D) Economic or external obsolescence. The amount of cash required at closing for Sam and Joan will be? B) Transferability - the title is not marketable Who can waive the right to a hearing for a formal complaint by the Commission? LawServer is for purposes of information only and is no substitute for legal advice. D) A debit to the buyer, only. A) delinquent tax payer names are published in the local paper. C) Property can depreciate B) indestructible, unique, and improved. A special fund to be known as the Real Estate Research and Education Fund is created and shall be held in trust in the State Treasury. D) An alienation or due on sale clause, A closing is March 5 for a rental property with an annual tax bill of $2800. Even if successful in the lawsuit and the other conditions are met, the consumer cannot recover from the recovery fund. George's brother is ready to sell these condos and George would like to collect a fee. b. C) The modification cannot be refused; the tenant can pay and should restore to original condition upon move out A) The status will change from voluntarily inactive to involuntarily inactive The price equated to $95 per square foot. &\begin{array}{rrrrrrrrrrrr} $50,000. B) are retired brokers and appraisers. A True. C) foreclosure and a deed. A) non-conforming use permit. Misrepresentation on the application for a license ($45.00+$80.00)$20.00=(\$45.00 + \$80.00) - \$20.00 =($45.00+$80.00)$20.00= total deposit of how much? Calculate and show the debit and credits for the tax proration between the buyer and seller using the 365-day method, the day of closing belongs to the buyer. D) indestructible, unique, and immobile. First, you will receive instructions from the con artist on how to send your down payment. A) The Premises Clause A qualifying broker owes one of his licensees $25,000 in unpaid commissions. Section 858-602 - Additional Fee - Disposition. D) The offeree has another offer, Which action below might be considered abandoning of real property ownership? 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. C) The offeror withdraws the offer prior to acceptance by the offeree 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. (2) w hen renewing a license under this article, each . D) by will and by deed. A) $25,000 Which document transfers personal property? This reimbursement is only recoverable under Florida Statute 475.482 (1) if the claimant was damaged as a result of any real estate brokerage transaction by someone who was: (1) a holder of a current and active real estate license in Florida; (2) was neither the seller, buyer, landlord, or tenant, and; (3) was acting solely in the capacity of a The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues. D) The license will be suspended, Which items listed below determine if the payment will go up or down on an adjustable rate mortgage? To The Real Estate Recovery Fund was designed to reimburse those parties that were significantly damaged in a real estate transaction. The purpose of the Mortgage Insurance Premium (MIP) charged to a buyer with an FHA loan is to: C) cities and counties. C) A tenancy in common is a special ownership for a married couple and joint tenancy is for unmarried people Unit 27: AL License Law Enforcement Overview. Bob puts the following ad in the paper, "Large lot, 3 bedrooms, energy features, 121 Gilmore court - Broker's welcome, will pay 3%." Claims arising from multiple transactionsinvolving the same real estate licensee are limited to $100,000 per biennial license period. He had enough savings to pay for his first six months of care. B) a living trust and a deed. D) the value adjustment board. 2. A) The date and signatures of the grantee C) ineffective. C) cover the cost of the FHA appraisal D) are socially motivated to keep real estate prices increasing. Instinct theory is related to the _____ perspective of psychology. Which clause is a benefit to the borrower and NOT to the lender? B) lacking legality B) This power allows FREC to discipline licensees who commit improper acts Taxes and insurance, are often prepaid at closing to establish the escrow account. A) It is lawful when permission is given from buyer and seller A) Deny a license B) A life estate A) avulsion. 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? A) the buyer knows to perform due diligence and Davis has no responsibility to disclose. Agent 12 Q D) an adequate legal description. B) The licenses are placed on voluntary inactive status After hurricane Ivan a beach front property owner lost the first 75 feet of his property. Which of the statements listed below regarding the earnest money deposit (EMD) is correct? Section 858-604 - Application for Payment - Amount - Assignment of Rights, etc. In particular, the flooring department had expanded from two installation crews to an installation supervisor, a measurer, and 15 installation crews. False, because the Commission will also investigate if AREC auditors reveal problems. B) No, this is discriminatory and would be a violation of the Federal Fair Housing Act 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 . D) more choices for landlords in selecting tenants and less chance of prosecution for violating. A) Hold an open house for a new listing If the claimant is determined eligible based on the staff review, the claim file along with a recommendation for payment will be reviewed by the full Real Estate Board at its next regularly scheduled meeting, where the Board will make a final decision on whether to approve the claim and for what amount. Real Estate Research and Education Fund. A qualifying broker is suspended for 30 days. E-mail:RecoveryFund@dpor.virginia.gov, Questions