00018665812022FYFALSEhttp://fasb.org/us-gaap/2022#AccountingStandardsUpdate201602MemberP1YP1YP1YP1YP1Y33.3333.3333.33505010000018665812022-01-012022-12 . Accretion is the process of land buildup from water-borne rock, sand, and soil. A real estate licensee purchased a home from the seller. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? PGI - V&C = EGI A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. 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. Branch office of a bank is a service industry that services primarily local residents. AND, IT WILL PROTECT THE NEW OWNER (IF TRANSFERRED) UP TO THE UNPAID BALANCE OF THE MORTGAGE LOAN. Interest on Home Equity Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE? What is the total property tax exemption on her homesteaded property? C) Principal comprises the majority of the payments. Which of the following statements about consumer protection laws is true? Which entity is a guarantor of mortgage-back securities? A developer advertises homes for sale with a total down payment of $2,000. The tenant has what type of lease? The referring tenants do not hold real estate licensees. Listing Agreements for a term longer than 1 year. Which business would be classified as a service industry? The company's phone number is 222-1010. What is the annual IRS depreciation deduction? Call Lynn Amherst, Excel Realty 333-2020 (cell). The stepson's interest is that of. 2. refinancing of real property or interests in real property A court may award up to three times that amount for a willful or knowing violation. (page 169), The answer is ACCRETION. Savings associations can sell existing mortgage loans to which entity? D) Buyer finds another property at a lower price and demands a refund of the earnest money deposit. It amended the Communications Act of 1934.The TCPA is codified as 47 U.S.C. (page 219). Therefore. Real estate licensees may not represent a CMA as an appraisal. 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. Widow: $500 Is this transaction covered under Truth in Lending Act? 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 . a. Find legal resources and guidance to understand your business responsibilities and comply with the law. The broker decides to appeal FREC's final order. How must the broker as agent handle the security deposits and advance rent? Open listing allows the seller to list the property with multiple brokers. The Georgia licensee. Property taxes C. The applicant must apply for a broker license under mutual recognition. 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). If your lot frontage on the street is 90 feet, what is your portion of the special assessment? 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? The site is secure. 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). The building has an effective age of five years. D) The VA can make direct loans to veterans. 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? Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? The earnest money deposit normally appears on the closing statement as a. allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. 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. Which statement applies to this situation? Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securitie (2) Training of personnel engaged in telemarketing. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. 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. All natural persons in the United States who, within four years preceding the filing of this case, received more than one telephone solicitation call from PGI within a 12-month period. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. 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. Governance Form summarizes board of directors and the rights of the unit. 24,700 / 47,800 = 52% profit. Monthly payments remain constant, and the interest portion comprises the majority of the payments. 5 /25 x 135,000 = 27,000 accrued depreciation. Management; 5. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. A person who rents lots in a mobile home park. Persons or entities making calls for telemarketing purposes must have a written policy, available upon demand, for maintaining a do-not-call list. illegal, because the amount of compensation exceeds the allowable amount. A commercial tenant pays a fixed rent each month. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? A) Limited partners must register with the FREC under the limited partnership name. 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 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. Which document must a prospective buyer of an existing (resale) condominium unit receive? A real estate licensee purchased a home from the seller. Which type of depreciation is associated with inefficient architectural design? Runners crossing the finish line in the Boston Marathon. 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. 51,904.64 x .07375 = 3,830.56 / 12 = 319.21 Only 2 members must be consumer members who have never been brokers or sales associates. The seller is still owed the entire amount of the purchase price. An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. It's one mile square of 640 acres. It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. 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. tenants and buyers of all residential property built before 1978. Bush in 1991 and has remained the bedrock of federal telemarketing regulations ever since. Section 31 would be located in which corner? 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. 414.94 - 319.58 = 95.36 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. 3. ), $475,000*.8 = $380,000 / 39 years = $9,744. Total is 60 Acres. Ann. Informacin detallada del sitio web y la empresa: salvarani.com, +39522969177 SALVARANI | Agricultural spraying, components 12-24 Volt, compressors, test and calibration equipment, Componenti agricultura, compressori, calibratura e regolazione macchine irroratrici 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. Which type of depreciation is associated with inefficient architectural design? 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? Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? 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 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. An official website of the United States government. How much of the $414.94 monthly payment paid in month two will apply to principal? writing bad checks, crimes of larceny). The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. The developer sold the lots for $250 per front foot. 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? What is the final step in the real estate sale process? A) Only veterans, surviving spouses of veterans, and active military personnel are eligible to apply for a VA loan. 145 x 2 = 290 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. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. The Florida Consumer Protection Law is located at Fla. Stat. Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. Which property is immune from property taxes? deliver the deposit check to the employer by the end of business on Thursday. 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. Governance Form summarizes board of directors and the rights of the unit. Risk. 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. What is the final step in the real estate sale process? Recording it in the public records shows that the mortgage lien has been removed. Use the actual number of days in the closing month when determining the time line. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? Which statement about the economic concept of demand is FALSE? Which brokerage relationship is BEST suited to this couple? A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. Which type of listing allows the seller to list the property with other brokers? The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. Illiquidity; 2. Which statement is TRUE regarding this situation? C) Limited partners are personally liable for the debts of the partnership. Service and charges (a) It shall be the duty of every common carrier engaged in interstate or foreign com This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. required by Florida law to verify that license applicants are current on child support payments. Using the lump-sum age-life method, find the depreciated value of the building. What is the annual rent for the year if the annual gross sales are $450,000? Yes, because this is an example of bait-and-switch advertising, and it is illegal. 