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. 315,000 - 20,000 - 25,000 = 270,000. [1] Certain callers are required by federal law to respect this request. What was the approximate yield on the loan? RESPA disclosures at time of loan or within 3 business days of: Search the Legal Library instead. 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? A building is valued at $135,000 with an estimated 25-year useful economic life. 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. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Place the funds in an interest-bearing account in a Florida bank and pay the tenant 5 percent interest (separate interest-bearing FL bank account and pay the tenant at least 75% of any annualized average interest rate or 5% per year simple interest - page 153). Option Contracts 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. Only 2 members must be consumer members who have never been brokers or sales associates. Management considerations is one of the disadvantages of investing in RE. 414.94 - 319.21 = 95.94 principal amount for month 2. which statement is true regarding the federal telemarketing law? 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. Deeds and Mortgage Instruments What is the annual rent for the year if the annual gross sales are $450,000? In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). Which statement is TRUE regarding this practice? Market is local in nature; 3. The associate continues to be employed by the same broker, who has an office in Atlanta. The referring tenants do not hold real estate licensees. What is the total property tax exemption on her homesteaded property? A duplex is scheduled to close on September 10. Which law prohibits racial discrimination in the sale or lease of all real property without exception? which statement is true regarding the federal telemarketing law? The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages. The contract is contingent on a radon test. Which statement is TRUE regarding this situation? Securities registered pursuant to Section 12(g) of the Act: None. A person applies for a mortgage loan from a local credit union. is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. The developer sold the lots for $250 per front foot. Tenancy in Common (no right of survivor ship, heirs inherit), A parcel of real estate has been left to the wife through her husband's will for the widow's use and enjoyment during her lifetime, with the provision the property goes to the widow's stepson at her death. Vacancy and collection losses. 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? It was first signed into law by President George H.W. 2,600 x 92 = 239,200 Included advantages: Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife. 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 145 x 2 = 290 Which statement about the economic concept of demand is FALSE? The right of the state to take property of a person who died intestate and without heirs is known as. The brokerage can work with the buyer, in the same transaction. Which statement is TRUE regarding a title company holding the escrow funds? All national chartered commercial banks are members of which entity? The Florida Consumer Protection Law is located at Fla. Stat. 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. 227. A commercial tenant pays a fixed rent each month. How much is the minimum cash investment on an FHA loan? 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. The FALSE statement is the a SECTION contains 43,560 sf. which statement is true regarding the federal telemarketing lawrenal cancer symptoms Menu nfl flex schedule changes. Which statement is TRUE regarding this situation? Which statement regarding a limited real estate partnership is TRUE? 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. c. There are no federal laws that regulate This problem has been solved! a. Before sharing sensitive information, make sure youre on a federal government site. Savings associations can sell existing mortgage loans to which entity? Which statement is TRUE regarding this situation? Use the actual number of days in the closing month when determining the time line. 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. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . NOI = Cap Rate x Value (sale price) 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. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. Calculate the reproduction cost new of the structure. 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. The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. Base: 14,500 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. The law is enforced by the Office of the Attorney General. Residential leases are usually gross leases. A buyer offered $225,000 for a seller's property. The Telephone Consumer Protection Act (TCPA) is the primary federal law governing the regulation of telephone solicitations. Exclusion from gain on sale of principal residence up to $250K for single person, $500K for married couple filing jointly. Funeral homes may not require customers to buy certain funeral goods and services as a condition for receiving other funeral goods and services. Which statement is TRUE regarding this situation? Which statement regarding a limited real estate partnership is TRUE? A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. b. self-serving bias e. social categorization, Briefly explain the importance of each of the following. Which individual is exempt from licensure under Florida Statute 475? 30 Days - if landlord is making a claim on the deposit, the landlord has 30 days to notify the tenant of the claim. What is the adjusted sale price of the comparable? (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 licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. Which statement applies to this situation? Yes, because this is an example of bait-and-switch advertising, and it is illegal. 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. A written contract for sale and purchase of commercial property that used designated sales associates failed to close. 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). Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? 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)? It's one mile square of 640 acres. The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply. Mortgage origination fees (points) Which of the following statements about consumer protection laws is true? Which list of appraisal methods is unique to the appraisal of business enterprises? (page 176). A sales associate receives a deposit from a buyer on Wednesday morning. A satisfaction of mortgage is given by the lender to the borrower when the loan is paid off, must be sent to mortgagor within 60 days. Implement the comprehensive plan -local gov't exercise police power by regulating and controlling the use of land and structures within designated land-use district or zoned. FL law does not require that prospective buyers and seller be represented. Only 2 members must be consumer members who have never been brokers or sales associates. (1) by the person or entity providing a wire or electronic communications service; (2) by a user of that service with respect to a communication of or intended for that user; or (3) in section 2703, 2704 or 2518 of this title. 