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Real Estate Class > Unit 12: State and Federal Laws > Flashcards

Unit 12: State and Federal Laws Flashcards

1
Q

State, federal and international Anti Trust laws

A

Amount of commission is NEGOTIABLE

Brokers can not conspire in price fixing. Even discussing commission.

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2
Q

Commission flows through ___________

A

Brokers
- Sellers, buyers and principals may only pay Brokers
- Sales Associate needs consent from broker and must accept everything in the brokers name
-

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3
Q

Brokers may only pay

A
  • Their Sales Associates
  • An authorized professional corp, LLC, or professional liability co formed by sales associate
  • Other FL Brokers
  • Foreign brokers who do not perform ANY real estate services in FL
  • Parties to the transaction (with disclosure)
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4
Q

Kickback and Rebates

A

Are unearned fees (no service performed) paid to a licensee with a real estate transaction for services rendered by others

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5
Q

RESPA prohibits - CAATTS

A 
collection or payment for referral fees for settlement services including: 
 - Credit Report
 - Attorney
 - Appraisal
 - Title Search
 - Title Insurance
 - Survey
CAATTS!!!
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6
Q

Brokers may receive kickbacks IF ________ or _________

A
  1. Does not violate Real Estate Settlement Procedures Act
  2. Full disclosure to all involved
  3. Flows throught the broker
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7
Q

Residential Property Managers or owners may pay up to ____________

A

to a tenant for a referall of a new tenant.

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8
Q

Residential Property Managers or owners may pay up to ____________

A

$50 to a tenant for a referall of a new tenant.

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9
Q

Trust Funds

you can hold my money because I TRUST you!

A
  • Funds received on behalf of any person - because you TRUST them!
  • Includes Earnest Money Deposit, Binder Money, Good Faith deposit
  • Includes moneys on other down payments,
  • rents for clients
  • tax and insurance escrow payments, and damage deposits.
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10
Q

When counting days, for example, pick up of an escro check.

EXAM!!!

A
  1. The day the sales associate touches it, it counts as the broker touching it.
  2. The day the sales associate touches it is DAY ZERO.
  3. Then count the next day as day 1
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11
Q

When counting days, for example, pick up of an escrow check.
EXAM!!!

A
  1. The day the sales associate touches it, it counts as the broker touching it.
  2. The day the sales associate touches it is DAY ZERO.
  3. Then count the next day as day 1
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12
Q

Civil Rights Act of 1866

A

Prohibits discrimination based on race

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13
Q

Federal Fair Housing Act / Civil Rights Act 1968 and 1988

A

Protected classifications

  • Race
  • Religion
  • Color
  • Sex
  • National origin
  • Familial status (1988)
  • People with kids
  • Handicap/disability
  • A Physical or mental problem that hinders one or more mahor life activities - alcoholism, AIDS, mental illness
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14
Q

Federal Fair Housing Act / Civil Rights Act 1968 and 1988

A

Protected classifications

  • Race
  • Religion
  • Color
  • Sex
  • National origin
  • Familial status (1988): People with kids
  • Handicap/disability
  • A Physical or mental problem that hinders one or more major life activities - alcoholism, AIDS, mental illness
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15
Q

Prohibitions - for protected class

A
  1. Refuse to show, rent, sell, negotiate or deal
  2. If asked to discriminate, cancel deal
  3. Offer different terms
  4. Advertise limited liability
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16
Q

STEERING is the channeling of prospective buyers or renters to or from certain neighborhoods based on protected categories

A

1 Only a violation if licensee selects and shows ONLY properties in a particular area based on race or national origin
TRICKY Because there is no way to know the complete population of a neighborhood!
NOT A violation if BUYER PICKS HOUSE
You give them all the OTHER

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17
Q

Blockbusting - Bust up the block

A

PANIC SELLING when licensee predicts the influx of minorities into a neighborhood and forecasts lower property values, school ratings, higher crime, & Other undesireable stuff

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18
Q

Red Lining - red line around a certain area, descriminate against those .

A

Refusal, for illegally discriminatory reasons, to make loans or provide insurance coverage on properties located in a particualr neighborhood because of the race or ethnicity of its residents.