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? C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. Complaint resolution for homeowner associations is provided by which division of Florida government? False - All VA mortgage loans contain a due on sale clause. What was the approximate yield on the loan? Use the actual number of days in the closing month when determining the time line. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. The brokerage can work with the buyer, in the same transaction, A sales associate receives a deposit from a buyer on Wednesday morning. 501.001 and following, and includes the Florida Telemarketing Act at Fla. Stat. The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply. Residential leases are usually gross leases. Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? Seller refuses to sign the release of escrow funds. What is the state's intangible tax on a new mortgage of $10,000? B) the creation of a uniform, statewide energy-efficiency rating system. Also, created a uniform statewide rating system for rating new and existing residential, commercial and public buildings. Wattage is the measurement of the amount of energy consumed. Which statement regarding a limited real estate partnership is TRUE? Listed here are some FTC laws about specific marketing practices and the promotion of products and services in specific industries. A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. A Georgia real estate licensee moved to Miami five months ago. Which statement is TRUE regarding this practice? Comp The buyer did not accept the seller's counteroffer. 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? The seller cannot now accept the original offer, because it was killed by the counteroffer. Ann. Which item would be classified as a fixed expense in the calculation of net operating income? How is the earnest money deposit entered on the closing statement? astros vs yankees cheating. Criminals use this method as a way to obtain a victim's credit card information, identity, or bank account numbers. And some rules can even vary within a state. Exclusion from gain on sale of principal residence up to $250K for single person, $500K for married couple filing jointly. (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. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. I = R x V c. There are no federal laws that regulate This problem has been solved! Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. Better 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. Limited partners must register with the FREC under the limited partnership name. Which statement concerning sections is FALSE? Homestead protection does not prevent foreclosure for nonpayment of property taxes, special assessments, mortgages, vendors' liens, or construction liens secured with homestead property. 156) A real estate broker has been hired to manage an apartment complex on behalf of the landlord. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. A comparable property recently sold for $315,000. 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? 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. 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 I = RV Funeral homes may not require customers to buy certain funeral goods and services as a condition for receiving other funeral goods and services. NOI and Sale Price. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? A closing is set for July 15. Mortgage interest Since seller hasn't received the money, it's not shown on the seller's statement. An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. Part 310: Telemarketing Sales Rule Fees; Final Rule Updating the Fees Charged to Entities Accessing the National Do Not Call Registry, 16 CFR Part 310: Telemarketing Sales Rule: Federal Register Notice Containing Notice of Proposed Rulemaking and Soliciting Public Comment on Proposed Amendments to the Rule, 16 CFR Part 310: Telemarketing Sales Rule: Federal Register Notice Containing Notice of Proposed Rulemaking and Soliciting Public Comment on Proposed Amendments to the Rule - Text Version, 16 CFR Part 310: Telemarketing Sales Rule Fees; Final Rule, 16 C.F.R. Vacancy and collection losses. The statement is TRUE. Which individual is exempt from licensure under Florida Statute 475? She requests a Florida sales associate license based on mutual recognition. Only 2 members must be consumer members who have never been brokers or sales associates. Which solution is NOT a remedy for the breach of a real estate sale contract? Which entity is a guarantor of mortgage-back securities? 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. 34,840 / .12 = $290,250 max purchase price. A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. On July 1, 2021, Florida enacted a comprehensive new telemarketing law that arguably goes beyond the federal Telephone Consumer Protection Act ("TCPA"). 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. CBS vs. CIA C) Federally related transactions involve a federally insured financial institution. D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. D) The seller cannot now accept the original offer, because it was killed by the counteroffer. Deductions of hazard insurance expense on a principal residence. 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). The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? The street in front of your house is to be paved at a cost of $45 per foot. Total = 14,500 + 3,000 = $17,500. 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. Which statement is TRUE regarding the federal telemarketing law? Write "Telemarketing Sales Rule ANPR, R411001" on your comment, and file your comment through https://www.regulations.gov. Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? Which excerpt conforms to the rule regarding advertising? RE R V RE EVERE E R Vol. All national chartered commercial banks are members of which entity? 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. The FTC does not prohibit bait-and-switch advertising. $52,000 x .07375 = 3,835 / 12 = 319.58 Florida's telemarketing law became invalid when federal telemarketing laws were implemented. b. self-serving bias e. social categorization, Briefly explain the importance of each of the following. 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 . EGI - OPEX = NOI Search the Legal Library instead. It was first signed into law by President George H.W. 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. 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 statement is FALSE? Which expense is deducted to derive effective gross income? 1.1 - 1.4, in response to questions of general public interest. 5. The landlord pays the property taxes, hazard insurance, and maintenance expenses. 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. The statute of frauds requires that contracts conveying an interest in real property and contracts that aren't to be performed within one year of the date created must be in writing and signed to be enforceable. Remainderman - 3rd party fee simple ownership at end of life estate by wife. Call Us Today! which statement is true regarding the federal telemarketing law? These presidential actions can include executive orders, presidential memoranda, and proclamations. Accretion is the process of land buildup from water-borne rock, sand, and soil. 50 / 100. A developer advertises homes for sale with a total down payment of $2,000. Which property is immune from property taxes? Business Combination Agreement and Plan Of Reorganization, dated February 24, 2023 from Oxbridge Acquisition Corp. filed with the Securities and Exchange Commission. The FALSE statement is the a SECTION contains 43,560 sf. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. (page 91). Calculate the proration and indicate who is debited and who is credited. 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. A township has 36 parcels called "sections." B. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. A Georgia real estate licensee moved to Miami five months ago. 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.
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