(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 mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? Management considerations is one of the disadvantages of investing in RE. 485 x 76 = 36,860 In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). The covenant of warranty forever is included in which type of statutory deed? 3. Referred to as Florida's "Mini-TCPA," this new law, CS/SB 1120, updates the Florida Consumer Protection Law and the Florida Telemarketing Act. 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 . Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). 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. These presidential actions can include executive orders, presidential memoranda, and proclamations. A) Only veterans, surviving spouses of veterans, and active military personnel are eligible to apply for a VA loan. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of Section 19 contains how many acres? Criminals use this method as a way to obtain a victim's credit card information, identity, or bank account numbers. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. For more information about the TCPA, contact the FCC at fcc.gov. 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. On the first of the month, the seller collected total rent for September amounting to $950. Ann. Total is 60 Acres. Is this transaction covered under Truth in Lending Act? The contract is contingent on a radon test. 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. Reproduction cost: 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 . Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? The following is a robust set of proactive and reactive rules to fraud-proof and protect your good name. (EDGAR Online via COMTEX) -- false 0001564406 0001564406 2023-02-08 2023-02-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM. Which statement about the economic concept of demand is FALSE? 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? 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. Savings associations can sell existing mortgage loans to which entity? The Internet connects marketers to customers across the country and around the world. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? Real estate licensees may not represent a CMA as an appraisal. 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. An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. Which of the following is an accurate statement regarding the Federal Trade Commission (FTC) and the consumer protection laws related to funeral home services? Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. Total = 14,500 + 3,000 = $17,500. The TCPA restricts telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. Less than $50,000 = $25,000 B) exclusion of gain from the sale of a principal residence up to $500,000 if married and filing a joint return. (page 169), The answer is ACCRETION. Deed is the written instrument to convey an interest in real property. 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)? The term used to measure the amount of energy an electrical appliance consumes is. How must the broker as agent handle the security deposits and advance rent? The associate continues to be employed by the same broker, who has an office in Atlanta. Which of the following statements about consumer protection laws is true? I = RV An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. The seller countered at $250,000. Which statement applies to this situation? Which statement is TRUE regarding this situation? A) This is a violation of the Civil RIghts Act of 1866 B) This is a violation of the Title VIII of the Civil Rights Act of 1968 C) This is permissible under the FAir Housing Act D) This is permissible only if the church is registered as having exempt status with the DBPR C) (pg. Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? The answer is ACCRETION. C) The real estate licensee must show that the license was active at the time the transaction was entered into. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. B) tenants and buyers of all residential property. A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. 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. 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 buyer did not accept the seller's counteroffer. 1. The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. 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 seller is still owed the entire amount of the purchase price. 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. 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 Includes: An apartment building produces an effective annual gross income of $71,820. A sales associate receives a deposit from a buyer on Wednesday morning. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Lynn's home phone number is 333-2020. Widow: $500 $276,060 total. Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? (page 219). The broker decides to appeal FREC's final order. A court may award up to three times that amount for a willful or knowing violation. AND, IT WILL PROTECT THE NEW OWNER (IF TRANSFERRED) UP TO THE UNPAID BALANCE OF THE MORTGAGE LOAN. D) notification that the buyer may order an energy-efficiency rating on the building. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 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 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 earnest money deposit normally appears on the closing statement as a. B) The Department of Veterans Affairs partially guarantees VA mortgage loans. Accretion is the process of land buildup from water-borne rock, sand, and soil. Standard Message & data rates may apply. 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. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . A Poisson distribution might be a good approximation for which of the following? Calculate the developer's percentage of profit (round to nearest whole percentage point). XML overcomes the limitations of hypertext markup language (HTML) and represents an important opportunity to solve the problem of protecting information distributed on the Web, with the definition of access restrictions directly on the structure and content of the document. 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? Please note that the following information is for educational purposes only, and additional laws may apply. Which solution is NOT a remedy for the breach of a real estate sale contract? It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? False - All VA mortgage loans contain a due on sale clause. Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. 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. Real estate licensees may contact their former customers for up to 18 months. 