Widow: $500 Less than $50,000 = $25,000 The rental property has a negative cash flow of $11,000. A developer advertises homes for sale with a total down payment of $2,000. Which requirement is one of the elements of a valid real estate contract? A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. Which statement is TRUE? 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. B) The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. 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? Which document must a prospective buyer of an existing (resale) condominium unit receive? Call Us Today! 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? tenants and buyers of all residential property built before 1978. A building is valued at $135,000 with an estimated 25-year useful economic life. 1st time homebuyers (IRA contribution up to $10K) Ann. These presidential actions can include executive orders, presidential memoranda, and proclamations. A township has 36 parcels called "sections." The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. Yes, because this is an example of bait-and-switch advertising, and it is illegal. What is the annual rent for the year if the annual gross sales are $450,000? required by Florida law to verify that license applicants are current on child support payments. Vacancy and collection losses. A lead-based paint disclosure must be given to. The assessed value of an 88-year-old legally blind widow's condominium is $49,500. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securitie The brothers want their interest in the property to go to their spouses in the event of their deaths. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). Included advantages: Calculate the reproduction cost new of the structure. Which type of window is the least energy efficient? Section 31 would be located in which corner? Prohibits telemarketers from calling Arizona residents between the hours of 9 p.m. and. SUBCHAPTER IICOMMON CARRIERS Part ICommon Carrier Regulation 201. A) Limited partners must register with the FREC under the limited partnership name. Which entity is a guarantor of mortgage-back securities? Securities registered pursuant to Section 12(g) of the Act: None. The Telephone Consumer Protection Act of 1991 (TCPA) was passed by the United States Congress in 1991 and signed into law by President George H. W. Bush as Public Law 102-243. Market is local in nature; 3. A duplex is scheduled to close on September 10. B) It is in the licensee's best interest not to request reimbursement from the fund, because the licensee's license would be suspended. They have created which type of estate or tenancy? 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. 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 A brokerage firm represents a seller as a single agent. The Florida Consumer Protection Law is located at Fla. Stat. 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. allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. 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 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. Recording it in the public records shows that the mortgage lien has been removed. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? 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 Internet connects marketers to customers across the country and around the world. 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. Which statement is TRUE regarding this situation? Property taxes The Georgia licensee. which statement is true regarding the federal telemarketing law? A buyer offered $225,000 for a seller's property. Real estate licensees may not represent a CMA as an appraisal. ($500 fine if not notified correctly). When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? 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. Recording it in the public records shows that the mortgage lien has been removed. In practice, the state list is integrated with the national do-not-call list maintained by the Federal Trade Commission (FTC). D) Real estate licensees are exempt from the telemarketing laws. Which type of listing allows the seller to list the property with other brokers? Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? 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. Governance Form summarizes board of directors and the rights of the unit. required by Florida law to verify that license applicants are current on child support payments. Which list of appraisal methods is unique to the appraisal of business enterprises? what is edgar xbrl validation errors and warnings. It's one mile square of 640 acres. Which statement is TRUE regarding this practice? 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. Since seller hasn't received the money, it's not shown on the seller's statement. A real estate broker has been hired to manage an apartment complex on behalf of the landlord. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? A written contract for sale and purchase of commercial property that used designated sales associates failed to close. Which statement about the economic concept of demand is FALSE? The earnest money deposit normally appears on the closing statement as a. 1. transactions for the sale, lease or purchase of RE 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. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. 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. 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). A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. What is the total property tax exemption on her homesteaded property? 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). D. D) Federally related transactions include transactions for the sale, lease, or purchase of real estate. (page 247). 145 x 2 = 290 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. A commercial tenant pays a fixed rent each month. Therefore. (Round answer to nearest dollar. Risk. 2,600 x 92 = 239,200 Federally related transactions do not include transactions associated with refinancing real property. Call Lynn Amherst, Excel Realty 333-2020 (cell). Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife.