Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? How much is the minimum cash investment on an FHA loan? Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? C) All VA mortgage loans contain a due on sale clause. The tenant has what type of lease? "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . 2. (page 176). Telemarketing involves situations in which companies call consumers to sell their goods or services, or consumers call companies to make purchases in response to mailings or other forms of advertising. How will the property taxes be entered on the closing statement? 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? 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. 315,000 - 20,000 - 25,000 = 270,000. A real estate licensee purchased a home from the seller. a. Which statement is FALSE concerning federally related transactions? 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) buyers of all single-family homes. required by Florida law to verify that license applicants are current on child support payments. 45 x 90 x .75 = $3,037.50 / 2 = $1,518.75, A professional office center is purchased for $475,000. Search the Legal Library instead. A brokerage firm represents a seller as a single agent. Business Combination Agreement and Plan Of Reorganization, dated February 24, 2023 from Oxbridge Acquisition Corp. filed with the Securities and Exchange Commission. 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). deliver the deposit check to the employer by the end of business on Thursday. This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. A real estate licensee purchased a home from the seller. The Internet connects marketers to customers across the country and around the world. (EDGAR Online via COMTEX) -- false 0001564406 0001564406 2023-02-08 2023-02-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM. 633.33 debited to seller and credited to buyer. (page 247). TILA/Reg Z makes "Bait and Switch" advertising a federal offense. Which statement is FALSE concerning federally related transactions? Which individual is exempt from licensure under Florida Statute 475? 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. 3. Hazard Insurance is included as part of a fixed expense (also ppty taxes), Functional Obsolescence - operational inadequacies, poor design, or changing tastes and preferences (page 342), T-Intersection (open view down the street, lights shining into window and possible danger from speeding runaway cars - page 358), Wattage is the measurement of the amount of energy consumed. The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. 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 type of listing allows the seller to list the property with other brokers? 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 Section 31 would be located in which corner? tenants and buyers of all residential property built before 1978. Total is 60 Acres. An apartment building produces an effective annual gross income of $71,820. How much is the minimum cash investment on an FHA loan? 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. (PAGE 190), Which statement concerning sections is FALSE? The Florida Consumer Protection Law is located at Fla. Stat. Online Advertising and Marketing. The covenant of warranty forever is included in which type of statutory deed? According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. 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. Savings associations can sell existing mortgage loans to which entity? 52,000 - 95.36 = 51,904.64 Branch office of a bank is a service industry that services primarily local residents. allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. Central Asia. Good Faith Estimate (GFE) Florida's telemarketing law became invalid when federal telemarketing laws were implemented. 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. 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? 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. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). Find legal resources and guidance to understand your business responsibilities and comply with the law. The buyer did not accept the seller's counteroffer. The brothers want their interest in the property to go to their spouses in the event of their deaths. Which statement applies to this situation? The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. 0. C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). The seller countered at $250,000. Looking for legal documents or records? It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. Which document must a prospective buyer of an existing (resale) condominium unit receive? Call Us Today! Which entity is a guarantor of mortgage-back securities? Standard Message & data rates may apply. Which statement is FALSE? D) Federally related transactions include transactions for the sale, lease, or purchase of real estate. C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. The garage is 485 square feet. The term used to measure the amount of energy an electrical appliance consumes is. 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. The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. Savings associations can sell existing mortgage loans to which entity? 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. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. 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. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. How must the broker as agent handle the security deposits and advance rent? A sales associate receives a deposit from a buyer on Wednesday morning. 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. Management; 5. B) Real estate licensees may advertise their residential listings by faxing promotional flyers to a list of local businesses and hospitals that are on the do-not-call list. 3.5% is the minimum down payment on a FHA loan. Which solution is NOT a remedy for the breach of a real estate sale contract? The seller cannot now accept the original offer, because it was killed by the counteroffer. 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. Wattage is the measurement of the amount of energy consumed. Criminals use this method as a way to obtain a victim's credit card information, identity, or bank account numbers. (page 219). 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 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. D) penalty-free withdrawal from an IRA if the money is used as a down payment on a personal residence (first time home buyers only). Monthly payments remain constant, and the interest portion comprises the majority of the payments. 1. A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. Lynn Amherst is a sales associate for Excel Realty. Which statement is TRUE regarding this property? Persons or entities making calls for telemarketing purposes must have a written policy, available upon demand, for maintaining a do-not-call list. It's one mile square of 640 acres. What is the final step in the real estate sale process? A Georgia real estate licensee moved to Miami five months ago. Many states also have laws regulating telemarketing. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. Recording it in the public records shows that the mortgage lien has been removed. A person applies for a mortgage loan from a local credit union. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. 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. Since seller hasn't received the money, it's not shown on the seller's statement. Which statement is TRUE regarding this situation? 