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Question

SG Q:25 - how does a licensee object or appeal a citation issued in error? (By the DRE) Page 124 lines 23–29

Answer 1

Licensees receiving a citation have 30 days to accept or reject the legend violations. If I licensee does not dispute them out of the citation penalty will become effective (final order) the case will be closed. Licensees who disputes alleged violations must file a written objection, the licensee is allowed to state his case based on its merits will have the case dismissed or carried forward to a formal hearing. If the licensee fails to pay the fine in a timely manner the FREC will file an administrative complaint.

Answer 2

The FREC is limited to issuing administrative penalties on real estate licensees. The commission cannot issue a penalty of incarceration. FREC does not have the authority to order restitution to an injured party. If the acts of a licensee harm a consumer the injured party may seek damages in the court of law.

Answer 3

There's only one violation of real estate licensees that pis a first-degree misdemeanor: Failing to provide accurate or current rental information for a fee. penalty: The penalty for first-degree misdemeanor is a fine of not more than $1000 and/or up to one year in jail.

Answer 4

escrow disbursement order (EDO) If the broker has complied with that EDO and later required by a court of law to pay damages as a result of legal actions taken by the buyer or seller in a transaction... The FREC is authorized to order reimbursement to the broker for the amount of judgment against the broker up to $50,000. No disciplinary action will be taken against the broker who had previously requested an EDO and followed its instructions. No repayment to the fund is required and the brokers license will not be suspended.

Answer 5

- steering- channeling home seekers to or away from particular neighborhoods that are members of protected class - blockbusting- speaking of or stating of rumors of an entry of a protected class into neighborhood to persuade homeowners to sell - redlining- denying loans or insurance coverage by a lender or an insurer that present different terms or conditions for homeowners in certain neighborhoods - refuse to rent so negotiate with or deal with a member of a protected class - Quote Different terms conditions or privileges for buying or renting - Advertise that housing is available only two people of certain race color religion sex national origin handicap status or family status - Deny membership in or use of any real estate service, broker's organization or multiple listing service - make false statements concerning the availability of housing for inspection rent or sale

Answer 6

HUD - The Department of Housing and Urban Development

Answer 7

(RESPA disclosures at time of loan application or within three Business days) - Special information booklet *developed by the Department of Housing and Urban Development - The good faith estimate GFE * closing settlement costs, listing the charges the buyer is likely pay at closing. - servicing disclosure settlement- *which discloses the borrower whether the lender intends to service alone or transferred to another lender or servicing company

Answer 8

Security deposit is typically paid to guarantee that the property will be left in good condition. Rent in advance is often paid typically the last months rent. When the money is given to a landlord as a security deposit or advancement the landlord is obligated to account for such deposits in one of three ways. 1) all the money in a separate non-interest-bearing Florida bank account and not commingle, hypothecate (that is pledge as security for debt) or used any such funds until due to the tenant 2) hold the money in a separate interest-bearing Florida bank account and pay the tenant at least 75% of any annualized average interest rate of 5% per year simple interest, and not commingle hypothecate or use any such funds until due to the tenant. 3) post a security loan with the clerk of court in the county in which the rental property is located in the total amount of the security deposit in advance rents or $50,000 whichever is less. And pay the tenant 5% per year simple interest. Landlords who choose this method are not obligated to place the funds (deposits) into a special account.

Answer 9

- the Landlord has 15 days to return the security deposit and any accrued interest if applicable, provided the landlord does not intend to make a claim on the security deposit - The landlord has 30 days to notify the tenant if the landlord intends to impose a claim on the deposit Grey box - within 30 days the landlord must notify the tenant in writing of which method is used to hold the tenants deposit 1) non-interesting bearing FL bank 2) interest bearing Florida Bank 3) posted bond - 15 days to notify if the landlord does not intend to make a claim on the security deposit the landlord has 15 days to return the security deposit. - 30 days if the landlord is making a claim and the deposit the landlord has 30 days to notify the tenant of the claim - 15 days after receiving written notice of the landlords claim on deposit is the tenant has 15 days to object in writing of the claim

Answer 10

1) Accretion: The process of land build up from waterborne rock, sand or soil. 2) Alluvion: New deposits of land as a result of accretion, Alluvion and deposit commonly occurring at the mouth of rivers. The land owner is entitled to all new soil deposits. 3) erosion: gradual loss of land due to natural forces. A land owner may lose land to the natural process of erosion. 4) Reliction: gradual receding of water, uncovering additional land. The new land usually belongs to the land owner of the area that was previously covered by water

Answer 11

IRMA I - intent of the parties R- relationship between parties M- method of Annexation A- adoption of the article Intent of parties - intent of the party placing an article on or in real property. Relationship between the parties- all except trade fixtures are brought to court for judgement. Method of annexation- if fixture removal causes damage the property Adoption of the article- what the article was designed for necessary to with a normal use of the specific property if the item is adopted or custom built to fit the property, determined as fixtures.

Answer 12

Tenancy at will : is a leasing agreement that has a beginning date but no fixed termination date such as a week to week or a month-to-month agreement. Florida statute refers to this as tenancies at will without specific term. Tenancies at will can have a written or oral agreement. Notice for termination of tenancy at will is set in statute based on the time interval between rent payments. ANSWER: - week to week – 7 days notice - month-to-month – 15 days notice Note: other actions that will terminate the tenancy at will include sale of property or the death of owner or renter.

Answer 13

One or more persons wish to share an ownership of a single property they may choose to do so as tenants in common. It's the most frequently used form of coownership except for husband-and-wife ownership. Tenants-in-common may acquire title at different times or at the same time. Tenants-in-common may own an undivided interest in property. Undivided interest is an interest in the entire property rather than ownership of a particular part of the property.

Answer 14

Homestead property is protected from forces sale due to judgment liens for debts owed by personal loans credit card debt and so forth.. Homestead protection does NOT prevent foreclosure for nonpayment of property tax, special assessments, mortgages, vendors liens or construction lien secured with the homesteaded property.

Answer 15

The size of homesteaded property is restricted to 160 acres of contiguous land and improvements outside a municipality( city ) or up to 1/2 acre of contiguous land and improvements of the property is located within the city.

Answer 16

Developers of 20 or more new residential units must also prepare A prospectus and file it. A copy should be given to the prospective purchasers. A prospectus summarizes some of the major points detailed in the condominium documents. The developer must include a disclosure in the sale contract stating that the buyer of a new residential unit may cancel the contract within 15 calendar days of signing the contract and of receipt by the buyer of the condominium documents. The commission requires licensees who advertise, list for sale, or so time show units to provide additional disclosures in the listing contract, advertisements and contracts for sale and purchase.

Answer 17

Lender title policy is issued for the unpaid mortgage amount. The lenders policy or mortgagee policy protects the lender against title defects. Unlike the owners title insurance the lenders title insurance is transferable. If the mortgage lender sells the mortgage to another investor the title insurance is assignable to the new mortgagee. The lender policy will protect the new owner of the mortgage up to the unpaid balance of the mortgage loan. most lenders require lenders title insurance as a condition of issuing a mortgage loan.

Answer 18

A deed is a written instrument that conveys title to real property. It is an instrument of the conveyance wears title to real property is transferred from one party to another. The two parties to a deed by the grantor the giver of the title the grantee the new owner receiving the title. The deed must be signed by a competent (competent of sound mind and legal age) grantor and witnessed by two people to be valid * the grantee need not Be competent nor sign the deed.

Answer 19

Habendum - to have and to hold | Seisen-

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