Combined Exan REE 1000 Flashcards | Chegg.com Pass a written Florida-specific real estate law exam with a grade of at least 75%. A temporary license may be renewed only one time Ten years ago a vacant lot in a subdivision was purchased for $30,500. Associations must file an amended statement reflecting changes in the designated agent or management company within thirty days of any change. Depending on state law, you typically have a set period of time to submit disclosures to the buyer after youve accepted their offer its often between three and five days. Any insert: i. PDF Residential Property and Owners' Association Disclosure Statement - NCREC Two of these, namely AB 502 and SB 432, make significant changes to the election process of HOAs in the state. That form will include negative information as well as basic facts such. It's governed by different laws. 1026.41 Periodic statements for residential mortgage loans. The Residential Property Disclosure Act (G.S. When most of the facts and circumstances listed below are present, the substitution or replacement likely constitutes the opening of a new account for which 1026.6(b) disclosures are appropriate. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. In the state of North Carolina, a form called a "residential property condition disclosure statement" must be provided to the buyer before a contract can be signed. If an account has been closed (for example, due to inactivity, cancellation, or expiration) and then is reopened, new account-opening disclosures are required. Termination of draw privileges. Ten years ago a vacant lot in a subdivision was purchased for $30,500. iii. (i) The creditor shall make the disclosures required by this subpart clearly and conspicuously. If the card issuer does not receive any payment on or before April 25, 1026.5(b)(2)(ii)(A)(2) does not prohibit the card issuer from treating the required minimum periodic payment as late. Selling a South Carolina Home: What Are My Disclosure Obligations Be sure to ask your real estate agent or an attorney about the laws specific to the state where youre selling. Brokerage. The statute of frauds does NOT apply to which contract? What is the description of the township located due east of T3N, R2W? See interpretation of 5(b)(1)(i) General Rule in Supplement I. Illinois HOA Laws and Resources - Homeowners Protection Bureau, LLC (i) Terminology used in providing the disclosures required by this subpart shall be consistent. Instituting collection proceedings. 4. This browser is no longer supported. If the creditor adjusts an account balance so that at the end of the cycle the balance is less than $1 - so long as no finance charge has been imposed on the account for that cycle. 1. These are also in addition to the federal lead-paint disclosure requirements. 1. The disclosures may be made more conspicuous by, for example: i. Who Inherits Your Property. 3. Each county has different applications and required documents. Return policies need not provide a right to return goods if the consumer consumes or damages the goods, or for installed appliances or fixtures, provided there is a reasonable repair or replacement policy to cover defective goods or installations. Whether the card issuer provides the consumer with a new credit card; B. Revised Homeowner Association Disclosure Notice Effective July 1, 2020 Under the Georgia exemption system, homeowners can exempt up to $21,500 of home equity or other equity covered by the homestead exemption. 1026.9 Subsequent disclosure requirements. Rejecting the plan. (B) Home-equity plans. Don't Forget! Disclose Those HOA Documents As Part of Your Home Sale He has two sales associates, Betty Able and John Stone. If the creditor opens an account for the consumer, the creditor would comply with the timing rules of this section by providing the consumer with the annual percentage rate (along with the fees and other required disclosures) that would apply to the balance transfer in time for the consumer to contact the creditor and withdraw the request. Substitution or replacement of credit card accounts. If an annual percentage rate is required to be presented in a tabular format pursuant to paragraph (a)(3)(i) or (a)(3)(iii) of this section, the term fixed, or a similar term, may not be used to describe such rate unless the creditor also specifies a time period that the rate will be fixed and the rate will not increase during that period, or if no such time period is provided, the rate will not increase while the plan is open. i. ii. Some states are incredibly strict about seller disclosures, while others have so few regulations, buyers are pretty much purchasing at their own risk. 1. Sellers must give buyers a 10-day period to test for lead paint. A temporary license may be renewed only one time. PDF Disclosures in Real Property Transactions - Re 6 Making statements about minority groups moving