1. transactions for the sale, lease or purchase of RE A) Only veterans, surviving spouses of veterans, and active military personnel are eligible to apply for a VA loan. NOI = Cap Rate x Value (sale price) A court may award up to three times that amount for a willful or knowing violation. The garage is 485 square feet. The earnest money deposit normally appears on the closing statement as a. Bush in 1991 and has remained the bedrock of federal telemarketing regulations ever since. (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. C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. $52,000 x .07375 = 3,835 / 12 = 319.58 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. Which excerpt conforms to the rule regarding advertising? Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Interest on Home Equity According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. 8 a.m. Which individual is exempt from licensure under Florida Statute 475? Citations involve fines that currently range from $100 to $500 per offense and may include other assessments (ex: REQUIRE EDUCATIONAL COURSE ATTENDANCE), 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 (PAGE 118). 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. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). 71,820 - 36,990 = 34,840 NOI Ohio Consumer Protection Laws The Ohio Attorney General has enforcement authority over more than 25 consumer protection laws, which are listed below with a brief overview of key protections that consumers have under the laws. Ann. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. 414.94 - 319.21 = 95.94 principal amount for month 2. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? (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). The landlord pays the property taxes, hazard insurance, and maintenance expenses. The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. A comparable property recently sold for $315,000. The answer is ACCRETION. A buyer offered $225,000 for a seller's property. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. What is the state's intangible tax on a new mortgage of $10,000? 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. For more information about the TCPA, contact the FCC at fcc.gov. The landlord pays the property taxes, hazard insurance, and maintenance expenses. Special Information Booklet (HUD) Includes: The Telephone Consumer Protection Act (TCPA) was passed in 1991 in response to consumer complaints of increased marketing calls and automated, pre-recorded messages. An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. How much of the $414.94 monthly payment paid in month two will apply to principal? Also, created a uniform statewide rating system for rating new and existing residential, commercial and public buildings. RESPA disclosures at time of loan or within 3 business days of: Which statement concerning sections is FALSE? Property taxes Which statement about the economic concept of demand is FALSE? InVirtek Vision International ULC v.Assembly Guidance Systems, Inc. d/b/a Aligned Vision, No. b. self-serving bias e. social categorization, Briefly explain the importance of each of the following. A developer advertises homes for sale with a total down payment of $2,000. which statement is true regarding the federal telemarketing law? Which statement is TRUE? The right of the state to take property of a person who died intestate and without heirs is known as. Open All + EGI - OPEX = NOI A commercial tenant pays a fixed rent each month. The street in front of your house is to be paved at a cost of $45 per foot. Municipal Airport - immune properties are city, county, state and federal gov't properties - others are exempt only, which are subject to taxes, but are released from obligation, Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? A) Federally related transactions require an appraisal. The procedures instituted must meet the following minimum standards: (1) Written policy. Restrictions on telemarketing to Florida residents are about to get tighter. Which statement regarding a limited real estate partnership is TRUE? 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 . Risk. 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 requirement is one of the elements of a valid real estate contract? [1] Certain callers are required by federal law to respect this request. allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. 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 Servicing disclosure statement. Nothing in the Florida Telemarketing Act or the Telephonic Sales Law prohibits sending advertisements by fax. This arrangement is. 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? A) The loan officer has three business days to give the loan applicant a copy of the information booklet. Which statement is TRUE? ), $475,000*.8 = $380,000 / 39 years = $9,744, Ch. Mortgage interest The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. Open listing allows the seller to list the property with multiple brokers. The loan officer has three business days to give the loan applicant a copy of the information booklet. D. The FTC's Telemarketing Sales Rule helps protect consumers from fraudulent telemarketing calls and gives them certain protections under the National Do Not Call Registry. Which statement is TRUE regarding this practice? (Round answer to nearest dollar. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. A closing is set for July 15. A closing is set for July 15. tenants and buyers of all residential property built before 1978. Index plus Margin equals Calculated Interest Payment on an ARM. A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. Only 2 members must be consumer members who have never been brokers or sales associates. 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? A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Calculate the developer's percentage of profit (round to nearest whole percentage point). Contract to purchase a shopping center (page 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. 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. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? Illiquidity; 2. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securitie 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. 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. Seller refuses to sign the release of escrow funds. Which item would be classified as a fixed expense in the calculation of net operating income? Which item would be classified as a fixed expense in the calculation of net operating income? . The first broker to secure a buyer who is ready, willing and able to purchase at the terms of the listing is the PROCURING CAUSE and earns the commission. Write "Telemarketing Sales Rule ANPR, R411001" on your comment, and file your comment through https://www.regulations.gov. Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. 34,840 / .12 = $290,250 max purchase price. Property taxes are paid in arrears - so seller has paid no taxes that month. The stepson's interest is that of. The seller cannot now accept the original offer, because it was killed by the counteroffer. 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. Within ten business days after the deposit is due under the sale contract, the broker . A commercial tenant pays a fixed rent each month. D) The VA can make direct loans to veterans. A developer advertises homes for sale with a total down payment of $2,000. Learn more about your rights as a consumer and how to spot and avoid scams. Total = 14,500 + 3,000 = $17,500. It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. The Georgia licensee. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. 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? Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? 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. A comparable property recently sold for $315,000. The National Do Not Call Registry is a database maintained by the United States federal government, listing the telephone numbers of individuals and families who have requested that telemarketers not contact them.