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 constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. Telemarketing also includes sales solicitations via fax, the Internet and mail, if the consumer is encouraged to respond via the telephone, fax . According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. Which statement is TRUE? 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. 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)? 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. 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 is FALSE concerning federally related transactions? ), $475,000*.8 = $380,000 / 39 years = $9,744, Ch. This arrangement is. deliver the deposit check to the employer by the end of business on Thursday. . RE R V RE EVERE E R Vol. 950 / 30 = 31.67 x 20 = $633.33 Tax advantages of owning a home do NOT include A) deduction of hazard insurance expense on a principal residence. (page 91). Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. The Telephone Consumer Protection Act (TCPA) was passed in 1991 in response to consumer complaints of increased marketing calls and automated, pre-recorded messages. The street in front of your house is to be paved at a cost of $45 per foot. ), $475,000*.8 = $380,000 / 39 years = $9,744. Monthly payments remain constant, and the interest portion comprises the majority of the payments. A brokerage firm represents a seller as a single agent. 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. Statutes change, so checking them is always a good idea. How much of the $414.94 monthly payment paid in month two will apply to principal? If you prefer to file your comment on paper, mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex B), Washington, DC 20580. Which characteristic is a disadvantage of investing in real estate? The Florida Building Energy-Efficiency Rating Act does NOT require. Which type of listing allows the seller to list the property with other brokers? The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. How will the property taxes be entered on the closing statement? Reply 'Help' for help. Branch office of a bank is a service industry that services primarily local residents. 1. The Georgia licensee. The .gov means its official. The loan officer has three business days to give the loan applicant a copy of the information booklet. 24,700 / 47,800 = 52% profit. Runners crossing the finish line in the Boston Marathon. 50 / 100. The stepson's interest is that of. Listing Agreements for a term longer than 1 year. (PAGE 190), Which statement concerning sections is FALSE? 2. The company's phone number is 222-1010. Find the resources you need to understand how consumer protection law impacts your business. A Georgia real estate licensee moved to Miami five months ago. The seller cannot now accept the original offer, because it was killed by the counteroffer. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. Interest on Home Equity She requests a Florida sales associate license based on mutual recognition. Online Advertising and Marketing. 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 Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. Good Faith Estimate (GFE) FL law does not require that prospective buyers and seller be represented. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? Write "Telemarketing Sales Rule ANPR, R411001" on your comment, and file your comment through https://www.regulations.gov. 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. Restrictions on telemarketing to Florida residents are about to get tighter. What is the annual rent for the year if the annual gross sales are $450,000? These presidential actions can include executive orders, presidential memoranda, and proclamations. The extensible markup language (XML) is a markup language promoted by the World Wide Web consortium (W3C). A comparable property recently sold for $315,000. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. Central Asia. Governance Form summarizes board of directors and the rights of the unit. von | Jun 17, 2022 | tornadoes of 1965 | | Jun 17, 2022 | tornadoes of 1965 | 485 x 76 = 36,860 Which characteristic is a disadvantage of investing in real estate? A comparable property recently sold for $315,000. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? 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. Need for expert help; 4. Ann. The associate continues to be employed by the same broker, who has an office in Atlanta. 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 Seller refuses to sign the release of escrow funds. 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. Limited partners must register with the FREC under the limited partnership name. Since seller hasn't received the money, it's not shown on the seller's statement. You are appraising a four-year-old, single-family residence. A duplex is scheduled to close on September 10. Which entity is a guarantor of mortgage-back securities? Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. 34,840 / .12 = $290,250 max purchase price. Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. (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. The earnest money deposit normally appears on the closing statement as a. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. 1. D) notification that the buyer may order an energy-efficiency rating on the building. 633.33 debited to seller and credited to buyer. 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. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. 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. The mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? In addition, truth-in-advertising standards apply if . The broker decides to appeal FREC's final order. C. The applicant must apply for a broker license under mutual recognition. Yes, because this is an example of bait-and-switch advertising, and it is illegal. 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. Which statement is TRUE regarding this situation? applicable regarding financial, home, travel, health, and insurance products and services. 3.5% is the minimum down payment on a FHA loan. How is the earnest money deposit entered on the closing statement? And some rules can even vary within a state. Which entity is a guarantor of mortgage-back securities? False - All VA mortgage loans contain a due on sale clause. The total square footage of the livable area is 2,600. The rental property has a negative cash flow of $11,000. 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.