Find the resources you need to understand how consumer protection law impacts your business. It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. NOI and Sale Price. 640/4/4 = 40 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? (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). 485 x 76 = 36,860 Which lien is classified as a voluntary lien? The associate must, An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. (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. False - All VA mortgage loans contain a due on sale clause. C) deduction of interest paid on the mortgage. 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)? 2,600 x 92 = 239,200 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 In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? Included advantages: 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 licensee sued the seller's broker and was awarded a judgment. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee. 52,000 - 95.36 = 51,904.64 A person who rents lots in a mobile home park. 3. use of real property or interests as a security for a loan or investment including mortgage-backed securities. The associate continues to be employed by the same broker, who has an office in Atlanta. Property taxes are paid in arrears - so seller has paid no taxes that month. The Florida Consumer Protection Law is located at Fla. Stat. 50 / 100. Which solution is NOT a remedy for the breach of a real estate sale contract? The street in front of your house is to be paved at a cost of $45 per foot. A closing is set for July 15. (Round answer to nearest dollar. 501.001 and following, and includes the Florida Telemarketing Act at Fla. Stat. Calculate the reproduction cost new of the structure. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. Only 2 members must be consumer members who have never been brokers or sales associates. 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 overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? The associate continues to be employed by the same broker, who has an office in Atlanta. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee (page 58). Which entity is a guarantor of mortgage-back securities? Therefore. 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? In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). The proposed guideline revisions would state that "in procuring, suppressing, boosting, organizing, or editing consumer reviews of their products, advertisers should not take actions that have the. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. A licensee who is issued a citation may be ordered to, If a licensee/respondent disputes any of the allegations outlined in the administrative complaint, the case must be heard in, 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. (page 267). 633.33 debited to seller and credited to buyer. a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; a statement by you, made under penalty of perjury, that the information provided in your notification is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf. C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). The loan officer has three business days to give the loan applicant a copy of the information booklet. Which statement is TRUE regarding this practice? ), $475,000*.8 = $380,000 / 39 years = $9,744, Ch. 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. 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? These presidential actions can include executive orders, presidential memoranda, and proclamations. . 1. EGI - OPEX = NOI The "21 Rules You Must Use" are the most important things you need to do now and on an ongoing basis to prevent identity theft. 2. Part 310: Telemarketing Sales Rule: Advanced Notice of Proposed Rulemaking; Request for Public Comments Concerning Caller Identification Services and Disclosure of the Identity of the Seller or Telemarketer Responsible for Telemarketing Calls, Telemarketing Sales Rule; Final Rule; Correction, Telemarketing Sales Rule; Final Rule Amendments, Telemarketing Sales Rule; Extension of Comment Period in Notice of Proposed Rulemaking - 16 CFR Part 310, Telemarketing Sales Rule - 16 CFR Part 310, Telemarketing Sales Rule Fees - 16 CFR Part 310, Telemarketing Sales Rules; Notice of 15 day Extension in Comment Period - 16 CFR Part 310, Notice of 30-Day Extension in Comment Period in the Review of the Telemarketing Sales Rule - 16 CFR Part 310, Telemarketing Sale Rule - 16 CFR Part 310, Notice of Intent to Request Public Comments on Guides for the Household Furniture Industry and the Telemarketing Sales Rule - 16 CFR Parts 250 and 310, Do-Not-Call Provisions of Telemarketing Sales Rule; Meeting - 16 CFR Part 310, Telemarketing Sales Rule "Divestiture Orders in Merger Cases" Agency Information Collection Activities; Proposed Collection; Comment Request; Extension - 16 CFR 310, Telemarketer Fees to Access the FTCs National Do Not Call Registry to Increase in FY 2019, Telemarketer Fees to Access the FTCs Do Not Call Registry to Rise Slightly in FY 2018, FTC Update: Telemarketer Fees for the Do Not Call Registry to Rise Slightly in FY 2017, FTC Amends Telemarketing Rule to Ban Payment Methods Used by Scammers, La FTC enmienda la Regla de Telemercadeo para prohibir mtodos de pago utilizados por los estafadores, Public Forum on Debt Relief Amendments to the Telemarketing Sales Rule, Public Forum on the Telemarketing Sales Rule: "Do-Not-Call", Workshop On Proposed Telemarketing Sales Rule. Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? C) Principal comprises the majority of the payments. Which statement is FALSE concerning federally related transactions? The answer is ACCRETION. Which statement applies to this situation? 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. Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. Runners crossing the finish line in the Boston Marathon. B. 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 . 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. required by Florida law to verify that license applicants are current on child support payments. What was the approximate yield on the loan? 24,700 / 47,800 = 52% profit. Which statement about the economic concept of demand is FALSE? Since seller hasn't received the money, it's not shown on the seller's statement. von | Jun 17, 2022 | tornadoes of 1965 | | Jun 17, 2022 | tornadoes of 1965 | Which statement is TRUE? c. There are no federal laws that regulate This problem has been solved! What is the annual IRS depreciation deduction? D) buyers of all single-family homes. 4. The land value is 20 percent of the total acquisition cost. writing bad checks, crimes of larceny). 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 following is a robust set of proactive and reactive rules to fraud-proof and protect your good name. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. Which property is immune from property taxes? Seller refuses to sign the release of escrow funds. (page 169), The answer is ACCRETION. Lynn Amherst is a sales associate for Excel Realty. The total square footage of the livable area is 2,600. The company's phone number is 222-1010. croatia vs bulgaria prediction; he said she said wedding game; Deeds and Mortgage Instruments The buyer did not accept the seller's counteroffer. Call Lynn Amherst, Excel Realty 333-2020 (cell). Which type of listing allows the seller to list the property with other brokers? In addition, truth-in-advertising standards apply if . An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. Special Information Booklet (HUD) 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. The covenant of warranty forever is included in which type of statutory deed? Which document must a prospective buyer of an existing (resale) condominium unit receive? Bush in 1991 and has remained the bedrock of federal telemarketing regulations ever since. a. Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. 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. On the first of the month, the seller collected total rent for September amounting to $950. B) The buyer and seller have entered into a contract for $225,000. The right of the state to take property of a person who died intestate and without heirs is known as. (Round answer to nearest dollar. A Poisson distribution might be a good approximation for which of the following? Property taxes are paid in arrears - so seller has paid no taxes that month. 71,820 - 36,990 = 34,840 NOI You are appraising a four-year-old, single-family residence. C) All VA mortgage loans contain a due on sale clause. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? 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. A township has 36 parcels called "sections." 1.555.555.555 | influencer scandal 2022. Accretion is the process of land buildup from water-borne rock, sand, and soil. B) The loan applicant can sue the credit union for violating the Fair Housing laws. Monthly payments remain constant, and the interest portion comprises the majority of the payments. Lynn's home phone number is 333-2020. Section 31 would be located in which corner? 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). A buyer and seller enter into a contract for sale and purchase of a home. D) Limited partners may participate in management activities of the limited partnership. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? 5 /25 x 135,000 = 27,000 accrued depreciation. Management; 5. Vendor's Lien - equitable lien of the grantor (seller under a PMM) on the land conveyed in the amount of the unpaid purchase price. A) Monthly payments remain constant, and the interest portion comprises the majority of the payments. 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. Federally-related transaction includes: Lynn is preparing a classified ad for a listed property. A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. 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 associate must. Which statement about the economic concept of demand is FALSE? Within ten business days after the deposit is due under the sale contract, the broker . The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. Which statement is TRUE regarding this property? 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. (page 372), Municipal Airport - immune properties are city, county, state and federal gov't properties, 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. C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. Vacancy and collection losses. Comp The seller is still owed the entire amount of the purchase price. The licensee sued the seller's broker and was awarded a judgment. The seller cannot now accept the original offer, because it was killed by the counteroffer. The loan officer has three business days to give the loan applicant a copy of the information booklet. The Internet connects marketers to customers across the country and around the world. Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. Monthly payments remain constant, and the interest portion comprises the majority of the payments. Which characteristic is a disadvantage of investing in real estate? 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. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. 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. Which statement is TRUE regarding the federal telemarketing law? The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Effective Age / Total Economic Life x Reproduction Cost New Which statement is TRUE regarding this situation? The process of land buildup from water-borne rock and soil is referred to as. An apartment building produces an effective annual gross income of $71,820. Which entity is a guarantor of mortgage-back securities? If your lot frontage on the street is 90 feet, what is your portion of the special assessment? The earnest money deposit normally appears on the closing statement as a. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. At resale, buyer entitled to copy of declaration of condominium, articles of incorporation, bylaws, rules of assoc, FAQ, copy of most recent year end financial statement and GOVERNANCE FORM. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securitie The building has an effective age of five years. C) tenants and buyers of all residential property built before 1978. Lease Agreements longer than 1 year Use the actual number of days in the closing month when determining the time line. Market is local in nature; 3. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. 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 company's phone number is 222-1010. An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. 1. The referring tenants do not hold real estate licensees. Statutes change, so checking them is always a good idea. The procedures instituted must meet the following minimum standards: (1) Written policy. Which type of listing allows the seller to list the property with other brokers? 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. What is the annual rent for the year if the annual gross sales are $450,000? 5. The brothers want their interest in the property to go to their spouses in the event of their deaths. Lynn's home phone number is 333-2020. The landlord pays the property taxes, hazard insurance, and maintenance expenses. Homestead protection does not prevent foreclosure for nonpayment of property taxes, special assessments, mortgages, vendors' liens, or construction liens secured with homestead property. Remainderman - 3rd party fee simple ownership at end of life estate by wife. astros vs yankees cheating. (page 176). B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. Under the federal telemarketing law, a real estate licensee may A. call Sue for up to 3 months after she makes and inquiry about a house listed for sale. A person who rents lots in a mobile home park. The seller countered at $250,000. 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? 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. She requests a Florida sales associate license based on mutual recognition. NOI = Cap Rate x Value (sale price) C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. 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.