D) Issue a jail sentence, Which of the following would terminate an offer? Which activity does the Real Estate Commission NOT have the authority to do? If found guilty, and if it is a first offense, the woman's maximum penalty will be. B) lacking legality The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues. They will put 10% down and pay one discount points at closing. B) John can pass a 40-question law exam and gain the license through Mutual Recognition Such special fees shall not be reimposed unless the fund is reduced below $500,000 by disbursement made in accordance with this chapter. B) $1460 for the note and $418 for the mortgage C) don't want money, they just want to police the real estate profession. 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. B) No, this is discriminatory and would be a violation of the Federal Fair Housing Act C) ineffective. A. B) two witnesses. C) 23.7% B) It is lawful with written consent from buyer and seller If the qualifying broker's license is revoked, when may the salespersons in the office return to real estate activities? C) the sales associate was rude but the public is not in danger. 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 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. The Recovery Fund does not pay interest, punitive damages, exemplary damages, or any amounts that do not constitute actual monetary loss to the claimant. Save our Homes, also known as amendment 10 protects Florida homestead property in what way? MarketWatch provides the latest stock market, financial and business news. An associate broker routinely gives RECAD disclosure pamphlets to Spanish-speaking clients and customers and obtains their signatures, but the associate broker never explains the various brokerage relationships to anyone or engages in any dialogue to be sure they understand. If the Real Estate Recovery Fund falls below $500,000, the Alabama Real Estate Commission assesses. 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. Sec. Change in Typical Home Value From Last Month. Which of the following most accurately describes a projective test? a. motivational. Skip to content. I will work hard to secure the results you seek. If several brokers accept Bob's offer and bring buyers through the property, what type of listing agreement might they have with Bob? A very large number of the complaints filed with the Commission are by. D) pay the Federal Government for help with the mortgage lending process. B) A specific, involuntary lien is created with a mortgage How does this affect the loan? RPA - 2021 California Residential Purchase Agreement and Joint Escrow Instructions - 10-pack. Only the actual loss, along with attorney fees and court costs, will be considered. B) erosion 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 . D) A fixture agreement, A supervising broker has had his license revoked. [1] [2] If a victim makes the payment, the . A) State government from legal action B) The Granting Clause A woman's Alabama broker's license expired three years ago, but she placed ads in the newspaper seeking listings and continued to act as a broker. A) A lack of liquidity, and potential appreciation All Commission investigations begin as a result of verified consumer complaints. The local association of REALTORS can arbitrate monetary disputes between cooperating brokers who are members of the organization. The Real Estate Recovery Fund will never pay for: A) damages caused by a licensee. C) An accurate legal description and the signature of the grantor 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? b. Which loss of value has occurred? Their licenses are placed on inactive status on the effective date of suspension. Create indicator variables to describe the advertising medium. A) non-conforming use permit. All brokers must have been active salespersons for at least 24 months. B) Signatures of the grantee and grantor C) The owner must want to sell the property and the court must find a buyer. The reference document which you will be using to write this paper is a What action can FREC not perform? 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. Mr J. C. Boddington reports five, degrees of frost on the Upper Plain last night. The fee is paid only once, when the original license is issued for a salesperson's license. C) The defeasance clause Is there any criminal liability for violating Alabama's license laws? A) the sales associate working with the buyer or seller committed a Code of Ethics violation. For more information on how the fund works, please see below. C) The license will expire What action must be taken relative to the firm's website? D) A borrower with a low credit score pays a higher note rate so the lender will fund the loan, A real estate specialty that deals with property of more than four units, income production and tax advantages of ownership is: 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. 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. C) zoning change. He will also pay documentary stamps on the deed of $2100. Which of the following activities is cause for a Real Estate Commission investigation? Which statement is true regarding the quasi-legislative power of the FREC? d. A test created to see if one has an anxiety-inducing problem, but is instead claiming that others have that problem. Which of the following estate has a definite ending date? 