B. call Sue for up to 18 months after she purchases a property through the brokerage firm C. call Sue if she has placed a "for sale" sign in the yard EGI - OPEX = NOI The associate must, An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. C) All VA mortgage loans contain a due on sale clause. applicable regarding financial, home, travel, health, and insurance products and services. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). The earnest money deposit normally appears on the closing statement as a. 485 x 76 = 36,860 Which item would be classified as a fixed expense in the calculation of net operating income? The Georgia licensee. Recording it in the public records shows that the mortgage lien has been removed. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. Mortgage origination fees (points) Call Us Today! Which statement regarding a limited real estate partnership is TRUE? What is the annual rent for the year if the annual gross sales are $450,000? 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. a. (page 169), The answer is ACCRETION. She requests a Florida sales associate license based on mutual recognition. 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 Before sharing sensitive information, make sure youre on a federal government site. The Internet connects marketers to customers across the country and around the world. They have created which type of estate or tenancy? 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. In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . 71,820 - 36,990 = 34,840 NOI 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) the others are remedies for a breach in contract. Persons or entities making calls for telemarketing purposes must have a written policy, available upon demand, for maintaining a do-not-call list. Which property is immune from property taxes? A person who rents lots in a mobile home park. A) The loan officer has three business days to give the loan applicant a copy of the information booklet. Which type of window is the least energy efficient? What is the final step in the real estate sale process? Telemarketing also includes sales solicitations via fax, the Internet and mail, if the consumer is encouraged to respond via the telephone, fax . Total $26,000, Tax advantages of owning a home do NOT include, Deductions of hazard insurance expense on a principal residence. These opinions are issued, pursuant to Rules 1.1 - 1.4 of the Commission's Rules of Practice, 16 C.F.R. 501.001 and following, and includes the Florida Telemarketing Act at Fla. Stat. 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. The "21 Rules You Must Use" are the most important things you need to do now and on an ongoing basis to prevent identity theft. Choose the correct concept with the example below: When Fern saw the man sitting on the steps in San Francisco holding a cup, she thought he was a homeless person. When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? Calculate the proration and indicate who is debited and who is credited. Open listing allows the seller to list the property with multiple brokers. Call Lynn Amherst, Excel Realty 333-2020 (cell). The brothers want their interest in the property to go to their spouses in the event of their deaths. 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). The right of the state to take property of a person who died intestate and without heirs is known as. (page 176). A commercial tenant pays a fixed rent each month. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. D) The real estate licensee is not eligible to make a claim against the Real Estate Recovery Fund. Accretion is the process of land buildup from water-borne rock, sand, and soil. Good Faith Estimate (GFE) A comparable property recently sold for $315,000. The National Do Not Call Registry is a database maintained by the United States federal government, listing the telephone numbers of individuals and families who have requested that telemarketers not contact them. 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. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. A lead-based paint disclosure must be given to. The buyer did not accept the seller's counteroffer. Open All + The associate must. The developer sold the lots for $250 per front foot. 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)? 00018665812022FYFALSEhttp://fasb.org/us-gaap/2022#AccountingStandardsUpdate201602MemberP1YP1YP1YP1YP1Y33.3333.3333.33505010000018665812022-01-012022-12 . Which statement is TRUE regarding this situation? B) The loan applicant can sue the credit union for violating the Fair Housing laws. Which statement regarding a limited real estate partnership is TRUE? The mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? Ohio Consumer Protection Laws The Ohio Attorney General has enforcement authority over more than 25 consumer protection laws, which are listed below with a brief overview of key protections that consumers have under the laws. Which law prohibits racial discrimination in the sale or lease of all real property without exception? PSA The purpose of the Do Not Call registry is to give consumers a choice regarding telemarketing calls. C) notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage. A person applies for a mortgage loan from a local credit union. A licensee may not earn credit for attending a FREC meeting if the licensee is on the legal agenda for disciplinary action. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. The contract is contingent on a radon test. D) Real estate licensees are exempt from the telemarketing laws. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis). How many members of the Florida Real Estate Commission must be consumer members who have never been real estate brokers or sales associates? What is the state's intangible tax on a new mortgage of $10,000? Write "Telemarketing Sales Rule ANPR, R411001" on your comment, and file your comment through https://www.regulations.gov. Deed is the written instrument to convey an interest in real property. Please note that the following information is for educational purposes only, and additional laws may apply. 2. 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. 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. Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year? Which entity is a guarantor of mortgage-back securities? 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. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? 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). Which requirement is one of the elements of a valid real estate contract? A buyer and seller enter into a contract for sale and purchase of a home. which statement is true regarding the federal telemarketing lawrenal cancer symptoms Menu nfl flex schedule changes. An individual who repeatedly writes bad checks can be charged with. In addition, truth-in-advertising standards apply if . tenants and buyers of all residential property built before 1978. Online Advertising and Marketing. 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Includes: Wattage is the measurement of the amount of energy consumed. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. 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. 30 Days - if landlord is making a claim on the deposit, the landlord has 30 days to notify the tenant of the claim. 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. B) tenants and buyers of all residential property. The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. 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. 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. Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? allows a sales associate or broker associate employed by an owner-developer to sell property for all the affiliated entities owned by the developer. 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. A real estate licensee purchased a home from the seller. False - All VA mortgage loans contain a due on sale clause (page 265), 3.5% is the minimum down payment on a FHA loan. The loan officer has three business days to give the loan applicant a copy of the information booklet. 