C) $550,000 B) two witnesses. There are advantages and disadvantages of real estate ownership; which items best describe the advantages? False, because the Commission will also investigate if AREC auditors reveal problems. The Real Estate Inspection Recovery Fund covers damages caused by inspectors. If the cap rate is 7% and Net Operating Income (NOI) is $38,500 - what is the price of the property? D) Progression and Regression, Bob wants to sell his home and doesn't want to pay a fee, but he realizes he might have more prospects if he uses a broker. Can the listing associate follow the seller's instructions? B) House for rent, no-children - no pets An injured party can claim a maximum of $150,000 for multiple transactions; they can claim the unsatisfied portion of a judgment, whichever amount is less. C) The licenses are places on involuntary inactive status B) Property taxes go to only one owner not all owners View REAL ESTATE 2019.xlsx from LAW MISC at Broward College. The qualifying broker for a property management firm suffers a license suspension for 30 days. C) A credit to the seller, only The court that entered judgment against the licensee. A) travel to Florida, find buyers for the condos and collect a reduced fee from his brother. A) The complaint must be legally sufficient and there must be evidence that a FREC or DBPR law or rule was violated B) indestructible, unique, and improved. D) commercial real estate, The NW 1/4 of sections 16 and the NE 1/4 of section 17 contain how many acres? C) 200 A) instalment contract and will. A licensee's license was suspended and on the day after the suspension, the licensee had a closing on a listing. Since its inception in 1964, the number of applications filed and paid from the Consumer Recovery Account has fluctuated. A primary difference between preventative maintenance performed by an apartment manager and routine maintenance is: A broker's records must be available for inspection during business hours. However, any disciplinary action taken against the licensee by the Real Estate Board does not, by itself, satisfy any statutory requirements to support a Recovery Fund claim. When does he pay the Alabama Real Estate Recovery Fund fee? January 2023. Current tenants include: REI's Bakery, Centro International, Liberty Tax, A-1 Trophy, Charlie's Tavern, Cache, Terra . A) $321,400 B) A broker can only have one escrow account C) An estate in remainder B) The licenses are placed on voluntary inactive status D) An estate for years, What is the common term for the security interest that the lender has in the property? A) Curable Functional obsolescence As long as John remains a Georgia resident, which of the following is an option for John when acquiring a Florida license? John bought a waterfront lot with a setback requirement of 50 feet from the street. C) market the property as any Florida broker would do and collect the entire sales commission Because the Commission does not have jurisdiction over non-licensees, those hearings may not be conducted by the Commission. Payments for claims based on judgments or settlements against any ONE PERSON may not exceed $50,000 in the total. A licensee has been notified that there is formal complaint against him as a result of findings by the probable cause panel. A) delinquent tax payer names are published in the local paper. An affidavit stating the acts of improper or dishonest conduct of the licensee should be included with the notice given to the Board. Homes.com - Homes for Sale, Homes for Rent and Real Estate Listings 1. How does a consumer start the process of claiming money from the recovery fund? C) debit seller $483.29; credit buyer $483.29 C) The Habendum Clause What is the maximum amount of money which someone may recover from the Real Estate Recovery Fund per transaction? The maximum amount that can be claimed from Florida's Real Estate Recovery Fund is $50,000 per single transaction. A) No, only the broker can make this decision If the Real Estate Recovery Fund falls below $500,000, the Alabama Real Estate Commission assesses. D) The mortgage lien is a specific, voluntary lien, John has a rental property with four bedrooms. C) A representative, an agent and money changing hands John will be paid in accordance with the trust documents. The purpose and focus of any IFF Conference, the administrative proceeding where a Board member presides, is to determine the actual loss the claimant incurred as a result of the actions of the licensee and/or any eligibility issues involved. A) $188,570 The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues. Mailing address for payments: George's brother is ready to sell these condos and George would like to collect a fee. B) legal fees for punitive damages The world wheat market is shown in Figure 17P-4. D) 40 days. The recommendation and claim file is then reviewed by the full Board at a regularly scheduled meeting, where the Board makes the final decision on whether to approve the claim and for what amount. A) Release the funds to the party who is most likely to sue the broker what is a pension plan Payoff's origination fee ranges up to 5% on 60-month loans. A) 10 days. C) the sales associate was rude but the public is not in danger. A balance of not more than Proceedings in civil or criminal courts. C) $50,000 C) Yes, the fiduciary duty requires the associate to follow the seller's instruction D) A date and a promise of undue influence, Who serves the Writ of Possession needed to evict when a tenant has not paid rent? How long does the licensee have to answer the complaint? they might suffer adverse consequences as a result of a qualifying broker's punishment. C) indestructible, non-homogenous, and unique. B) All mutual understandings D) The need for professional management and lack of liquidity, When a transaction has failed and the buyer and seller are both demanding the escrowed funds what is the broker's best course of action? C) being recorded. P.O. If any assets are revealed by the interrogatories, the consumer must provide evidence that all legally available actions have been taken to sell the assets, and disclose amounts realized from such actions. D) riparian. D) 320, A property was purchased two years ago for $300,000; the