C) Yes, the fiduciary duty requires the associate to follow the seller's instruction Which phrase best describes the term undivided interest when speaking of a co-ownership or concurrent interest? Which document transfers personal property? B) The covenant of good repair or maintenance clause This is the third time these same violations have been investigated. B) Title is a legal definition describing a leasehold estate. Section 858-602 - Additional Fee - Disposition. It is okay for the licensee to collect the earned commission. Payments are capped at $50,000 per transaction with a maximum of $100,000 per license holder for multiple transactions. Attorney fees may be recoverable from the Fund. Which of the following statements is TRUE regarding the licenses of salespersons employed under that broker? 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? C) the sales associate was rude but the public is not in danger. One of the major measures of the quality of service provided by an organization is the speed with which the organization responds to customer complaints. provided the act was a violation proscribed in s. 475.25 or s. 475.42. D) $20,000, John has a rental application for a unit in his four-plex from a man in a wheel chair. What are the transfer tax charges to the buyer? A) the buyer knows to perform due diligence and Davis has no responsibility to disclose. What is an allowed activity for a licensee whose license is suspended or revoked? 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. The Real Estate Commission has authority to investigate a licensee upon that body's own motion; to subpoena books, papers, records, and witnesses; and to require a mental examination. A very large number of the complaints filed with the Commission are by. C) being recorded. any lending or financial institution, nor anyone whose business involves the construction or development of real property. What is the grace period after a license revocation or suspension? As a result, he reorganized the experiment. At the time of issuance of the broker's license, how much is the Alabama Real Estate Recovery Fund fee? REAL ESTATE RECOVERY FUND ESTABLISHED. Each week he advertised several times per week, but in only one of the advertising media. C) Because John is not the owner and will advertise the property for sale, he must have a real estate license. A) The complaint must be legally sufficient and there must be evidence that a FREC or DBPR law or rule was violated C) a sales associate's dishonest dealing B) Return the funds to the buyer D) Chapter 475 requires that John have a license if he negotiates the sale of residential real property. He had enough savings to pay for his first six months of care. A) A fiduciary, a broker and a task The AREC will. If the fund at any time exceeds $1 million, collection of special fees for this fund shall be discontinued at the end of the licensing renewal cycle. The qualifying broker must return the license to the Commission. D) None of the above, The FREC has the power to discipline licensees. The commission ordered the licensee to repay clients all of their money that was seized by the IRS. C) All owners have a shared interest in one property; the property is not divided C) special purpose property 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. B) A bill of sale This filing may: The Real Estate Recovery Fund will never pay for: $15,000C. He has never lived in the unit and he has not visited the unit in 5 years. A) $1,700 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. C) $500,000 A real estate license is required in Florida if one negotiates a sale as part of a business relationship with: The secondary market and participants provide stability for home financing in what way? The 15-unit center was 67% occupied at the time of the sale. A) Substitution B) Property titled as a joint tenancy cannot be willed After two years on the market, the seller reduced his price by 25%. B) credit seller $483.29; debit buyer $2316.71 Os verbos preferir, vestir, despir, sentir, c, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. D) All of the above, Which clause in a deed defines the ownership taken by the grantee, and clarifies the purpose of the deed? After the consumer obtains a judgment from a court, the consumermust attempt to collect from the licenseeby conducting debtor interrogatories. A) A VA buyer pays more than the Certificate of Reasonable value with his own funds The Alabama Real Estate Commission has been unable to obtain a group insurance policy to be made available to all licensees. Before filing a lawsuit, the agent should check the independent contractor agreement, since it may require some other form of dispute resolution, such as arbitration or mediation. C) zoning change. B) Open space and government control of public lands A) A lack of liquidity, and potential appreciation C) The licenses are places on involuntary inactive status The reference document which you will be using to write this paper is a Construct a histogram and a percentage polygon. D) property is foreclosed by the holder of the tax certificate. IFF Conferences are normally held monthly to hear Recovery Fund claims, and the Board itself meets approximately every eight weeks to review Recovery Fund claim recommendations. A) business opportunity C) John needs to take the 63-hour course and pass the license exam to earn the license. He just installed new off-white carpeting. B) 22% 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. D) title insurance company from liability for closing the transaction. The purposes of the real estate education, research, and recovery fund shall be as follows: (1) If a licensee, acting in the capacity of a licensee, has been duly found guilty of fraud . The recovery funds are created by statute. B) fewer protected classes