into a neighborhood in order to persuade existing owners to sell is. (See commentary to 1026.5(b)(1)(iii) below.). Georgia Inheritance Laws: What You Should Know - SmartAsset What type of lease arrangement requires the tenant to pay a fixed rent amount plus property expenses such as property taxes and hazard insurance? Within how many days must the landlord notify the tenant of intentions to claim part of the security deposit? Sellers or their listing agents should provide buyers with a. What action will be taken against a broker's license when a claim NOT associated with an escrow disbursement order is paid from the Real Estate Recovery Fund? See 1026.60(b)(2) and related commentary for guidance on fees for issuance or availability of a credit or charge card. You can also apply $10,000 of any unused portion of the homestead exemption towards any property you own using a " wildcard exemption ." For example, let's say your house is worth $100,000. 1026.46 Special disclosure requirements for private education loans. A consumer does not use the account by activating the account. Disclosing charges before the fee is imposed. For example, assume a consumer responds to a card issuer's solicitation for a credit card account subject to 1026.60 that offers a range of balance transfer annual percentage rates, based on the consumer's creditworthiness. May be used only until the supply of outdated forms is exhausted. When owners in community associations sell their homes, associations and their management companies inevitably get involved in the transactions by providing governing documents for the buyers' review and status letters showing assessments and other amounts due at the time of closing. These are just examples, so check the specific requirements for the state where youre selling. 6 Dealer is defined in Regulation X to mean a seller, contractor, or supplier of goods or services. However, if a consumer rejects the plan after receiving account-opening disclosures, the consumer must have no obligation to pay such an application fee, or if the fee was paid, it must be refunded. The referring tenants do not hold a real estate licensees. Example. Which instrument is used to transfer ownership of a mortgage from one company or individual to another? If the consumer wishes to pick up a statement, the statement must be made available in accordance with 1026.5(b)(2)(ii). 2. Sellers are legally required to disclose these issues, but by fully documenting them on the disclosure statement, sellers are better protected from future legal action (say, if a buyer was to sue the seller post-sale for undisclosed issues). In rescindable transactions, however, separate disclosures must be given to each consumer who has the right to rescind under 1026.15. 1026.36 Prohibited acts or practices and certain requirements for credit secured by a dwelling. ALERT! New HOA Document Disclosure Requirements under Real Estate Sales A developer advertises homes for sale with a total down payment of $2,000. There are two times during the listing and selling process when it may be appropriate to provide disclosures, before listing your home or after accepting an offer. The prohibitions in 1026.5(b)(2)(ii)(A)(2) and (b)(2)(B)(2)(ii) on treating a payment as late for any purpose apply only during the 21-day or 14-day period (as applicable) following mailing or delivery of the periodic statement stating the due date for that payment and only if the required minimum periodic payment is received within that period. At the creditor's option, finance charge and annual percentage rate may also be disclosed more conspicuously than the other required disclosures even when the regulation does not so require. See the commentary to 1026.5(a)(1)(ii)(A) regarding disclosures (in addition to those specified under 1026.5(a)(1)(iii)) that may be provided in electronic form without regard to the consumer consent or other provisions of the E-Sign Act. See comment 54(a)(1)-1. 1026.58 Internet posting of credit card agreements. These common disclosures are all related to the real property the legal term for the actual physical structure and the land. The card issuer shall furnish the disclosures for credit and charge card applications and solicitations in accordance with the timing requirements of 1026.60. How is the documentary stamp tax on a promissory note entered on the closing statement? This is Dangerous Stuff Boards need to take this type of breach very seriously, asserts Brad van Rooyen, founder and senior member of Tampa, Fla.