or Comments about this Website Contact WebCoordinator@dpor.virginia.gov, Copyright Virginia Department of Professional and Occupational Regulation, An Agency of the Commonwealth of Virginia, Automatic Fire Sprinkler Inspector (Tradesman), Backflow Prevention Device Workers (Tradesmen), Architects, Professional Engineers, Land Surveyors, Certified Interior Designers and Landscape Architects, Boxing, Martial Arts, and Professional Wrestling Advisory, Professional Soil Scientists, Wetland Professionals, and Geologists, Waterworks and Wastewater Works Operators and Onsite Sewage System Professionals, Virginia Real Estate Transaction Recovery Act. D) immediately inside of the entrance to the building. I want a one page single spaced case study paper. The Real Estate Recovery Fund will never pay for: legal fees or punitive damages. The world wheat market is shown in Figure 17P-4. D) None of the above, When one owns a condo, the type of ownership that exists is a: A) $1000 D) Taxes, insurance, management fees, maintenance, utilities and reserves. A licensee's license was suspended and on the day after the suspension, the licensee had a closing on a listing. the personal representative of a real estate licensee; the spouse or child of the licensee who is the subject of the claim (the licensee against whom the judgment was awarded), nor the personal representative of such spouse or child; or. D) The offer is not a binding contract until earnest money is paid. B) Davis can avoid liability because the property manager is responsible for disclosure. C) tenancy by the entireties. - Insufficient Funds - Revocation of Broker's . C) special purpose property B) $13,777 B) The Granting Clause C) A grievous violation must have occurred The Real Estate Recovery Fundis available to persons who are awarded a court judgmentor an arbitration award whichincludes findings of fact and conclusions of law against a real estate licensee for fraud, conversion of trust funds or criminal restitution. Section 858-603 - Eligibility to Recover from Fund - Ineligibility. D) public trust is violated by a broker or his associate, If John borrows $620,000 for his mortgage at 4.5% interest, what amount of interest will John pay in the first year of the loan? D) None of the above, The FREC has the power to discipline licensees. The reference document which you will be using to write this paper is a The Alabama Real Estate Commission may discipline the salesperson's employing broker if the broker. B) property is sold in a forced sale to the highest bidder. Is there any criminal liability for violating Alabama's license laws? Recovery Fund Office | DPOR John applies to the city for a: 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. PLANS, DESCRIPTION: Mooring Capital Funding LLC purchased the 15,840-square-foot Cypress Center strip mall for $1.5 million. The accused licensee or any other person has the right to file for an application for a rehearing within _____ after an adverse decision by the AREC. What are the consequences? C) an enforceable agreement A) The cost approach 25-25. D) $50,000 less school taxes. (1) The Florida Real Estate Recovery Fund shall be disbursed as provided in s. 475.484, on order of the commission, as reimbursement to any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate brokerage John's parents passed away within six weeks of one another. The minimum allowed fine is $100. A real estate professional filed a complaint with the Real Estate Commission alleging that a seller failed to pay a commission she owed him. A) the sales associate working with the buyer or seller committed a Code of Ethics violation. John does NOT want to rent to a family with children or a dog. A very large number of the complaints filed with the Commission are by. Who inspects the records? He offers to plead guilty in return for a $50 fine and attendance at a Risk Management for Salespersons class. D) Notify FREC within 15 days that there is an escrow dispute, The Government Rectangular Survey Method numbers sections within a township from: Navigation. If John is found guilty of violating these two practices at the formal hearing, the maximum fine John can face is: U.S. C) a grand jury. What is the limit of compensation from the Alabama Real Estate Recovery Fund against any one person? A) demand D) Exclusion of certain amount of capital gain when the primary home is sold, Which appraisal theory says that the maximum amount a buyer will pay is based on the price of the competing property? If found guilty, and if it is a first offense, the woman's maximum penalty will be. CALIFORNIA ASSOCIATION OF REALTORS - www. C) All owners have a shared interest in one property; the property is not divided D) The points are extra interest and increase the lender's yield. B) Adding a large hole for water drainage C) Quasi-legislative power is not a power that FREC has The subject of an action is still in court. B) Suspend a license C) A promise to do or not to do something He will pay the doc stamps on the note and the intangible tax on the mortgage. C) $500,000 Submit a verified claim in the court that entered judgment against the licensee. A buyer with a low credit score must pay two (2) discount points at closing to get his note rate at 4.25%. A salesperson obtains a broker's license after the appropriate experience, education, and testing. A broker listed a house at $300,000 and sold the home at 95% of the asking price. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum. Arec auditors reveal problems hearing for a $ 50 fine and attendance at a Risk Management for Salespersons.! 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