Residential leases are usually gross leases. The landlord pays the property taxes, hazard insurance, and maintenance expenses. Wattage is the measurement of the amount of energy consumed. Lynn is preparing a classified ad for a listed property. Which individual is exempt from licensure under Florida Statute 475? (Round answer to nearest dollar. How much of the $414.94 monthly payment paid in month two will apply to principal? . 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. 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. 34,840 / .12 = $290,250 max purchase price. Which entity is a guarantor of mortgage-back securities? Telemarketing also includes sales solicitations via fax, the Internet and mail, if the consumer is encouraged to respond via the telephone, fax . A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. Which requirement is one of the elements of a valid real estate contract? Property taxes are paid in arrears - so seller has paid no taxes that month. (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). Bars telemarketers from intentionally blocking caller identification; Requires telemarketers at the beginning of every sales call to disclose the name of person making the call, as well as the name of the telemarketing company, the name of person or . A commercial tenant pays a fixed rent each month. A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. Which of the following statements about consumer protection laws is true? A) The federal telemarketing law exempts telephone surveyors. The law is enforced by the Office of the Attorney General. 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. A closing is set for July 15. Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. A broker is NOT required by law to notify the FREC of conflicting demands in which situation? The .gov means its official. Nothing in the Florida Telemarketing Act or the Telephonic Sales Law prohibits sending advertisements by fax. Which brokerage relationship is BEST suited to this couple? The company's phone number is 222-1010. The Internet connects marketers to customers across the country and around the world. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? 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? Standard Message & data rates may apply. which statement is true regarding the federal telemarketing law? 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 . B) Every general partner in a limited real estate partnership who performs real estate services must hold a real estate broker license. B. 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)? 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. Central Asia. 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. Tax advantages of owning a home do NOT include A) deduction of hazard insurance expense on a principal residence. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. If you advertise online, remember the rules and guidelines that protect consumers also help businesses by maintaining the credibility of the Internet as a marketing medium. A buyer and seller enter into a contract for sale and purchase of a home. 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. According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. 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. 1.555.555.555 | influencer scandal 2022. Branch office of a bank is a service industry that services primarily local residents. Facebook Instagram. 20-cv-10857, Judge Burroughs construed two disputed terms in a patent relating to a method of aligning a laser projector for projecting a laser image onto a work surface.. 1. 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? C. The applicant must apply for a broker license under mutual recognition. 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 type of listing allows the seller to list the property with other brokers? An individual who repeatedly writes bad checks can be charged with, Moral Turpitude involves conduct contrary to honest, good morals, accepted custom (i.e. 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. D) notification that the buyer may order an energy-efficiency rating on the building. what is edgar xbrl validation errors and warnings. Calculate the developer's percentage of profit (round to nearest whole percentage point). 24,700 / 47,800 = 52% profit. The process of land buildup from water-borne rock and soil is referred to as. 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. (EDGAR Online via COMTEX) -- false 0001564406 0001564406 2023-02-08 2023-02-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM. Which statement about the economic concept of demand is FALSE? An apartment building produces an effective annual gross income of $71,820. The licensee was unable to collect on the judgment and is considering submitting a claim to the Real Estate Recovery Fund. The tenant has what type of lease? (page 372), Municipal Airport - immune properties are city, county, state and federal gov't properties, 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. Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. (page 364), Liquidation analysis, reproduction cost analysis, and income capitalization analysis (and comparable sales analysis), Management considerations is one of the disadvantages of investing in RE. A) The real estate licensee is eligible to make a claim for recovery from the fund, because the licensee acted in the capacity of a buyer. When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower? Which statement regarding a limited real estate partnership is TRUE? C) tenants and buyers of all residential property built before 1978. The brothers want their interest in the property to go to their spouses in the event of their deaths. 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. 45 x 90 x .75 = $3,037.50 / 2 = $1,518.75, A professional office center is purchased for $475,000. Ann. 1. A comparable property recently sold for $315,000. Risk. Option Contracts The loan officer has three business days to give the loan applicant a copy of the information booklet. The RE licensee is not eligible to make a claim against the Real Estate Recovery Fund. 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. ), $475,000*.8 = $380,000 / 39 years = $9,744. A buyer offered $225,000 for a seller's property. A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. 2. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee. Need for expert help; 4. Prohibits telemarketers from calling Arizona residents between the hours of 9 p.m. and. Limited partners must register with the FREC under the limited partnership name. Which list of appraisal methods is unique to the appraisal of business enterprises? Servicing disclosure statement. merrick okamoto net worth 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. The seller is still owed the entire amount of the purchase price. 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). A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? The licensee sued the seller's broker and was awarded a judgment. The stepson's interest is that of. Which excerpt conforms to the rule regarding advertising? Interest on Home Equity How must the broker as agent handle the security deposits and advance rent? 2003-2023 Chegg Inc. All rights reserved. Using the lump-sum age-life method, find the depreciated value of the building. C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. The covenant of warranty forever is included in which type of statutory deed? A commercial tenant pays a fixed rent each month. 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. The Federal Communications Commission (FCC) enforces the Telephone Consumer Protection Act (TCPA), which also regulates telemarketing. A brokerage firm represents a seller as a single agent. Runners crossing the finish line in the Boston Marathon. Total = 14,500 + 3,000 = $17,500. 2. refinancing of real property or interests in real property RESPA disclosures at time of loan or within 3 business days of: 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. A court may award up to three times that amount for a willful or knowing violation. 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. What was the approximate yield on the loan? Use the actual number of days in the closing month when determining the time line. 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? Effective Age / Total Economic Life x Reproduction Cost New Mortgage interest Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. The Florida Consumer Protection Law is located at Fla. Stat. D) Federally related transactions include transactions for the sale, lease, or purchase of real estate. Homestead property is exempted from forced sale to satisfy judgement liens for debts owing to personal loans, CREDIT CARD DEBT, etc. The total square footage of the livable area is 2,600. You are appraising a four-year-old, single-family residence. 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. The street in front of your house is to be paved at a cost of $45 per foot. 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), The lender's policy protects the lender against title defects. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? However, there is a law found in Section 365.1657, Florida Statutes, that prohibits sending an unsolicited advertisement by fax machine within the state. A Poisson distribution might be a good approximation for which of the following? Three brothers join together to purchase property. The associate continues to be employed by the same broker, who has an office in Atlanta. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. 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. 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. Lynn Amherst is a sales associate for Excel Realty. required by Florida law to verify that license applicants are current on child support payments. What is the annual rent for the year if the annual gross sales are $450,000? 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. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? Management considerations is one of the disadvantages of investing in RE. Which solution is NOT a remedy for the breach of a real estate sale contract? Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? 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). Which entity is a guarantor of mortgage-back securities? 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. And some rules can even vary within a state. 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. C) All VA mortgage loans contain a due on sale clause. I understand these calls may be generated using an autodialer and may contain pre-recorded messages and that consenting is not required to On July 1, 2021, Florida enacted a comprehensive new telemarketing law that arguably goes beyond the federal Telephone Consumer Protection Act ("TCPA"). 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. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . 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. An agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party is called a Unilateral contract The period of time during which the terms of a contract may be enforced according to the statute of limitations are Five years for written contracts and four years for parol contacts.
which statement is true regarding the federal telemarketing law?
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