-based HomeRiver Group and its national specialist for community association management and the president of Home Encounter. If the consumer rejects the plan, the creditor must promptly refund the membership fee if it has been paid, or take other action necessary to ensure the consumer is not obligated to pay that fee or any other fee or charge. This provision does not apply to charges imposed as part of a home-equity plan subject to the requirements of 1026.40. Zillow, Inc. holds real estate brokerage licenses in multiple states. Purchases. What Is the Georgia Homestead Exemption? | Legal Beagle Mandatory suspension of the license until the licensee has reimbursed the fund, including interest. Any person or group of persons occupying a separate housing space is defined by the U.S. Census Bureau as a, The interest on an assumed mortgage is entered on the closing statement as a. debit to the seller and a credit to the buyer. Converting closed-end to open-end credit. Since every state is different, here are some examples. The FREC's authority to impose discipline falls under what area of responsibility? Charges that are imposed as part of an open-end (not home-secured) plan and are not required to be disclosed under 1026.6(b)(2) may be disclosed after account opening but before the consumer agrees to pay or becomes obligated to pay for the charge, provided they are disclosed at a time and in a manner that a consumer would be likely to notice them. The bank recently appraised the home at $410,000. Which statement is false regarding homeowners association disclosure When a consumer initiates a request, the creditor may permit, but may not require, the consumer to pick up periodic statements. 47E) ("Disclosure Act") requires owners of residential real estate (single-family homes, individual condominiums, townhouses, and the like, and buildings with up to four dwelling units) to furnish buyers Residential Property and Owners' Association Disclosure Statement ("Disclosure Statement"). Return to Zillow.com. Arizona HOA Laws, Rules, and Information - Homeowners Protection Bureau PDF Condo and Townhome Associations - Attorney General of Minnesota In disclosing the terms finance charge and annual percentage rate more conspicuously for home-equity plans subject to 1026.40, only the words finance charge and annual percentage rate should be accentuated. Uncollectible accounts. What is the loan-to-value ratio for a home purchased for $285,000 with a down payment of $57,000? Based on the disclosures, the buyer can back out and receive their earnest money back during this period. Keep all signed disclosures for at least three years after closing. iii. Moving with Kids: Tips for Telling Them, Packing, Moving and Coping. A purchaser has ten days after receiving the disclosures to cancel the purchase agreement, unless the disclosures 1026.2 Definitions and rules of construction. Furthermore, 1026.5(b)(2)(ii)(B)(1)(ii) requires the creditor to have reasonable procedures designed to ensure that the creditor does not impose finance charges as a result of the loss of the grace period if a $500 payment is received on or before May 25. 1026.55 Limitations on increasing annual percentage rates, fees, and charges. Same facts as in paragraph i above. Similarly, in these circumstances, the limitation in 1026.5(b)(2)(ii)(B)(2) on treating a payment as late for any purpose applies for 19 days after the closing date of the billing cycle. You can find it under Real Property, Title 11B of the Maryland Code. (i) Certain disclosures for credit and charge card applications and solicitations must be provided in a tabular format in accordance with the requirements of 1026.60(a)(2). Multiple consumers. Which action by the Fed will reduce the supply of money in circulation? Which law prohibits racial discrimination in the sale or lease of all real estate property without exception? This arrangement is, illegal, because the amount of compensation exceeds the allowable amount, Planning commissions commonly do NOT have the final authority to decide on. Chapter 720 Section 3075 - 2019 Florida Statutes - The Florida Senate Here's what you need to know: Homes built before 1978 require a lead-based paint disclosure, on the basis of the Residential Lead-Based Paint Hazard Reduction Act of 1992 - Title X. See interpretation of 5(b)(1)(iv) Membership Fees in Supplement I. If your disclosure statement includes lead paint, make sure the disclosures are signed, and keep copies for at least three years. A creditor complies with 1026.5(b)(2)(ii) if it has adopted reasonable procedures designed to ensure that periodic statements are mailed or delivered to consumers no later than a certain number of days after the closing date of the billing cycle and adds that number of days to the 21-day or 14-day period required by 1026.5(b)(2)(ii) when determining, as applicable, the payment due date for purposes of 1026.5(b)(2)(ii)(A), the date on which any grace period expires for purposes of 1026.5(b)(2)(ii)(B)(1), or the date after which the payment will be treated as late for purposes of 1026.5(b)(2)(ii)(B)(2). i. Seller disclosure laws exist at both federal and state levels which is why its important to understand your specific obligations before completing a generic real estate disclosure. Furthermore, although 1026.5(b)(2)(ii)(A)(2) requires the card issuer to have reasonable procedures designed to ensure that a payment is not treated as late for any purpose during the 21-day period following mailing or delivery of the statement, 1026.5(b)(2)(ii)(A)(2) does not prohibit a card issuer from continuing to treat prior payments as late during that period. Statutes & Constitution :View Statutes : Online Sunshine (ii) The creditor does not treat as late for any purpose a required minimum periodic payment received by the creditor within 14 days after mailing or delivery of the periodic statement. Disclosure before the first transaction. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the account. Advances. Consent to transition to transaction broker notice. See 1026.5 (b) (1) (iv) (A). Which clause in the deed is a promise that the grantor owns the estate that is being conveyed? It usually runs concurrent to the inspection period, which helps the buyers inspector know what to look for. What type of listing is this? 2. (ii) The creditor does not impose finance charges as a result of the loss of the grace period if a payment that satisfies the terms of the grace period is received by the creditor within 21 days after mailing or delivery of the periodic statement. The grace period applies to the $500 balance because the balance for the March billing cycle was paid in full on April 25. 4. HVAC condition or age, water, sewer and appliances, If the property was the scene of a crime or murder, or if its known to be haunted (seriously! Mailing or delivery of periodic statements. 2. Which statement concerning Department if Veteran's Affairs (VA) mortgage loans is FALSE? The disclosures should reflect the credit terms to which the parties are legally bound at the time of giving the disclosures. If a closed-end credit transaction is converted to an open-end credit account under a written agreement with the consumer, account-opening disclosures under 1026.6 must be given before the consumer becomes obligated on the open-end credit plan. Which legal instrument authorizes a person to act for and on behalf of another person? ii. Homes built before 1978 require a lead-based paint disclosure, on the basis of the Residential Lead-Based Paint Hazard Reduction Act of 1992 Title X. These rules are not implemented in Regulation Z (although they were formerly implemented in 1026.60(f)). The term penalty APR need not be used in reference to the annual percentage rate that applies with the loss of a promotional rate, assuming the annual percentage rate that applies is not greater than the annual percentage rate that would have applied at the end of the promotional period; or if the annual percentage rate that applies with the loss of a promotional rate is a variable rate, the annual percentage rate is calculated using the same index and margin as would have been used to calculate the annual percentage rate that would have applied at the end of the promotional period. See interpretation of Paragraph 5(a)(1)(ii)(A) in Supplement I. 1026.5 General disclosure requirements. See comment 5(b)(2)(ii)-2. These less common disclosures can vary by state, but in general, theyre not as common and often fall outside of the real property qualification. In using estimates, the creditor is not required to disclose the basis for the estimated figures, but may include such explanations as additional information. The terms need not be more conspicuous when used for periodic statement disclosures under 1026.7(a)(4) and for advertisements under 1026.16. See interpretation of 5(a) Form of Disclosures in Supplement I. The only law thats applicable across all 50 states is the requirement to disclose the. (c) Basis of disclosures and use of estimates. When a consumer's ability to draw on an open-end account is terminated without being converted to closed-end credit under a written agreement, the creditor must continue to provide periodic statements to those consumers entitled to receive them under 1026.5(b)(2)(i), for example, when the draw period of an open-end credit plan ends and consumers are paying off outstanding balances according to the account agreement or under the terms of a workout agreement that is not converted to a closed-end transaction. Overview Title: Lead; Requirements for Disclosure of Known Lead-Based Paint and/or Lead-Based Paint Hazards in Housing (Section 1018 of Title X) (PDF) (March 6, 1996) Tracking numbers: Docket number: OPPTS-62130A; FRL-5347-9 RIN: 2070-AC75 Current phase: Final Rule Published (in effect) Which type of income is used to derive a gross income multiplier? See interpretation of 5(a)(2) Terminology in Supplement I. (i) Statement required. 2. Which item would most likely be classified as a fixture once incorporated into real property? What information is NOT required to be included on the brokerage entrance sign?