290 x 250 = 72,500 - 47,800 = 24,700 Which lien is classified as a voluntary lien? (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. 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? A) Limited partners must register with the FREC under the limited partnership name. Main Menu Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. Seller refuses to sign the release of escrow funds. 2,600 x 92 = 239,200 She requests a Florida sales associate license based on mutual recognition. Complaint resolution for homeowner associations is provided by which division of Florida government? The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. For more information about the TCPA, contact the FCC at fcc.gov. Ann. 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. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? Funeral homes may not require customers to buy certain funeral goods and services as a condition for receiving other funeral goods and services. A closing is set for July 15. Is this transaction covered under Truth in Lending Act? Real estate licensees may not represent a CMA as an appraisal. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. Lynn's home phone number is 333-2020. It's one mile square of 640 acres. How is the earnest money deposit entered on the closing statement? Personnel engaged in any aspect of telemarketing must be . The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? The answer is ACCRETION. 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. C) The real estate licensee must show that the license was active at the time the transaction was entered into. The procedures instituted must meet the following minimum standards: (1) Written policy. Monthly payments remain constant, and the interest portion comprises the majority of the payments. Recording it in the public records shows that the mortgage lien has been removed. Facebook Instagram. Vacancy and collection losses. A Poisson distribution might be a good approximation for which of the following? What was the approximate yield on the loan? Risk. Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? 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 Federal Communications Commission (FCC) enforces the Telephone Consumer Protection Act (TCPA), which also regulates telemarketing. The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? Which excerpt conforms to the rule regarding advertising? Using the lump-sum age-life method, find the depreciated value of the building. 50 / 100. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. 1.555.555.555 | influencer scandal 2022. 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? In 1992, the Commission adopted rules to implement the TCPA. 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 An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. $276,060 total. A brokerage firm represents a seller as a single agent. 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. 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. Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? On February 17, the Justice Department, together with the Federal Trade Commission (FTC), announced a civil enforcement action against several corporate and individual defendants for alleged violations of the FTC Act and the Telemarketing Sales Rule (TSR) in connection with telemarketing campaigns that have involved millions of illegal robocalls. (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 https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. A written contract for sale and purchase of commercial property that used designated sales associates failed to close. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). Restrictions on telemarketing to Florida residents are about to get tighter. What is the adjusted sale price of the comparable? Which business would be classified as a service industry? 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 building is valued at $135,000 with an estimated 25-year useful economic life. The total square footage of the livable area is 2,600. The total square footage of the livable area is 2,600. A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? Which statement is TRUE regarding this practice? 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. What is the final step in the real estate sale process? 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? A buyer offered $225,000 for a seller's property. Remainderman - 3rd party fee simple ownership at end of life estate by wife. (EDGAR Online via COMTEX) -- false 0001564406 0001564406 2023-02-08 2023-02-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM. Special Information Booklet (HUD) 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 assessed value of an 88-year-old legally blind widow's condominium is $49,500. 950 / 30 = 31.67 x 20 = $633.33 This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. Which list of appraisal methods is unique to the appraisal of business enterprises? Which statement applies to this situation? 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? However, there is a law found in Section 365.1657, Florida Statutes, that prohibits sending an unsolicited advertisement by fax machine within the state. Servicing disclosure statement. The FALSE statement is the a SECTION contains 43,560 sf. B) It is in the licensee's best interest not to request reimbursement from the fund, because the licensee's license would be suspended. 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). ), $475,000*.8 = $380,000 / 39 years = $9,744. 0. The brothers want their interest in the property to go to their spouses in the event of their deaths. The referring tenants do not hold real estate licensees. Only 2 members must be consumer members who have never been brokers or sales associates. . The assessed value of an 88-year-old legally blind widow's condominium is $49,500. The law is enforced by the Office of the Attorney General. 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. EGI - OPEX = NOI Governance Form summarizes board of directors and the rights of the unit. Vendor's Lien - equitable lien of the grantor (seller under a PMM) on the land conveyed in the amount of the unpaid purchase price. Property taxes Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? 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 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 of the following is an accurate statement regarding the Federal Trade Commission (FTC) and the consumer protection laws related to funeral home services? D) Principal payments remain constant while interest payments increase. I understand these calls may be generated using an autodialer and may contain pre-recorded messages and that consenting is not required to Which statement is TRUE regarding the federal telemarketing law? 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? These presidential actions can include executive orders, presidential memoranda, and proclamations. Three brothers join together to purchase property. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. Which statement is TRUE? The seller cannot now accept the original offer, because it was killed by the counteroffer. The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. Deed is considered voluntary because it's under the owner's control. (page 99), Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. C) deduction of interest paid on the mortgage. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. Using the lump-sum age-life method, find the depreciated value of the building. Which property is immune from property taxes? 1. transactions for the sale, lease or purchase of RE Which of the following statements about consumer protection laws is true? 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. Prohibits telemarketers from calling Arizona residents between the hours of 9 p.m. and. The company's phone number is 222-1010. B) Interest payments remain constant while principal payments increase. Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife.