A) $2,790 False, because the Commission will also investigate if AREC auditors reveal problems. Persons who are not eligible to make a claim against the Real Estate Recovery Fund include: Under FS 475.484(4), payments from the fund for claims involving a single transaction cannot exceed $50,000 or the unsatisfied portion of the claim, whichever is less. $30 from each active salesperson and broker. The amount of cash required at closing for Sam and Joan will be? C) no closing costs and no down payment. D) immediately inside of the entrance to the building. C) John needs to take the 63-hour course and pass the license exam to earn the license. Placing a For Sale sign on a property without the owner's consent 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. This decision is entirely up to the claimant. On which page of the Closing Disclosure form will the buyer see an accounting of the escrow account set up? A) Quasi-legislative power gives FREC authority to make rules to enhance the law D) The licenses are temporarily revoked, A seller wants to net $100,000 after paying the broker 5% and paying off his loan balance of $200,000. What is the difference between a recovery fund claim and a complaint with TREC? The Recovery Fund is governed by statute and available only to claimants who own and occupy, or intend to occupy, residential property. A qualifying broker whose license had been revoked is allowed to perform which real estate activity? The price equated to $95 per square foot. What must be done with a suspended license? Get stock market quotes, personal finance advice, company news and more. While some claimants choose to be represented by an attorney in their claim, it is not necessary in order to file a claim. A) The cost approach Broker Joe has a listing for a distressed seller. A buyer with a low credit score must pay two (2) discount points at closing to get his note rate at 4.25%. The Virginia Real Estate Transaction Recovery Act provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker, or firm. D) Yes, as long as the associate doesn't advertise this, When a complaint is investigated by DBPR it must be legally sufficient. 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. Under the Alabama Real Estate License Act, the license of a qualifying broker is suspended. . D) Utility - the property is on a golf course and the buyer is not a golfer, Personal property is being transferred with the sale. C) the sales associate was rude but the public is not in danger. When a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically revoked. Amounts collected by the superintendent as prescribed in this section and interest earned on the assets of the fund shall be credited by the treasurer of state to the fund. Receive compensation earned before the effective date of the suspension or revocation. A) The owner's names are all listed on the same insurance policy Any licensee whose license is revoked shall not be eligible to apply for a license as a broker or salesperson until the amount paid from the Recovery Fund is repaid in full, plus interest. C) $22,500 Domain News - Provides the latest real estate and property market news in Australia. A) $27,250 consumers who have suffered monetary damage as a result of a licensee's violation(s) of the Alabama Real Estate License Law. B) A specific, involuntary lien is created with a mortgage Yes, because landlords must be given the opportunity to change brokers to someone of their own choice. Who can waive the right to a hearing for a formal complaint by the Commission? The Commission may refuse to issue a new license until that person has repaid the fund in full, plus interest at what percentage per year? A) HOA where the ownership has fewer deed restrictions than other types of associations. When their license is issued to another qualifying broker. The AREC will. b. evolutionary. B) $2000 B) A bill of sale A) Exclusive right to sell Must all the members of the team stop their real estate activities? U.S. The website must be taken down and no longer be viewable by the public. 2023 LawServer Online, Inc. All rights reserved. Salespersons who are scrupulously honest and ethical and follow all rules and regulations of the Alabama Real Estate Commission should nevertheless understand the various Commission punishments because. 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. D) shared ownership of the common areas and expenses. Which phrase best describes the term undivided interest when speaking of a co-ownership or concurrent interest? C) Insurance, maintenance, management fees and interest 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) John can pass a 40-question law exam and gain the license through Mutual Recognition Misrepresentation when selling for self or for family members, The Alabama Real Estate Commission may investigate all of the following actions. \end{array}\\ 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. Should the commission pay from the real estate . D) refer the condo's to a licensed Florida broker who will list and sell the condo's and pay George a referral fee. View REAL ESTATE 2019.xlsx from LAW MISC at Broward College. The notice of hearing gives the date, time, and place of hearing. RPA - 2021 California Residential Purchase Agreement and Joint Escrow Instructions - 10-pack. A) John is working within the scope of his duties following trust instruction and does not need a license. Was acting solely in the capacity of a real estate licensee in the transaction; The Real Estate Recovery Fund shall also be disbursed as provided in s. A fee of $3.50 per year shall be added to the license fee for both new licenses and renewals of licenses for brokers, and a fee of $1.50 per year shall be added for new licenses and renewals of licenses for sales associates. A) By stating in writing, that he knows and understands Florida law, John can gain a license by reciprocity D) commingling is lawful and conversion is not. B) The covenant of good repair or maintenance clause The Pennsylvania Real Estate Recovery Fund was . FREC members of the Probable Cause panel act as a: The mother sues the licensee, provides proper notice to the correct parties, and completes all steps to receive compensation from the fund. 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. The fund. c. A test that indicates the level of indifference to pain that a person experiences. B) that an alleged violation of a Florida Statute, FREC or DBPR rule been submitted in writing. a. The listing broker paid out 45% of the total 6% fee to the selling broker, who paid the selling associate 60% of the amount that came to the office. A) debit seller $483.29; credit buyer $2316.71 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) legally binding at the agreed price for 24 hours. A licensee sells his mother a vacation condo with known mold and Chinese drywall problems. A real estate professional filed a complaint with the Real Estate Commission alleging that a seller failed to pay a commission she owed him. C) market the property as any Florida broker would do and collect the entire sales commission State lawprohibitsthe following from filing a Recovery Fund claim: Please note, the General Assembly,notthe Real Estate Board, establishes eligibility criteria for the Recovery Fund. C) The owner must want to sell the property and the court must find a buyer. They can be described as: B) A cap and the contract $90,000 A C. $30,000 11 Q A person who is authorized to represent the interest of another is called a(n) A. ClientB. A licensee commingled personal and trust account funds, giving the IRS grounds to seize the entire trust account for the licensee's past due taxes. 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. $10,000B. C) The defeasance clause A) Guarantee of payment If a broker fails to pay a real estate commission to a salesperson, the salesperson must get a civil judgment against the broker. Typical Monthly Rent (Zillow Observed Rent Index) $1,970. You do not have to file a complaint with TREC to apply for payment from one of the recovery funds. B) two witnesses. Construct a histogram and a percentage polygon. Please refer to Sections 801-303 of the Real . 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. C) A mortgage loan applicant omits pertinent information on the loan application form D) $1824 for the note and $407.60 for the mortgage, Which of the following actions could not be performed by an unlicensed assistant? A) Deny a license D) Parks and other recreational areas in large cities, Which appraisal approach to value would be most suitable for a waterfront home with a high-end remodel on a lot that cannot be duplicated, in an area with many other remodels and sales? D) legal interpretation of real estate contracts. Is the Commission likely to accept this offer? C) debit seller $483.29; credit buyer $483.29 Third Party Liability and Recovery Division. A) An acceleration clause C) tax certificate auction is open to the public. C) Four bedroom house -married seniors, only B) are retired brokers and appraisers. A) The complaint must be legally sufficient and there must be evidence that a FREC or DBPR law or rule was violated All funds in the real estate recovery fund established by Ga. L. 1973, p. 100, shall be transferred to and utilized through the real estate education, research, and recovery fund. The property has six units rented at $1100 per month. The investor told the sales associate to write up the offer using a 9% cap rate. The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues. Written notice to the commission that a verified claim has been entered in the court by the consumer. C) $50,000 There are advantages and disadvantages of real estate ownership; which items best describe the advantages? Who has the right to require the attendance of subpoenaed witnesses? In real estate, which of the following is correct about the term "title?" Example: Mr. Robles was in a nursing home for nine months before he died. A licensee's license was suspended and on the day after the suspension, the licensee had a closing on a listing. B) $388,000 The purpose of the Mortgage Insurance Premium (MIP) charged to a buyer with an FHA loan is to: A) Mortgage interest is deductible for a primary residence Which of the following estate has a definite ending date? The recovery funds are created by statute. 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. Can the qualifying broker be charged with a violation of the license law as a result? 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. D) The wheel chair ramp is reasonable, - the new cabinet is not; John can refuse the tenant, A property is located next to a busy freeway; semi-trucks use the freeway all night long. FREC members are a volunteer body because they: A) business opportunity D) The interest in the property is shared but only one owner may legally use. No punitive damages may be collected from the fund. B) An FHA borrower finances his FHA mortgage insurance because he is short of cash The purpose of the owner's title policy is to protect the: a. motivational. He just installed new off-white carpeting. The man wants to install a ramp by the back door and change a cabinet in the bathroom to allow the wheel chair to slide under. C) All owners have a shared interest in one property; the property is not divided Fees are paid at the time of license renewal. D) None of the above, When one owns a condo, the type of ownership that exists is a: The written notice provides a statement of charges, which is sent by certified mail to the licensee's last known business address at least 15 days before the scheduled hearing. B) CE and post license education are both mandated each license period as long as one has a license The agent knew the seller would accept an offer of $125,000 for a property but encouraged the buyer to pay $150,000 because the agent's commission would be higher as a result. A) John must allow the repairs and may not charge the tenant for the cost. C) post-license education is for brokers and CE is for sales associates. D) title insurance company from liability for closing the transaction. During a recent year, the company received 50 complaints concerning carpet installation. Special damages, consequential damages, punitive damages, etc. All the instructions are given in the attached word file. He will pay the doc stamps on the note and the intangible tax on the mortgage. provided the act was a violation proscribed in s. 475.25 or s. 475.42. A) judge and jury. D) legal life estate. Provided such act must be performed by a broker or salesman. B) Suspend a license A. Start an investigation because this could be negligence by the buyer. D) more choices for landlords in selecting tenants and less chance of prosecution for violating. First, you will receive instructions from the con artist on how to send your down payment. 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