investor just sold the property for $379,000. He had enough savings to pay for his first six months of care. The real estate salesperson, broker, or firmmust have been licensedduring the period in which the improper or dishonest conduct occurred. When the consumer takes any legal action against a real estate licensee, the Clerk of Court should be notified that the Real Estate Board must also receive a copy of the notice served on the licensee. At this point, how long can the Real Estate Commission withhold rendering or implementing its order? B) The sales price is a credit to the buyer and a debit to the seller What is TRUE concerning the agent's listing commission? If found guilty, and if it is a first offense, the woman's maximum penalty will be. C) tax certificate auction is open to the public. C) Property can depreciate C) buyer deeds the property back to the bank. send a copy of their lawsuit to the AREC when the suit is first filed. D) shared ownership of the common areas and expenses. D) $50,000 less school taxes. C) supply The California Real Estate Recovery Fund has been around since 1964, and the money that's added to the fund comes from a portion of real estate license fees along with fines collected by the Department of Real Estate (DRE) in the state. A) There must be a property assessment and the owner must agree with the outcome. C) The house sold and the transaction closed What mechanism does the Commission use to pursue complaints against non-licensees? At the end of the fiscal year, if the Fund balance is higher than $2,000,000, the funds over that amount will be transferred into the Virginia Housing Partnership Fund. When a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically revoked. Before leaving Florida Jim placed his real estate license on inactive status, what will happen if Jim doesn't renew the license after two years? d. A test created to see if one has an anxiety-inducing problem, but is instead claiming that others have that problem. LOCAL AND GENERAL. Filing a claim does not guarantee payment. The cost of the updating far exceeds the value of homes in the area. Payments for claims arising out of the SAME TRANSACTION may not exceed a total of $25,000, regardless of the number of applicants. A) Destroying several large oak trees on the property The Civil Rights Act of 1988 had two important benefits for housing discrimination. A test designed to reveal a person's inner ability to do a task he or she has not tried before. The Florida Real Estate Recovery Fund shall be disbursed as provided in s. Was, at the time the alleged act was committed, the holder of a current, valid, active real estate license issued under this part; Was neither the seller, buyer, landlord, or tenant in the transaction nor an officer or a director of a corporation, a member of a partnership, a member of a limited liability company, or a partner of a limited liability partnership which was the seller, buyer, landlord, or tenant in the transaction; and. No, because this is not an allowed punishment. C) inspecting brokerage offices for violations of license law. Is the Commission likely to accept this offer? The mother sues the licensee, provides proper notice to the correct parties, and completes all steps to receive compensation from the fund. C) Four bedroom house -married seniors, only B) $4,617 A broker listed a house at $300,000 and sold the home at 95% of the asking price. A full-time college student passes his license exam and has his license issued on inactive status because he does not plan to practice real estate until after graduation. B) special exception. A) non-conforming use permit. B) residential real estate In order to collect this fee legally, George can: A) HOA where the ownership has fewer deed restrictions than other types of associations. A difference between commingling escrowed funds and conversion of escrowed fund is: Which of the following activities is cause for a Real Estate Commission investigation? In some states, this can happen if you received Medicaid-funded services before the age of 55 if you were permanently institutionalized, or any Medicaid-funded services after age 55. A) The sales price is a debit to the buyer and a credit to the seller D) $27,900, A mortgage is a legal contract with terms that benefit both the lender and the borrower. No punitive damages may be collected from the fund. January 2023. B) protect the lender due to the low down payments made by FHA borrowers. (1) Any person is eligible to seek recovery from the Real Estate Recovery Fund if: (a) Such person has received a final judgment in a court of competent civil jurisdiction in this state against an individual broker or sales associate in any action wherein the cause of action was based on a real estate brokerage transaction. A person who has been awarded a judgment in a court of competent jurisdiction in the Commonwealth of Virginia against a licensed real estate salesperson, broker, or firm ("licensee")may be eligibleto file a claim. A) the sales associate working with the buyer or seller committed a Code of Ethics violation. The salesperson acknowledges his guilt but alleges it was an innocent mistake because he did not realize the listing had expired. B) less than free hold estate. A) Mortgage interest, taxes and insurance. D) The offer is not a binding contract until earnest money is paid. A) a small down payment. C) An earnest money deposit is NOT required to create a valid contract After analyzing whether the number of ads is related to the number of customers, the manager in Exercise 16.99 decided to determine whether the advertising made any difference. Many of the buyers are large real estate investment firms from outside the community or even the country, such as private equity group Blackstone, which recently acquired 5,800 low-cost apartments . The fee is paid only once, when the original license is issued for a salesperson's license. C) Any broker The fees collected for the fund are $1.50 per year for a real estate sales associate and $3.50 per year for a real estate broker. D) Net listing. D) trustor, John is a real estate licensee in Georgia who wants a Florida real estate license. A) $731 for the note; $417.60 for the mortgage Is this allowed? D) legal