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. FLORIDA REAL ESTATE UNIT 5 Flashcards | Quizlet C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. 1. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. The brokerage can work with the buyer, in the same transaction, A sales associate receives a deposit from a buyer on Wednesday morning. Deductions of hazard insurance expense on a principal residence. Tax advantages of owning a home do NOT include A) deduction of hazard insurance expense on a principal residence. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. Special Information Booklet (HUD) The FTC does not prohibit bait-and-switch advertising. Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. 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. Learn more about your rights as a consumer and how to spot and avoid scams. which statement is true regarding the federal telemarketing law? What is the annual rent for the year if the annual gross sales are $450,000? A comparable property recently sold for $315,000. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. Telemarketing | Federal Trade Commission (PDF) SEC Complaint: Darrel West and Own My Travel, LLC; 2016-12-06 Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). Property taxes are paid in arrears - so seller has paid no taxes that month. The site is secure. The landlord pays the property taxes, hazard insurance, and maintenance expenses. Interest on Home Equity You are appraising a four-year-old, single-family residence. Central Asia. Which statement is TRUE? 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. Included advantages: In addition, truth-in-advertising standards apply if . Deed is the written instrument to convey an interest in real property. B) Every general partner in a limited real estate partnership who performs real estate services must hold a real estate broker license. 5. The Telephone Consumer Protection Act (TCPA) is the primary federal law governing the regulation of telephone solicitations. Florida's telemarketing law became invalid when federal telemarketing laws were implemented. The procedures instituted must meet the following minimum standards: (1) Written policy. What is the TCPA? - Contact Center Compliance At resale, buyer entitled to copy of declaration of condominium, articles of incorporation, bylaws, rules of assoc, FAQ, copy of most recent year end financial statement and GOVERNANCE FORM. Includes: Which individual is exempt from licensure under Florida Statute 475? Which brokerage relationship is BEST suited to this couple? Please note that the following information is for educational purposes only, and additional laws may apply. The law is enforced by the Office of the Attorney General. 19 - Just Test Questions Flashcards | Chegg.com (PDF) Ethical and Social Issues in the Informa | Nelson brian (Round answer to nearest dollar. Which requirement is one of the elements of a valid real estate contract? b. self-serving bias e. social categorization, Briefly explain the importance of each of the following. Which statement is FALSE concerning federally related transactions? D) Principal payments remain constant while interest payments increase. 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 contract is contingent on a radon test. The right of the state to take property of a person who died intestate and without heirs is known as. 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. 34,840 / .12 = $290,250 max purchase price. These opinions are issued, pursuant to Rules 1.1 - 1.4 of the Commission's Rules of Practice, 16 C.F.R. D) Credit unions are exempt from the Real Estate Settlement Procedures Act. A) Federally related transactions require an appraisal. The associate continues to be employed by the same broker, who has an office in Atlanta. A duplex is scheduled to close on September 10. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. Which property is immune from property taxes? The Georgia licensee. What is the annual IRS depreciation deduction? Which lien is classified as a voluntary lien? Which excerpt conforms to the rule regarding advertising? Which characteristic is a disadvantage of investing in real estate? 414.94 - 319.21 = 95.94 principal amount for month 2. Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis). 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. In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . Lynn's home phone number is 333-2020. (page 99), Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. It's one mile square of 640 acres. 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 brothers want their interest in the property to go to their spouses in the event of their deaths. The Division of Marketing Practices periodically issues informal staff advisory opinions in response to requests for interpretation of the Telemarketing Sales Rule. Which law prohibits racial discrimination in the sale or lease of all real property without exception? statement is TRUE. On June 29, - stradanove.net Restrictions on telemarketing to Florida residents are about to get tighter. 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. The building has an effective age of five years. The covenant of warranty forever is included in which type of statutory deed? End of Pre-License Course Exam Questions - RealEstateExamAnswers.com It does not require the seller, at the seller's expense to conduct and energy efficiency rating of the structure prior to closing. A township has 36 parcels called "sections." The rental property has a negative cash flow of $11,000. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee (page 58). RE R V RE EVERE E R Vol. 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. 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. The seller cannot now accept the original offer, because it was killed by the counteroffer. What was the approximate yield on the loan? 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. 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). I = RV required by Florida law to verify that license applicants are current on child support payments. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. These presidential actions can include executive orders, presidential memoranda, and proclamations. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process? 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. RESPA disclosures at time of loan or within 3 business days of: Seller refuses to sign the release of escrow funds. Subtract Federal Register :: Telemarketing Sales Rule The buyer did not accept the seller's counteroffer. tenants and buyers of all residential property built before 1978. The loan officer has three business days to give the loan applicant a copy of the information booklet. The FALSE statement is the a SECTION contains 43,560 sf. 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. B) Interest payments remain constant while principal payments increase. A buyer offered $225,000 for a seller's property. 3.5% is the minimum down payment on a FHA loan. Which document must a prospective buyer of an existing (resale) condominium unit receive? 2. The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components? Companies also need to be familiar with rules banning most forms of robocalling. PGI - V&C = EGI 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.
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