414.94 - 319.58 = 95.36 1.555.555.555 | influencer scandal 2022. The site is secure. What is the state's intangible tax on a new mortgage of $10,000? The licensee sued the seller's broker and was awarded a judgment. Main Menu She requests a Florida sales associate license based on mutual recognition. 227. Find legal resources and guidance to understand your business responsibilities and comply with the law. C) tenants and buyers of all residential property built before 1978. (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. The referring tenants do not hold real estate licensees. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? Which type of listing allows the seller to list the property with other brokers? Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). They have created which type of estate or tenancy? A real estate broker has been hired to manage an apartment complex on behalf of the landlord. Which statement is TRUE? which statement is true regarding the federal telemarketing law? D) The VA can make direct loans to veterans. Illiquidity; 2. A buyer offered $225,000 for a seller's property. Business Combination Agreement and Plan Of Reorganization, dated February 24, 2023 from Oxbridge Acquisition Corp. filed with the Securities and Exchange Commission. 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. A comparable property recently sold for $315,000. The developer sold the lots for $250 per front foot. The Georgia licensee. applicable regarding financial, home, travel, health, and insurance products and services. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. 2. refinancing of real property or interests in real property C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. Which statement is TRUE regarding the federal telemarketing law? The referring tenants do not hold real estate licensees. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? General warranty deed includes quiet enjoyment (peaceful possession undisturbed by claims of title), warranty forever (forever warrant and defend grantee's title), and further assurance (will help make title good in the future too). (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. C) Federally related transactions involve a federally insured financial institution. Lease Agreements longer than 1 year The licensee sued the seller's broker and was awarded a judgment. 640/4/4/2 = 20 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. How is the earnest money deposit entered on the closing statement? Monthly payments remain constant, and the interest portion comprises the majority of the payments. 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. (page 91). 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 (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). The total square footage of the livable area is 2,600. 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. 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. The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of Section 19 contains how many acres? The right of the state to take property of a person who died intestate and without heirs is known as. 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 statement is TRUE regarding this property? Section 31 would be located in which corner? An official website of the United States government. (PAGE 190), Which statement concerning sections is FALSE? C) 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. Functional Obsolescence - operational inadequacies, poor design, or changing tastes and preferences. Complaint resolution for homeowner associations is provided by which division of Florida government? A person who rents lots in a mobile home park. Three brothers join together to purchase property. General warranty deed includes quiet enjoyment (peaceful possession undisturbed by claims of title), warranty forever (forever warrant and defend grantee's title), and further assurance (will help make title good in the future too), The lender's policy protects the lender against title defects. 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. Calculate the proration and indicate who is debited and who is credited. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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. B. 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. The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply. writing bad checks, crimes of larceny). 3. SUBCHAPTER IICOMMON CARRIERS Part ICommon Carrier Regulation 201. Which statement is TRUE? 1.1 - 1.4, in response to questions of general public interest. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. (page 247). A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. What is the total property tax exemption on her homesteaded property? Monthly payments remain constant, and the interest portion comprises the majority of the payments. 1st time homebuyers (IRA contribution up to $10K) B) The loan applicant can sue the credit union for violating the Fair Housing laws. 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. Stephanie T. Nguyen, Chief Technology Officer, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023, Franchises, Business Opportunities, and Investments, https://www.federalregister.gov/regulations/3084-AA98/telemarketing-sales-rule, 16 CFR Part 310: Telemarketing Sales Rule Fees; Final Rule Updating Fees Charged to Entities Accessing the National Do Not Call Registry, 16 CFR Part 310: Telemarketing Sales Rule Fees; Final Rule Updating Fees Charged to Entities Accessing the National Do Not Call Registry, 16 CFR Part 310: Telemarketing Sales Rule Fee; Final Rule That Updates Fees Charged To Entities Accessing the National Do Not Call Registry, Agency Information Collection Activities; Submission for OMB Review; Comment Request; Notice (Telemarketing Sales Rule), Telemarketing Sales Rule Information Collection Activities; Proposed Collection; Comment Request, 16 CFR Part 310: Telemarketing Sales Rule: Final Rule Amendments: Federal Register Notice Containing the Final Telemarketing Sales Rule Amendments and the Statement of Basis and Purpose, 16 CFR Part 310: Telemarketing Sales Rule Fees; Notice Advising That There Will BE No Fee Increase for Accessing the National Do Not Call Registry for Fiscal Year 2016, 16 CFR Part 310: Telemarketing Sales Rule; Extension of Comment Period for Rule Review to November 13, 2014, 16 CFR Part 310: Telemarketing Sales Rule Fees; Final Rule Amending TSR Fees Charged to Entities Accessing the National Do-Not-Call Registry, as Required by the Do-Not-Call Registry Fee Extension Act of 2007, 16 CFR Part 310: Telemarketing Sales Rule Federal Register Notice: Rule Review Request for Public Comments as Part of the FTCs Systematic Regulatory Review, Modified Ten-Year Regulatory Review Schedule; Notice of Intent to Request Public Comments, 16 CFR Part 310: Telemarketing Sales Rule; Notification of Termination of Caller ID Rulemaking Federal Register Notice, 16 C.F.R.
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