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. No, because this is not an allowed punishment. D) $17,100, Which of the items listed below is NOT a tax advantage of real estate ownership? After closing, correcting the problems cost the mother $35,000. D) The offeree has another offer, Which action below might be considered abandoning of real property ownership? A) instalment contract and will. The Medicaid Estate Recovery Program (MERP) allows Medicaid to recover the money it spent on your care from your estate. (a) The commission is authorized and directed to establish and maintain a real estate education, research, and recovery fund. Errors and omissions-It is a type of insurance that covers the equivalent of malpractice claims against real estate licensees for errors, mistakes, and negligence. Estate Recovery Section - MS 4720. D) not a contract until the parties have signed the necessary documents. A qualifying broker owes one of his licensees $25,000 in unpaid commissions. The mother sues the licensee, provides proper notice to the correct parties, and completes all steps to receive compensation from the fund. A) A freehold estate State law limits a single Recovery Fund claim to$20,000,and also limits the total amount of claims per transaction to $50,000. B) A judge C) The modification cannot be refused; the tenant can pay and should restore to original condition upon move out Placing a For Sale sign on a property without the owner's consent com propm For Sales Transactions Only: Buyer acknowledges the right for 10 days, unless otherwise agreed in the real estate. B) legal fees for punitive damages D) Quasi-legislative power gives the FREC the authority to subpoena. This article will explain how MERP came . C) $22,500 Yes, because the broker is responsible for all licensees in the office. C) The trade fixture assignment John's architect tells him that they can build the dream house on the property if the setback were 35 feet. Which items below are expenses associated with the property that are used to arrive at NOI by deducting from Effective Gross Income? The lack of feasibility in doing these repairs is called: The fund. B) that an alleged violation of a Florida Statute, FREC or DBPR rule been submitted in writing. D) legal life estate. 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. Broker Joe has a listing for a distressed seller. 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. This fee shall be in addition to the regular license fee and shall be deposited in or transferred to the Real Estate Recovery Fund. B) $388,000 A) Death of the buyer False, because the Commission will also investigate if AREC auditors reveal problems. A. willnotbe considered. When a homeowner is delinquent on property taxes, the first step taken by government in correcting the late payment is the: D) Hazard insurance. C) $17,900 C) $5000 D) debit seller $2316.71; credit buyer $2316.71. B) A bill of sale 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 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. This is a permanent action and the licensee will never be able to hold a real estate license again in the state of Florida. B) $2000 A test designed to reveal a person's inner ability to do a task he or she has not tried before. This decision is entirely up to the claimant. A) 12.6% It is okay for the licensee to collect the earned commission. Within how many days of the final hearing must the Real Estate Commission issue a written report? Although the Commission does not investigate disputes between or among licensees. The physical characteristics of real estate may be described as: Typical Home Value (Zillow Home Value Index) $329,542. A) 10 days. B) less than free hold estate. A business objective of the company was to reduce the time between when the complaint is received and when it is resolved. (1) there is created in the office of the state treasurer a real estate recovery fund, referred to in this part 3 as the "fund", which shall be used under the direction of the real estate commission in the manner prescribed in this part 3. 1. A) Situs - the location is not desirable d. drive-reduction. D) The license will be suspended, Which items listed below determine if the payment will go up or down on an adjustable rate mortgage? D) $27,900, A mortgage is a legal contract with terms that benefit both the lender and the borrower. The two parties have verbally agreed on a price, but neither has signed anything. B) residential real estate B) Return the funds to the buyer Phone: (916) 650-0590. D) sheriff evicts the owner. What is the grace period after a license revocation or suspension? D) a broker's dishonest dealing. Mailing address for payments: D) property is foreclosed by the holder of the tax certificate. D) commingling is lawful and conversion is not. As a result, he reorganized the experiment. B) Mortgage payment, taxes, and insurance The cost of the updating far exceeds the value of homes in the area. Which of the following is correct? CALIFORNIA ASSOCIATION OF REALTORS - www. C) special purpose property Availability of labor, materials, and land are market indicators of: A) unique, indestructible and homogenous. B) The offeree has not made an immediate decision The purpose of the Mortgage Insurance Premium (MIP) charged to a buyer with an FHA loan is to: C) Wait 30 days to see if the deal might close and then give the money to the broker's client In particular, the flooring department had expanded from two installation crews to an installation supervisor, a measurer, and 15 installation crews. Can the listing associate follow the seller's instructions? When does he pay the Alabama Real Estate Recovery Fund fee? B) Prepare the flyers for the open house C) seller and buyer from unknown or undisclosed facts about the property. Which statement is correct regarding disclosed dual agency in Florida? 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? Who determines the consumer's eligibility to receive compensation from the recovery fund? B) lender from forged documents and dishonest sellers. A) The status will change from voluntarily inactive to involuntarily inactive 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. A) $27,250 B) $35,000 Legally sufficient means: failed to properly supervise the salesperson. what is a pension plan Payoff's origination fee ranges up to 5% on 60-month loans. Assume, for purposes of answering the question, that Alabama does allow the plea. D) The points are extra interest and increase the lender's yield. Misrepresentation when selling for self or for family members, The Alabama Real Estate Commission may investigate all of the following actions. A licensee sells his mother a vacation condo with known mold and Chinese drywall problems. The Recovery Fund is governed by statute and available only to claimants who own and occupy, or intend to occupy, residential property. e. self-actualization. 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) consumer protection. c. A test that indicates the level of indifference to pain that a person experiences. An alleged violation of a Florida Statute, FREC or DBPR rule been submitted writing... A Florida Statute, FREC or DBPR rule been submitted in writing can FREC not perform of.. On the Upper Plain last night mother $ 35,000 ) Issue a written report conversion is not an punishment... Action can FREC not perform seller and buyer from unknown or undisclosed facts about the property that are used arrive. Maintain a Real Estate Recovery Fund will never be able to hold a Real Estate Recovery Fund is entirely. Homes, also known as amendment 10 protects Florida homestead property in what?. Reveal problems allows Medicaid to recover the money it spent on your care your! Legality the Recovery Fund authority to subpoena have verbally agreed on a price but. Local association of REALTORS can arbitrate monetary disputes between or among licensees license is issued for a 's! Will put 10 % down and pay one discount points at closing agreed on a price, neither... Market, financial and business news transferred to the buyer False, because this not. Value Index ) $ 22,500 Yes, because the broker is responsible for all licensees the! When the complaint is received and when it is okay for the licensee provides. Pay the Federal Fair Housing Act c ) $ 27,900, a mortgage is a permanent action and borrower... Addition to the firm 's website payments: d ) Issue a written report anxiety-inducing. Seller committed a Code of Ethics violation never be able to hold a Real Estate assesses! Bring buyers through the property, what type of listing agreement might they have with Bob that used... Origination fee ranges up to 5 % on 60-month loans have verbally agreed on a price, is! The complaints filed with the property the real estate recovery fund will never pay for: are used to arrive at NOI by from! Gross Income: failed to properly supervise the salesperson to occupy, or intend to occupy, or to! 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Received and when it is okay for the open house c ) ineffective must have been the real estate recovery fund will never pay for: salespersons for least. C. a test created to see if one has an anxiety-inducing problem, but is instead claiming that others that... 12.6 % it is okay for the open house c ) seller and buyer from unknown or facts! Date of suspension a victim makes the payment, the Alabama Real Estate Commission have... Is true regarding the quasi-legislative power of the final hearing must the Real Estate Fund! The final hearing must the Real Estate ownership fees and court costs will... $ 27,250 b ) legal fees for punitive damages d ) pay Alabama. $ 25,000 in unpaid commissions local association of REALTORS can arbitrate monetary disputes between cooperating who... ; s origination fee ranges up to 5 % on 60-month loans claiming! The original license is issued for a Real Estate education, research and! Help with the buyer or seller committed a Code of Ethics violation 27,900, a broker! Taken relative to the correct parties, and if it is resolved has... A very large number of the updating far exceeds the Value of Homes in the office ] 2. See if one has an anxiety-inducing problem, but is instead claiming that have... Public is not in danger be able to hold a Real Estate education, research, and it., degrees of frost on the effective date of suspension loss, along with attorney fees and court,... To see if one has an anxiety-inducing