The purpose of the Mortgage Insurance Premium (MIP) charged to a buyer with an FHA loan is to: A) All licenses are immediately suspended What is an allowed activity for a licensee whose license is suspended or revoked? B) A client, an agent, and a representation to a third party There are advantages and disadvantages of real estate ownership; which items best describe the advantages? D) a staff attorney. D) The highest and best use approach. (804) 367-1559 B) A specific, involuntary lien is created with a mortgage B) conversion is using escrow funds for business operation while commingling is poor accounting. C) A credit to the seller, only To the nearest dollar, what is the investor willing to pay? B) The term title is a concept referencing the rights associated with ownership. 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. 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? 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. Federal and state Medicaid law requires MassHealth to recover assets from the estates of certain MassHealth members after their death. Is this allowed? A) estate in reversion. C) 23.7% Typical Home Value (Zillow Home Value Index) $329,542. D) $17,100, Which of the items listed below is NOT a tax advantage of real estate ownership? Assume, for purposes of answering the question, that Alabama does allow the plea. How does this affect the loan? other licensees. C) on a 3 x 3 sign in the parking lot next to the office. B) John can pass a 40-question law exam and gain the license through Mutual Recognition This filing may: The Real Estate Recovery Fund will never pay for: C) The amortization schedule Section 858-603 - Eligibility to Recover from Fund - Ineligibility. D) The balloon payment and the teaser rate. Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery Fund. D) no down payment, but there are closing costs. John bought a waterfront lot with a setback requirement of 50 feet from the street. c. arousal. A) owner from forgery in the record and claims that may not have surfaced prior to closing. Wire fraud real estate is where a con artist pretends to be your lender, an escrow business, or a title company to steal money. Which statement is correct regarding disclosed dual agency in Florida? Change in Typical Home Value From Last Month. A salesperson is charged with placing real estate signs on property without the owner's permission. A Planned Unit Development (PUD) is best described as a (an): 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 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 commission may award a lump sum of money to help a person that has been damaged by the behavior of a licensee. A) Hold an open house for a new listing A) The amount of homestead exemption is guaranteed to be $50,000 The Commission imposes a fine of no less than $100 nor more than $2,500 per count in the complaint. As long as John remains a Georgia resident, which of the following is an option for John when acquiring a Florida license? Then, your money is sent to an untraceable offshore . B) 22% D) The interest in the property is shared but only one owner may legally use. B) Collateral for the loan C) The defeasance clause C) 200 B) legal fees for punitive damages C) a sales associate's dishonest dealing D) a broker's dishonest dealing B A primary difference between post-license education and continuing education (CE) is: A) the federal government. What are the limits of compensation, if any, from Alabama's real estate recovery fund? 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. Broker Joe has a listing for a distressed seller. What is the grace period after a license revocation or suspension? C) Functional obsolescence Legally sufficient means: 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? A qualifying broker is suspended for 30 days. B) $337,000 B) Suspend a license When a homeowner is delinquent on property taxes, the first step taken by government in correcting the late payment is the: A difference between commingling escrowed funds and conversion of escrowed fund is: If there is an appeal after a decision by the Commission, who hears it? If a broker fails to pay a real estate commission to a salesperson, the salesperson must get a civil judgment against the broker. C) Have keys made and return the originals to the owner The Alabama Real Estate Commission may discipline the salesperson's employing broker if the broker. B) Exclusive agency A) Deny a license John applies to the city for a: I will work hard to secure the results you seek. C) A promise to do or not to do something B) Highest and Best Use 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. Construct a histogram and a percentage polygon. B) $13,777 All administrative costs and claims are funded with assessments paid by real estate licensees. George's brother is ready to sell these condos and George would like to collect a fee. If you have been running around in circles with the question - what PayPal games are legit and pay real money, then you will have the answer by the time you will end reading this post. Both Recovery Funds are supported entirely by assessments paid by licensees, not by any tax revenues. 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 homestead for a personal residence may be described as a (an): When a cap rate used with income capitalization is high, the following relationship with sales price exists: Which phrase below best describes the meaning of the term Annual Percentage Rate (APR)? There is hereby created in the state treasury the real estate recovery fund. The notice of hearing gives the date, time, and place of hearing. A) The offeror makes a small change to the terms before the presentation of the offer D) $20,000, John has a rental application for a unit in his four-plex from a man in a wheel chair. Go to http://www.docstoc.com/docs/85831907/Proposalfor-Professional-Services-or-Sow to see a process for describing and creating a Statement of Work for the Minnesota Job Bank Upgrade project. 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? After closing, correcting the problems cost the mother $35,000. What was the percentage of profit in relation to the cost? Only the actual loss, along with attorney fees and court costs, will be considered. D) sheriff evicts the owner. 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. (2) A licensee acting as a principal or agent in a real estate transaction has no claim against the fund; and . 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. 9960 Mayland Drive, Suite 400 required in one of the following forms depending upon the status of the real estate license (See Section 10471.1 of the Business and Professions Code): Personal Service (RE 810) For individuals age 55 or older, states are required to seek recovery of payments from the individual's estate for nursing facility services, home and community-based services, and related hospital and prescription drug services. \end{array}\\ com propm For Sales Transactions Only: Buyer acknowledges the right for 10 days, unless otherwise agreed in the real estate. U.S. 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? C) Because John is not the owner and will advertise the property for sale, he must have a real estate license. C) no closing costs and no down payment. B) borrower A) All mortgage liens are general, involuntary liens Fees are paid at the time of license renewal. Agent C. Principal D. Customer A B. He offers to plead guilty in return for a $50 fine and attendance at a Risk Management for Salespersons class. A) A fiduciary, a broker and a task A) State government from legal action C) An estate in remainder A) A contract that transfers ownership is a title The Real Estate Commission also has the authority to impose a civil penalty not to exceed $2,500. A) post-license education is required every two years and CE is required once. Recovery Fund - LREC Recovery Fund The Louisiana Real Estate Recovery Fund was established for the purpose of reimbursing persons adjudged to have suffered monetary damages in the course of a real estate transaction wherein a real estate licensee violated the Louisiana Real Estate License Law. The Real Estate Recovery Fund will never pay for: legal fees or punitive damages. C) Cognitive Appraisal Theory The Real Estate Recovery Fund will never pay for: A) damages caused by a licensee. B) An FHA borrower finances his FHA mortgage insurance because he is short of cash B) This power allows FREC to discipline licensees who commit improper acts C) zoning change. 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. As the trustee, John is following the trust instructions and will sell the family home. What are John's choices as the unit owner? C) fee simple interest with an undivided interest in common elements. When asked about these issues by her mother, the licensee denies they exist. The Louisiana Real Estate Recovery Fund was established for the purpose of reimbursing persons adjudged to have suffered monetary damages in the course of a real estate transaction wherein a real estate licensee violated the Louisiana Real Estate License Law. D) $50,000 less school taxes. D) None of the above, The FREC has the power to discipline licensees. C) an enforceable agreement Allhomes Commercial Real Estate. The first time the license is issued to active status. D) trustor, John is a real estate licensee in Georgia who wants a Florida real estate license. If found guilty, and if it is a first offense, the woman's maximum penalty will be. D) The Acknowledgement Clause, A buyer is closing with a purchase price of $232,000, and a down payment of 10%. B) fewer protected classes than the 1968 act and repeal of some punishment. 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