On the first of the month, the seller collected total rent for September amounting to $950. Since seller hasn't received the money, it's not shown on the seller's statement. Which statement is TRUE? The street in front of your house is to be paved at a cost of $45 per foot. What is the total property tax exemption on her homesteaded property? A person who rents lots in a mobile home park. 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. Implement the comprehensive plan -local gov't exercise police power by regulating and controlling the use of land and structures within designated land-use district or zoned. What is the annual rent for the year if the annual gross sales are $450,000? Referred to as Florida's "Mini-TCPA," this new law, CS/SB 1120, updates the Florida Consumer Protection Law and the Florida Telemarketing Act. After the closing, the licensee discovered that the seller's broker had failed to disclose latent defects. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee - page 95). How is the earnest money deposit entered on the closing statement? Market is local in nature; 3. C) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer's earnest money deposit. 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. D) Federally related transactions include transactions for the sale, lease, or purchase of real estate. Nothing in the Florida Telemarketing Act or the Telephonic Sales Law prohibits sending advertisements by fax. The Florida Building Energy-Efficiency Rating Act does NOT require A) the seller, at the seller's expense, to conduct an energy-efficiency rating of the structure prior to closing. 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)? Which statement is TRUE regarding this situation? The associate continues to be employed by the same broker, who has an office in Atlanta. The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. Business Combination Agreement and Plan Of Reorganization, dated 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. Which statement is TRUE regarding comparative market analyses (CMAs)? The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? D) Real estate licensees are exempt from the telemarketing laws. Which list of appraisal methods is unique to the appraisal of business enterprises? 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 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 . The seller is still owed the entire amount of the purchase price. The land value is 20 percent of the total acquisition cost. salvarani.com Informacin detallada del sitio web y la empresa The company's phone number is 222-1010. A person applies for a mortgage loan from a local credit union. Florida Expands Telemarketing Laws - The National Law Review The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt? What is the final step in the real estate sale process? Telemarketing | Federal Trade Commission 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. What is the adjusted sale price of the comparable? The street in front of your house is to be paved at a cost of $45 per foot. She requests a Florida sales associate license based on mutual recognition. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? A brokerage firm represents a seller as a single agent. Recording it in the public records shows that the mortgage lien has been removed. The building has an effective age of five years. The statement is TRUE. 1. 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. 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. Jalousie - window is almost impossible to seal; therefore, it's the lease energy efficient. A commercial tenant pays a fixed rent each month. The referring tenants do not hold real estate licensees. Which statement is TRUE regarding the key rings? (page 169), The answer is ACCRETION. Reproduction cost: 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. C) The loan officer can be fined by the Department of Housing and Urban Development (HUD). The Georgia licensee. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. Online Advertising and Marketing. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? I understand these calls may be generated using an autodialer and may contain pre-recorded messages and that consenting is not required to 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 township has 36 parcels called "sections." Call Lynn Amherst, Excel Realty 333-2020 (cell). For more information about the TCPA, contact the FCC at fcc.gov. Learn more about your rights as a consumer and how to spot and avoid scams. Use the actual number of days in the closing month when determining the time line. 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. 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 local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. A buyer and seller enter into a contract for sale and purchase of a home. Monthly payments remain constant, and the interest portion comprises the majority of the payments. 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. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. Many of these lawsuits seem outrageously frivolous, while others deal with incredibly serious matters. . The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. 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. which statement is true regarding the federal telemarketing law? Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. (no more than $50 to an unlicensed person who is a tenant of the apartment complex for the referral fee. 51,904.64 x .07375 = 3,830.56 / 12 = 319.21 Which excerpt conforms to the rule regarding advertising? 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 type of depreciation is associated with inefficient architectural design? A) Seller and buyer both claim the earnest money deposit. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? A real estate licensee purchased a home from the seller. The seller is still owed the entire amount of the purchase price. 5. Widow: $500 Which entity is a guarantor of mortgage-back securities? which statement is true regarding the federal telemarketing law Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. A Georgia real estate licensee moved to Miami five months ago. Which of the following is an accurate statement regarding the Federal Trade Commission (FTC) and the consumer protection laws related to funeral home services? An individual who repeatedly writes bad checks can be charged with. 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). Management; 5. The TCPA restricts telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. 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). Tenancy in Common (no right of survivor ship, heirs inherit), Remainderman - 3rd party fee simple ownership at end of life estate by wife. 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. Section 31 would be located in which corner? Telemarketing - Consumer Protection Topic - Alaska A closing is set for July 15. In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). Which document must a prospective buyer of an existing (resale) condominium unit receive? statement is TRUE. On June 29, - stradanove.net $276,060 total. what is edgar xbrl validation errors and warnings. If your lot frontage on the street is 90 feet, what is your portion of the special assessment? Facebook Instagram. What is the annual IRS depreciation deduction? Companies also need to be familiar with rules banning most forms of robocalling. Only 2 members must be consumer members who have never been brokers or sales associates. 