than the 1968 act and repeal of some punishment. (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 Agent 12 Q What two items must occur before the "taking" of a property - either all or part can occur? B) Davis can avoid liability because the property manager is responsible for disclosure. D) 40 days. B) The moral and ethical severity of the complaint determines if an investigator is assigned If the licensee files a lawsuit against the broker, wins, and meets all other conditions, can the licensee collect from the recovery fund? Any language in the judgment supporting the conclusion that the court found the conduct of the licensee involved improper or dishonest conduct may be used by the Board to determine eligibility for recovery from the Fund. D) Any legal documents. Current tenants include: REI's Bakery, Centro International, Liberty Tax, A-1 Trophy, Charlie's Tavern, Cache, Terra . Who has the right to require the attendance of subpoenaed witnesses? B) are retired brokers and appraisers. A) avulsion. In this case: (b) Find the only stationary point and classify it by using the second-derivative test. C) Demand - there are many other properties like this one The purpose of the Mortgage Insurance Premium (MIP) charged to a buyer with an FHA loan is to: B) conversion is using escrow funds for business operation while commingling is poor accounting. D) The offeree has another offer, Which action below might be considered abandoning of real property ownership? 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. 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? 5411121333519410683512616551371103227311102942729285215261293023526221239425368131126742614202751323. This violent tearing away of soil by the hurricane is referred to as: C) The amortization schedule As long as John remains a Georgia resident, which of the following is an option for John when acquiring a Florida license? 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. A) $350,000 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? A) $27,250 B) $13,777 Which clause is a benefit to the borrower and NOT to the lender? D) Notify FREC within 15 days that there is an escrow dispute, The Government Rectangular Survey Method numbers sections within a township from: Start an investigation because this could be negligence by the buyer. C) inspecting brokerage offices for violations of license law. Both Recovery Funds are supported entirely by assessments paid by licensees, not by any tax revenues. Any disciplinary action taken against a licensee by the Real Estate Board does not, by itself, satisfy any statutory requirements to support a Recovery Fund claim. Phone: (916) 650-0590. willnotbe considered. In situations where the real estate licensee has filed bankruptcy, the claimant must first file a claim with the proper bankruptcy court. In addition, all moneys collected from fines imposed by the commission and collected by the, Indiana Petition for Waiver of Reinstatement Fee, Arizona Laws > Title 33 > Chapter 7 > Article 10 - Commercial Real Estate Broker Liens, Connecticut General Statutes > Chapter 392 - Real Estate Brokers and Salespersons, Florida Regulations > Division 61J2 - Florida Real Estate Commission, Florida Statutes > Chapter 475 > Part I - Real Estate Brokers, Sales Associates, and Schools, Florida Statutes > Chapter 475 > Part III - Commercial Real Estate Sales Commission Lien Act, Florida Statutes > Chapter 475 > Part IV - Commercial Real Estate Leasing Commission Lien Act, Illinois Compiled Statutes > 770 ILCS 15 - Commercial Real Estate Broker Lien Act, Indiana Code > Title 25 > Article 34.1 - Real Estate Brokers and Salespersons, Iowa Code > Chapter 543B - Real Estate Brokers and Salespersons, Kentucky Statutes > Chapter 324 - Real Estate Brokers and Salesmen, New York Laws > Real Property > Article 12-A - Real Estate Brokers and Real Estate Salesmen, New York Laws > Real Property > Article 12-C - Apartment Information Vendors, North Carolina General Statutes > Chapter 93A - Real Estate License Law, South Carolina Code > Title 40 > Chapter 57 - Real Estate Brokers, Salesmen, and Property Managers, Tennessee Code > Title 62 > Chapter 13 - Tennessee Real Estate Broker License Act of 1973. 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. I will work hard to secure the results you seek. Typical Monthly Rent (Zillow Observed Rent Index) $1,970. This punishment is called. Who determines the consumer's eligibility to receive compensation from the recovery fund? D) The Acknowledgement Clause, A buyer is closing with a purchase price of $232,000, and a down payment of 10%. Investigate. D) sheriff evicts the owner. The base homestead exemption is: No punitive damages may be collected from the fund. Since its inception in 1964, the number of applications filed and paid from the Consumer Recovery Account has fluctuated. A) Points paid do not affect closing costs or loan amount. C) $50,000 D) The property must have suffered a loss of value and the owner must want to sell. What are the consequences? Yes, because landlords must be given the opportunity to change brokers to someone of their own choice. D) the value adjustment board. What was the percentage of profit in relation to the cost? 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. TheVirginia Real Estate Transaction Recovery Actprovides relief toeligibleconsumers who have incurred losses through the improper or dishonest conduct of alicensedreal estate salesperson, broker, or firm. ($50,000), if the licensee has refused to pay the claim within a period of twenty (20) days of entry of a final order and if the . C) 20 days. B) A judge B) a prosecuting attorney. The recovery fund caps the amount that can be recovered against any one licensee based on a single transaction. 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