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. The extensible markup language (XML) is a markup language promoted by the World Wide Web consortium (W3C). Which statement regarding a limited real estate partnership is TRUE? The Georgia licensee. 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 statement is true regarding the federal telemarketing law? a. Using the lump-sum age-life method, find the depreciated value of the building. Illiquidity; 2. (Round answer to nearest dollar. 640/4/4/2 = 20 C) Principal comprises the majority of the payments. (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. D) Credit unions are exempt from the Real Estate Settlement Procedures Act. Reply 'STOP' to unsubscribe from SMS service. A complaint legally sufficient if it contains facts indicating that a violation of any of the following has occurred. Please note that the following information is for educational purposes only, and additional laws may apply. The mortgagee's title insurance policy is ISSUED FOR THE AMOUNT OF THE MORTGAGE LOAN AND IS TRANSFERABLE. 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. A person who rents lots in a mobile home park. 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 . The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. $52,000 x .07375 = 3,835 / 12 = 319.58 The street in front of your house is to be paved at a cost of $45 per foot. The stepson's interest is that of, The process of land buildup from water-borne rock and soil is referred to as. Option Contracts In one of the more upsetting high-profile lawsuits, Vanessa Bryant has just reached a final . Telemarketing also includes sales solicitations via fax, the Internet and mail, if the consumer is encouraged to respond via the telephone, fax . A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. D) penalty-free withdrawal from an IRA if the money is used as a down payment on a personal residence (first time home buyers only). Section 31 would be located in which corner? 640/4/4 = 40 Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. 71,820 - 36,990 = 34,840 NOI 2. refinancing of real property or interests in real property 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. (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. Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. It does require that buyer, before signing a sale contract, receive an information brochure notifying the purchaser of the option for an EE rating on the building. In an effort to address a growing number of telephone marketing calls, Congress enacted in 1991 the Telephone Consumer Protection Act (TCPA). 501.601 through 501.626 and Florida's do-not-call law at Fla. Stat. The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. Need for expert help; 4. The total square footage of the livable area is 2,600. An EARNEST MONEY DEPOSIT is desirable to protect the seller, but it's not required to make a contract valid. (Round answer to nearest dollar. The day after signing the sale contract and reviewing the condominium documents, the buyers notify the broker that they want to cancel the contract. The loan officer has three business days to give the loan applicant a copy of the information booklet. She requests a Florida sales associate license based on mutual recognition. The procedures instituted must meet the following minimum standards: (1) Written policy. A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. Real estate licensees may contact their former customers for up to 18 months. Accretion is the process of land buildup from water-borne rock, sand, and soil. 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 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? 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. On the first of the month, the seller collected total rent for September amounting to $950. The settlement benefits consumers who received one or more prerecorded voice messages regarding Connected Investors' goods and services between April 28, 2017, and Sept. 26, 2022. Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address? C. The applicant must apply for a broker license under mutual recognition. Savings associations can sell existing mortgage loans to which entity? How will the property taxes be entered on the closing statement? 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. Municipal Airport - immune properties are city, county, state and federal gov't properties - others are exempt only, which are subject to taxes, but are released from obligation, Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction? A broker is NOT required by law to notify the FREC of conflicting demands in which situation? 414.94 - 319.58 = 95.36 The associate must. The seller countered at $250,000. A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. An individual who repeatedly writes bad checks can be charged with. B) The Department of Veterans Affairs partially guarantees VA mortgage loans. C) The seller has breached the buyer's contract, and the buyer can sue to force the seller to take a lower price. B) the creation of a uniform, statewide energy-efficiency rating system. Three brothers join together to purchase property. Deed is considered voluntary because it's under the owner's control. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. The telemarketing class action lawsuit accuses Connected Investors of violating the TCPA with unsolicited prerecorded voice message advertisements. 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. 485 x 76 = 36,860 Which requirement is one of the elements of a valid real estate contract? A) The federal telemarketing law exempts telephone surveyors. Which type of window is the least energy efficient? Index plus Margin equals Calculated Interest Payment on an ARM, Ginnie Mae (GNMA) serves as a guarantor of mortgage-backed securities. How much of the $414.94 monthly payment paid in month two will apply to principal? merrick okamoto net worth Licensees must notify the DBPR in writing within 10 days of a change in current mailing address. They have created which type of estate or tenancy? Seller refuses to sign the release of escrow funds. D) Real estate licensees are exempt from the telemarketing laws. It was first signed into law by President George H.W. Facebook Instagram. Which statement is TRUE regarding the federal telemarketing law? A Georgia real estate licensee moved to Miami five months ago. 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. In addition, truth-in-advertising standards apply if . Good Faith Estimate (GFE) 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? 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 You are appraising a four-year-old, single-family residence. This arrangement is, illegal, because the amount of compensation exceeds the allowable amount. Which solution is NOT a remedy for the breach of a real estate sale contract? 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. ($500 fine if not notified correctly). b. Which statement about the economic concept of demand is FALSE? Which statement is TRUE regarding this situation? The loan officer has three business days to give the loan applicant a copy of the information booklet. D) The VA can make direct loans to veterans. A real estate licensee purchased a home from the seller. Transaction Broker - in a transaction broker relationship the buyer or seller is not responsible for the acts of a licensee. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area? 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. Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units? An apartment building produces an effective annual gross income of $71,820. 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. An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. (page 169), The answer is ACCRETION. All national chartered commercial banks are members of which entity? 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. 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 The sales associate must notify the DBPR in writing within 60 days regarding her change in residency. 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 referring tenants do not hold real estate licensees. On July 1, 2021, Florida enacted a comprehensive new telemarketing law that arguably goes beyond the federal Telephone Consumer Protection Act ("TCPA"). A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. 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)? Remainderman - 3rd party fee simple ownership at end of life estate by wife. Only 2 members must be consumer members who have never been brokers or sales associates.
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