interpretation of real estate contracts. A buyer with a low credit score must pay two (2) discount points at closing to get his note rate at 4.25%. First, you will receive instructions from the con artist on how to send your down payment. D) Mutual agreement between the buyer and broker, The Supreme Court has said that zoning laws are constitutional because they protect which of the following? During a recent year, the company received 50 complaints concerning carpet installation. Section 858-603 - Eligibility to Recover from Fund - Ineligibility. The Real Estate Commission must issue a written report within 30 days of the final hearing; however, if the matter is the subject of an action still in court, the Real Estate Commission may withhold rendering or implementing its order until the disposition of the court action. B) 1-24 beginning in the upper NW corner of the township with a vertical pattern. Within how many days of the final hearing must the Real Estate Commission issue a written report? B) Collateral for the loan Which loss of value has occurred? The purpose of the Mortgage Insurance Premium (MIP) charged to a buyer with an FHA loan is to: B) The term title is a concept referencing the rights associated with ownership. B) Property titled as a joint tenancy cannot be willed John's parents passed away within six weeks of one another. Please refer to Sections 801-303 of the Real . I,Sir Joseph Ward sent a wireless message last night, stating that the Ruapehu is encountering rough, boisterous weather, and will probably not arrive before 10 o'clock on Friday night. He will pay the doc stamps on the note and the intangible tax on the mortgage. D) Quasi-legislative power gives the FREC the authority to subpoena. - Insufficient Funds - Revocation of Broker's . C) Quasi-legislative power is not a power that FREC has After hurricane Ivan a beach front property owner lost the first 75 feet of his property. The notice of hearing gives the date, time, and place of hearing. Which of the following statements is NOT correct regarding the escrow account for the brokerage? The Real Estate Recovery Fund was established to reimburse those judged by a Florida court to have suffered significant monetary damage in a real estate transaction as a result of the acts of a real estate licensee. He just installed new off-white carpeting. What is an allowed activity for a licensee whose license is suspended or revoked? A) State government from legal action More than 4,000 applications have been filed since July 1964 and over 50% of all claims filed have been paid, in full or in part. D) 1-6 in each township - as all township have six sections, A homestead exemption in Florida is available to those who qualify and file documents making the Florida home a primary residence. A) set a minimum standard for lending with an FHA loan product. A) EMD is required or the contract is not valid and enforceable D) Enter the new listing information into the MLS data bank, A licensee is working with an investor who is interested in purchasing a small apartment complex. John's architect tells him that they can build the dream house on the property if the setback were 35 feet. B) credit seller $483.29; debit buyer $2316.71 \end{aligned} D) Yes, as long as the associate doesn't advertise this, When a complaint is investigated by DBPR it must be legally sufficient. B) It is lawful with written consent from buyer and seller Payments for multiple claims made against any one broker or sales associate may not exceed a total of $150,000. C) A tenancy in common is a special ownership for a married couple and joint tenancy is for unmarried people The number of days between the receipt of the complaint and the resolution of the complaint for the 50 complaints, stored in Furniture, are: 5453513731271522123817427111912611011029613594312651241653229282926251141313105274523022362620233368\begin{aligned} How does the consumer notify the Commission that it plans to make a claim against the recovery fund? ($45.00+$80.00)$20.00=(\$45.00 + \$80.00) - \$20.00 =($45.00+$80.00)$20.00= total deposit of how much? C) The defeasance clause B) $2000 B) Suspend a license A) a date. B) where it is easy to see. As the trustee, John is following the trust instructions and will sell the family home. B) $337,000 B) When collecting any compensation related to the sale of real property, a license is required. A True. B) The covenant of good repair or maintenance clause You do not have to file a complaint with TREC to apply for payment from one of the recovery funds. All the instructions are given in the attached word file. The Real Estate Commission also has the authority to impose a civil penalty not to exceed $2,500. They can be described as: B) A cap and the contract A) the buyer knows to perform due diligence and Davis has no responsibility to disclose. C) Cognitive Appraisal Theory The Commission imposes a fine of no less than $100 nor more than $2,500 per count in the complaint. D) debit seller $2316.71; credit buyer $2316.71. B) An FHA borrower finances his FHA mortgage insurance because he is short of cash Both Recovery Funds are supported entirely by assessments paid by licensees, not by any tax revenues. He will also pay documentary stamps on the deed of $2100. Annually, on September 15th, the State Treasurer shall cause a transfer of $125,000 to the Real Estate Research and Education Fund from the Real Estate . Section 858-604 - Application for Payment - Amount - Assignment of Rights, etc. B) This power allows FREC to discipline licensees who commit improper acts If multiple claims involving one licensee exceed $100,000, or if multiple claims involving the same transaction exceed $50,000, the claim amounts must be prorated. For more information, contact: com propm For Sales Transactions Only: Buyer acknowledges the right for 10 days, unless otherwise agreed in the real estate. C) cover the cost of the FHA appraisal Misrepresentation on the application for a license D) $1,131,420, Which of the following items are necessary to create an agency relationship? PLANS, DESCRIPTION: Mooring Capital Funding LLC purchased the 15,840-square-foot Cypress Center strip mall for $1.5 million. 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