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. 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. Listing Agreements for a term longer than 1 year. The procedures instituted must meet the following minimum standards: (1) Written policy. Civil Rights Act of 1866 prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. Which statement is FALSE concerning federally related transactions? 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 city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. Which statement is TRUE regarding the federal telemarketing law? The brothers want their interest in the property to go to their spouses in the event of their deaths. Funeral homes may not require customers to buy certain funeral goods and services as a condition for receiving other funeral goods and services. 34,840 / .12 = $290,250 max purchase price. The AVAILABILITY OF BUILDING MATERIALS INFLUENCES DEMAND is FALSE - has to do with supply. (page 219). Using the lump-sum age-life method, find the depreciated value of the building. Florida Changes its Telemarketing Laws | Jones Day 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 . The broker must retain the disclosure documents for five years even if a nonresidential transaction that used designated sales associates fails to close. Stay of Enforcement, if granted, stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. The buyer did not accept the seller's counteroffer. AND, IT WILL PROTECT THE NEW OWNER (IF TRANSFERRED) UP TO THE UNPAID BALANCE OF THE MORTGAGE LOAN. Open All + Range 1 West is located immediately west of the principal meridian and base line. 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. How Laws Are Made | USAGov Which lien is classified as a voluntary lien? is exempt from the sales associate course; however, she must pass a written Florida-specific real estate law exam. The landlord pays the property taxes, hazard insurance, and maintenance expenses. 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. deliver the deposit check to the employer by the end of business on Thursday. A) The federal telemarketing law exempts telephone surveyors. Telemarketing | Federal Communications Commission The rental property has a negative cash flow of $11,000. The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. C) All VA mortgage loans contain a due on sale clause. Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit? 47 Usc Chapter 5, Subchapter Ii: Common Carriers A. Division of Florida Condominiums, Timeshares, and Mobile Homes is charged with providing complaint resolution for HOAs. (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). Which type of depreciation is associated with inefficient architectural design? (PDF) SEC Complaint: Darrel West and Own My Travel, LLC; 2016-12-06 Which statement is TRUE regarding this situation? The tenant has what type of lease? Property taxes are paid in arrears - so seller has paid no taxes that month. Maccas case study - Good - OPERATIONS role of operations management A Georgia real estate licensee moved to Miami five months ago. I = RV Working Advantage - Employee Discounts Which item would be classified as a fixed expense in the calculation of net operating income? Main Menu Williams v. The PISA Group DNC Lawsuit Update Which business would be classified as a service industry? which statement is true regarding the federal telemarketing law? The most high-profile celebrity lawsuits of all time 1st time homebuyers (IRA contribution up to $10K) An official website of the United States government. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long? Which individual is exempt from licensure under Florida Statute 475? EXCULPATORY CLAUSE is a provision in a mortgage or note in which the lender waives the right to a deficiency judgement against the borrower and the borrower is relived of personal liability to repay the loan. Alienware 34 Curved QD-OLED Gaming Monitor - AW3423DW For Sale The Telephone Consumer Protection Act (TCPA) was passed in 1991 in response to consumer complaints of increased marketing calls and automated, pre-recorded messages. 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. Which statement is TRUE regarding this situation? 2. refinancing of real property or interests in real property C) deduction of interest paid on the mortgage. D) The seller cannot now accept the original offer, because it was killed by the counteroffer. Azure Exam Prep Questions Flashcards | Quizlet Find the resources you need to understand how consumer protection law impacts your business. They have created which type of estate or tenancy? Which statement MOST accurately describes the first year of a 30-year level-payment, fixed rate mortgage? The landlord pays the property taxes, hazard insurance, and maintenance expenses. 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. Arizona Telemarketing Fraud Laws - FindLaw Also, created a uniform statewide rating system for rating new and existing residential, commercial and public buildings. 2003-2023 Chegg Inc. All rights reserved. Unit Exam 2 Flashcards | Quizlet A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. C) Federally related transactions involve a federally insured financial institution. A) The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer. "Work surface" Relying on an embodiment disclosed in the specification, the defendant contended that the scope of "work surface . (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. 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. Governance Form summarizes board of directors and the rights of the unit. Therefore, debited to seller and credited to buyer. NOI = Cap Rate x Value (sale price) Open listing allows the seller to list the property with multiple brokers. The following is a robust set of proactive and reactive rules to fraud-proof and protect your good name. An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. Functional Obsolescence - operational inadequacies, poor design, or changing tastes and preferences. 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. A person applies for a mortgage loan from a local credit union. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. Seller refuses to sign the release of escrow funds. Deed is considered voluntary because it's under the owner's control. Accretion is the process of land buildup from water-borne rock, sand, and soil. Persons or entities making calls for telemarketing purposes must have a written policy, available upon demand, for maintaining a do-not-call list. 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. The seller countered at $250,000. Which statement is TRUE regarding Florida's telemarketing law? It's one mile square of 640 acres, Range 1 West is located immediately west of the principal meridian and base line. 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. Which entity is a guarantor of mortgage-back securities? The assessed value of an 88-year-old legally blind widow's condominium is $49,500. What is the final step in the real estate sale process? Within ten business days after the deposit is due under the sale contract, the broker . We work to advance government policies that protect consumers and promote competition. Which statement regarding a limited real estate partnership is TRUE? Laws Protecting Consumers - Ohio Attorney General Dave Yost A parcel of real estate has been left to the wife through her husband's will for the widow's use and enjoyment during her lifetime, with the provision the property goes to the widow's stepson at her death.