The land value is 20 percent of the total acquisition cost. A real estate licensee purchased a home from the seller. How must the broker as agent handle the security deposits and advance rent? [1] Certain callers are required by federal law to respect this request. Which statement is TRUE? 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 The .gov means its official. Residential leases are usually gross leases. 5. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? The Telephone Consumer Protection Act (TCPA) is the primary federal law governing the regulation of telephone solicitations. You are appraising a four-year-old, single-family residence. applicable regarding financial, home, travel, health, and insurance products and services. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Accretion is the process of land buildup from water-borne rock, sand, and soil. Lynn Amherst is a sales associate for Excel Realty. 2. refinancing of real property or interests in real property The tenant has what type of lease? 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. It was first signed into law by President George H.W. The procedures instituted must meet the following minimum standards: (1) Written policy. The company's phone number is 222-1010. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Legally Blind: $500 A) Monthly payments remain constant, and the interest portion comprises the majority of the payments. Lynn is preparing a classified ad for a listed property. 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. B) Interest payments remain constant while principal payments increase. 414.94 - 319.58 = 95.36 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. 290 x 250 = 72,500 - 47,800 = 24,700 Which statement is TRUE regarding the federal telemarketing law? How is the earnest money deposit entered on the closing statement? Wattage is the measurement of the amount of energy consumed. Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. Federal government websites often end in .gov or .mil. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee. You can submit your application to register your company with Working Advantage to get your employees access to a wide variety of everyday savings: home office supplies, streaming services, food delivery, educational programs, automotive, gifts, health and wellness, plus the top offers in travel and entertainment. Tenancy at Sufferance - without the consent of the landlord. Florida's telemarketing law became invalid when federal telemarketing laws were implemented. 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. How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? 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 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. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? What is the adjusted sale price of the comparable? Property taxes are paid in arrears - so seller has paid no taxes that month. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. 52,000 - 95.36 = 51,904.64 A real estate licensee purchased a home from the seller. Which statement is TRUE regarding the federal telemarketing law? It's one mile square of 640 acres. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. Which solution is NOT a remedy for the breach of a real estate sale contract? FL law does not require that prospective buyers and seller be represented. 6. A buyer offered $225,000 for a seller's property. A township has 36 parcels called "sections." Branch office of a bank is a service industry that services primarily local residents. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? A) Limited partners must register with the FREC under the limited partnership name. 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? 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 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. Which document must a prospective buyer of an existing (resale) condominium unit receive? Only 2 members must be consumer members who have never been brokers or sales associates. Deed is the written instrument to convey an interest in real property. PGI - V&C = EGI However, there is a law found in Section 365.1657, Florida Statutes, that prohibits sending an unsolicited advertisement by fax machine within the state. 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. Savings associations can sell existing mortgage loans to which entity? The building has an effective age of five years. 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. 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. (EDGAR Online via COMTEX) -- false 0001564406 0001564406 2023-02-08 2023-02-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM. ($500 fine if not notified correctly). Deed is the written instrument to convey an interest in real property. Yes, because this is an example of bait-and-switch advertising, and it is illegal. Bush in 1991 and has remained the bedrock of federal telemarketing regulations ever since. 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 Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife. C) Principal comprises the majority of the payments. On the first of the month, the seller collected total rent for September amounting to $950. 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. 2. A lead-based paint disclosure must be given to. These opinions are issued, pursuant to Rules 1.1 - 1.4 of the Commission's Rules of Practice, 16 C.F.R. 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. Which expense is deducted to derive effective gross income? Which business would be classified as a service industry? C) The real estate licensee must show that the license was active at the time the transaction was entered into. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. 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. A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. The Internet connects marketers to customers across the country and around the world. Which statement concerning sections is FALSE? 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. (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 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. Federally related transactions do not include transactions associated with refinancing real property. Restrictions on telemarketing to Florida residents are about to get tighter. The tenant has what type of lease? 34,840 / .12 = $290,250 max purchase price. 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)? 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). Lynn Amherst is a sales associate for Excel Realty. (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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages. 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. Online Advertising and Marketing. (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. 1. transactions for the sale, lease or purchase of RE 2. C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). A duplex is scheduled to close on September 10. Tax advantages of owning a home do NOT include A) deduction of hazard insurance expense on a principal residence. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. 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. Telemarketing also includes sales solicitations via fax, the Internet and mail, if the consumer is encouraged to respond via the telephone, fax . Monthly payments remain constant, and the interest portion comprises the majority of the payments. . B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. Which business would be classified as a service industry? A) The loan officer has three business days to give the loan applicant a copy of the information booklet. Which individual is exempt from licensure under Florida Statute 475? Which statement is TRUE regarding this situation? Calculate the reproduction cost new of the structure. Monthly payments remain constant, and the interest portion comprises the majority of the payments. Which type of depreciation is associated with inefficient architectural design? Which statement is TRUE regarding this property? Complaint resolution for homeowner associations is provided by which division of Florida government? 950 / 30 = 31.67 x 20 = $633.33 Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis). The law is enforced by the Office of the Attorney General. Within ten business days after the deposit is due under the sale contract, the broker . The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. The street in front of your house is to be paved at a cost of $45 per foot. The extensible markup language (XML) is a markup language promoted by the World Wide Web consortium (W3C). A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. Which type of listing allows the seller to list the property with other brokers? Study with Quizlet and memorize flashcards containing terms like Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated?, Certain age-55-and-older communities are exempt from the familial status provisions of the Fair Housing Act if the communities offer amenities, specific programs, and activities designed for the mature adult and, Capri Realty is . 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. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. What is the state's intangible tax on a new mortgage of $10,000? Listing Agreements for a term longer than 1 year. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. 414.94 - 319.21 = 95.94 principal amount for month 2. The total square footage of the livable area is 2,600. 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. 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 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? The process of land buildup from water-borne rock and soil is referred to as. A Georgia real estate licensee moved to Miami five months ago. Companies also need to be familiar with rules banning most forms of robocalling. (page 91). Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. Total is 60 Acres. Savings associations can sell existing mortgage loans to which entity? C. The applicant must apply for a broker license under mutual recognition. An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant.
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