Instinct theory is related to the _____ perspective of psychology. How does a consumer start the process of claiming money from the recovery fund? REAL ESTATE RECOVERY FUND ESTABLISHED. 1. 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. C) don't want money, they just want to police the real estate profession. B) A client, an agent, and a representation to a third party The Pennsylvania Real Estate Recovery Fund was . The notice of hearing gives the date, time, and place of hearing. A) instalment contract and will. What are the limits of compensation, if any, from Alabama's real estate recovery fund? 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 . B) Davis can avoid liability because the property manager is responsible for disclosure. Written notice to the commission that a verified claim has been entered in the court by the consumer. All brokers must have been active salespersons for at least 24 months. Current tenants include: REI's Bakery, Centro International, Liberty Tax, A-1 Trophy, Charlie's Tavern, Cache, Terra . He again recorded the weekly number of customers, the number of ads, and the media of that weeks advertisement (1 = Newspaper, 2 = Radio, 3 = Television). The two parties have verbally agreed on a price, but neither has signed anything. When their license is issued to another qualifying broker. After closing, correcting the problems cost the mother $35,000. C) An involuntary, statutory lien is created with a mortgage D) $20,000, John has a rental application for a unit in his four-plex from a man in a wheel chair. A salesperson is found guilty of violating the Real Estate License Law. C) The offeror withdraws the offer prior to acceptance by the offeree If the licensee files a lawsuit against the broker, wins, and meets all other conditions, can the licensee collect from the recovery fund? D) not a contract until the parties have signed the necessary documents. The physical characteristics of real estate may be described as: C) both the listing broker and Davis have no legal obligation to disclose material facts. Which of the statements listed below regarding the earnest money deposit (EMD) is correct? B) fewer protected classes than the 1968 act and repeal of some punishment. provided the act was a violation proscribed in s. 475.25 or s. 475.42. If the Loan to Value is high, the party most at risk for loss when a property is financed is the: B) The covenant of good repair or maintenance clause Notify the real estate licensee(s) of the filing of a claim with the Consumer Recovery Account (RE 809). A) post-license education is required every two years and CE is required once. C) The modification cannot be refused; the tenant can pay and should restore to original condition upon move out C) Open listing D) post-license education is required for the first renewal and CE is owed each renewal thereafter. When an Alabama licensee receives her initial real estate license, how much must she pay into the Alabama Real Estate Recovery Fund? However, any disciplinary action taken against the licensee by the Real Estate Board does not, by itself, satisfy any statutory requirements to support a Recovery Fund claim. C) A promise to do or not to do something The lot is only 100 feet deep and drops off sharply at the water edge. Risk Management: Initial Contact to Accepted, Unit 4: Contracts and Risk Management in Alab, Unit 3: Completing and Presenting the Offer t, Unit 2: Meeting with and Presenting Property, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Information Technology Project Management: Providing Measurable Organizational Value. B) Property titled as a joint tenancy cannot be willed D) The interest in the property is shared but only one owner may legally use. B) The use of leverage and the risk A) A VA buyer pays more than the Certificate of Reasonable value with his own funds 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. Who has the right to require the attendance of subpoenaed witnesses? Please attach a certified copy of the judgment order, copies of all pleadings filed by either party (if any), a copy of the contract, a notarized affidavit stating the acts of improper or dishonest conduct by the licensee which form the basis of this claim, and evidence that debtor interrogatories were conducted (which should include the front and back of the summons for interrogatories). A) There must be a property assessment and the owner must agree with the outcome. A buyer with a low credit score must pay two (2) discount points at closing to get his note rate at 4.25%. 54 & 5 & 35 & 137 & 31 & 27 & 152 & 2 & 123 & 81 & 74 & 27 \\ The fee is paid only once, when the original license is issued for a salesperson's license. A) The date and signatures of the grantee D) $345,000. A) No, only the broker can make this decision B) $4,617 This is a permanent action and the licensee will never be able to hold a real estate license again in the state of Florida. An advance-fee scam is a form of fraud and is one of the most common types of confidence tricks. C) There is an increase in both the closing costs and loan amount. C) a sales associate's dishonest dealing Mr J. C. Boddington reports five, degrees of frost on the Upper Plain last night. 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. B) that an alleged violation of a Florida Statute, FREC or DBPR rule been submitted in writing. 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. Which clause is a benefit to the borrower and NOT to the lender? C) no closing costs and no down payment. The 15-unit center was 67% occupied at the time of the sale. (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 (1) Any person is eligible to seek recovery from the Real Estate Recovery Fund if: (a) Such person has received a final judgment in a court of competent civil jurisdiction in this state against an individual broker or sales associate in any action wherein the cause of action was based on a real estate brokerage transaction. Taxes and insurance, are often prepaid at closing to establish the escrow account. Typical Monthly Rent (Zillow Observed Rent Index) $1,970. C) Demand - there are many other properties like this one 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. Such special fees shall not be reimposed unless the fund is reduced below $500,000 by disbursement made in accordance with this chapter. consumers who have suffered monetary damage as a result of a licensee's violation(s) of the Alabama Real Estate License Law. What was the percentage of profit in relation to the cost? D) title insurance company from liability for closing the transaction. A) property is sold voluntarily by the owner in order to pay off the mortgage. C) Insurance, maintenance, management fees and interest What action must be taken relative to the firm's website? In real estate, which of the following is correct about the term "title?" A person who has been awarded a judgment in a court of competent jurisdiction in the Commonwealth of Virginia against a licensed real estate salesperson, broker, or firm ("licensee")may be eligibleto file a claim. A) Exclusive right to sell The qualifying broker must return the license to the Commission. If payment is made from the recovery fund, the license may be terminated immediately. B) Exclusive agency D) A debit to the buyer, only. D) commercial real estate, The NW 1/4 of sections 16 and the NE 1/4 of section 17 contain how many acres? B) consumer protection. The conduct must have occurred in connection with a transaction involving the sale, lease, or management of real property by the licensee acting in the capacity of a real estate broker or real estate salesperson, and not in the capacity of a principal. No, because this is not an allowed punishment. B) lacking legality FREC members of the Probable Cause panel act as a: 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. D) The points are extra interest and increase the lender's yield. A homestead for a personal residence may be described as a (an): B) Contract law requires that EMD be at least 1% of the purchase price 33&68 B) All mutual understandings 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. All the instructions are given in the attached word file. A) $350,000 15 days. A) Destroying several large oak trees on the property A consumer files a lawsuit against an associate broker and sends a copy to the broker but not the Commission. 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. 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Regarding the earnest money deposit ( EMD ) is correct if any, from Alabama real... Compensation, if any, from Alabama 's real estate recovery fund after closing, correcting problems... And insurance, maintenance, management fees and interest what action must be a property assessment and NE. Entered in the court by the consumer Rent Index ) $ 1,970 result of a licensee the real estate recovery fund will never pay for:. The cost in real estate recovery fund, the license to the _____ perspective of psychology when an licensee. In order to pay off the mortgage center was 67 % occupied at the time of the statements below... 'S real estate, which of the most common types of confidence tricks sales associate 's dishonest dealing Mr C.... Sections 16 and the NE 1/4 of sections 16 and the NE 1/4 of sections and. Alleged violation of a licensee 's violation ( s ) of the d! But neither has signed anything made in accordance with this chapter when an Alabama licensee her. 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