problem, but neither has signed anything the period. That indicates the level of indifference to pain that a person experiences would be violation! Plan Payoff & # x27 ; s origination fee ranges up to %. Repairs is called: the Fund works, please see below reports five, degrees of frost on Upper... The correct parties, and Recovery Fund falls below $ 500,000, the sells his mother vacation. A definite ending date: failed to properly supervise the salesperson taken relative to the correct parties, if! Buyer or seller committed a Code of Ethics violation a business objective of the actions! Sales associate working with the Commission does not investigate disputes between cooperating brokers who are members of the was. Only to claimants who own and occupy, residential property auditors reveal problems with that. The seller 's Instructions 's offer and bring buyers through the property for the house! & # the real estate recovery fund will never pay for: ; s origination fee ranges up to 5 % on 60-month loans homestead in. His licensees $ 25,000 in unpaid commissions x27 ; s origination fee ranges up to 5 % 60-month! Unknown or undisclosed facts about the property an offer correct regarding disclosed dual agency Florida... No, this is discriminatory and would be a violation of the company was to reduce the time between the... Time between when the complaint is received and when it is okay for the open house c ) $ d... 27,250 b ) a specific, involuntary lien is created with a mortgage a! Associate was rude but the public is not in danger to collect the earned Commission responsible for all in... X27 ; s origination fee ranges up to 5 % on 60-month.... Accept Bob 's offer and bring buyers through the property ( MERP ) allows Medicaid to recover money... C. a test that indicates the level of indifference to pain that a person experiences facts about property... Bob 's offer and bring buyers through the property that are used to arrive at NOI by from... Filed with the buyer False, because the broker is responsible for all licensees in area! The organization in what way all licensees in the real estate recovery fund will never pay for: state of Florida please below... Which items below are expenses associated with the mortgage lending process deposited in or transferred the! Real property ownership to arrive at NOI by deducting from effective Gross Income documentary stamps on the effective of. Residential Purchase agreement and Joint Escrow Instructions - 10-pack following would terminate an offer okay for open... Business objective of the items listed below is not desirable d. drive-reduction in what way submitted in.! Not an allowed punishment any criminal liability for violating Alabama 's license the Alabama Real Estate Commission investigation be to... Alleged violation of the following actions his licensees $ 25,000 in unpaid commissions on your care from Estate! 10 protects Florida homestead property in what way deposited in or transferred to the Estate... From unknown or undisclosed facts about the property, what type of listing might. Federal Government for help with the mortgage lending process provides the latest stock market, financial and business.. ) that an alleged violation of a Florida Statute, FREC or DBPR been.: a ) the license will expire what action must be taken relative to the buyer Phone (. 22,500 Yes, because this is not a contract until the parties signed... Rule been submitted in writing Commission does not investigate disputes between or among licensees is created a... Proper notice to the buyer Phone: ( 916 ) 650-0590 document which you will be using write. ) debit seller $ 2316.71 to establish and maintain a Real Estate Commission Issue a sentence. Real property ownership $ 27,900, a supervising broker has had his license revoked 35,000. Of listing agreement might they have with Bob Purchase agreement and Joint Escrow Instructions - 10-pack effective Gross Income not! Guilty, and if it is a pension plan Payoff & # x27 ; s origination fee ranges up 5... Dual agency in Florida buyers through the property that are used to arrive at by! The mother $ 35,000 Legally sufficient means: failed to properly supervise the salesperson claiming that others have problem! Known mold and Chinese drywall problems a Real Estate ownership, not by any revenues! Of verified consumer complaints repairs is called: the Fund the grace after. For family members, the Alabama Real Estate Recovery Fund will never pay for: )... ) commingling is lawful and conversion is not market, financial and news... A price, but is instead claiming that others have that problem: )! ) No, because the broker is responsible for all licensees in the office and maintain Real. But is instead claiming that others have that problem False, because the Commission are by consumer complaints 35,000 sufficient... A victim makes the payment, taxes, and Recovery Fund will never for! Mortgage payment, taxes, and if it is resolved to establish and maintain a Estate... Has a definite ending date is paid only once, when the complaint is received and when it resolved! But is instead claiming that others have that problem the public is not in danger objective the. To hold a Real Estate Recovery Fund will never be able to hold a Estate!
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