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19
Q

Exemption to Do Not Call

A

Even if on registry, brokers and SAs may call:
1. A person with whom they have now or previously had a relationship
2. Prospective Buyer who registered at an open house
3. In response to an ad, yard sigh, or other, ON BEHALF OF A POTENTIAL BUYER BUT NOT IN AN ATTEMPT TO OBTAIN A LISTING
Can’t call FSBO in attempt to solicit a listing.

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20
Q

Florida Statute Chapter 475

A

Real Estate Professional Practice Act

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21
Q

Chapter ______

A

Administrative Rules of the FL Real Estate Commission

22
Q

FL Statute Ch. ___

A

Powers of the Department of Business and Professional Regulation

23
Q

Chapter 61J2 - within 475_

A

Administrative Rules of the FL Real Estate Commission

- Expands ch 475, goes into the RULES

24
Q

FL Statute Ch. 455

A 
Powers of the Department of Business and Professional Regulation
 - big umbrella
 - 13 divisions, 
 - we care about FREC
 -
25
Q

FL REAL ESTATE COMMISSION - FREC

A
  • Comprised of 7 Governor- Appointed members
    5 licensees, 2 without licenses
  • Meet Montly and recevie ____ per diem
  • Adminsters and enforces ch 475
  • Promulgates (enacts) rules Chapter 61J2 to implement statutes
  • Grants licenses, determines license law violation, administers penalties
26
Q

Deposit Requirements -

A

Sales associate must deliver check immediately next day to broker - ONCE SA touches the check, it;s the same as if broker touches the check

27
Q

FL REAL ESTATE COMMISSION - FREC

Purpose is to protect the public

A
  • Comprised of 7 Governor- Appointed members
    5 licensees, 2 without licenses
  • Meet Montly and recevie _$50__ per diem
  • Adminsters and enforces ch 475
  • Promulgates (enacts) rules Chapter 61J2 to implement statutes - Quasi legislative power
  • Grants licenses, determines license law violation, administers penalties
    QUASI JUDICIAL POWERS - mimic
28
Q

Deposit Requirements - Sales Associate

A

Sales associate must deliver check immediately next day to broker - ONCE SA touches the check, it;s the same as if broker touches the check

29
Q

Deposit Requirements - Broke has how many biz days to deposit? From when?

A

Broker Must deposit Check IMMEDIATELY 3 BIZ DAYS after SA touches it

30
Q

Deposit Requirements - What does broker need from title or attorney?

A

If deposited at title co or with attorney, broker must get receipt of deposit

31
Q

Deposit Requirements - What can be deposited?

A

Only legal tender can be deposited

32
Q

Money held by title insurance co or lawer

A

Not governed by RE license law

33
Q

On sales contract, SA must indicate title co or attorney

A

Name, address, phone

34
Q

If a title co is named by BUYER, within __Biz days, what must happen>

A

10 biz days after each deposit is due, licensee’s broker must request verification of receipt of deposit

35
Q

Within __-biz days after broker makes written request for verification of deposit, what must happen?

A

10 days, buyers broker mus provide seller’s broker with a copy of verification

36
Q

The verification of deposit is waived if

A

placed with title co or attorney of seller

37
Q

Deposit (Binder) belongs to who?

A

Buyer until acceptance, then both.

38
Q

Distribution

A
  • Parties must agree

- Failure to agree is conflicting demands

39
Q

Chapter 475 conflicting demands

A

Broker must have it resolved in 30 days.

  1. Commission - within 15 days request that FREC issues disbersment
  2. . Arbitrate
  3. Mediate
  4. litigate
40
Q

Conflicting Demands resolved?

A

Tell FREC within 10 days

41
Q

Broker may return deposits without notifying the commission or employing one of the procedures to remedy if______ Or ____

A
  1. Condo cancellation with staturory time frame

2 Financing contingency

42
Q

Commingling

A

Can;t mush everyone’s funds together

43
Q

Conversion

A

Stealing - using trust funds for personal things

44
Q

Money broker can keep in escrow

A

$1000 - sales trust

$5000 - prop managment trust

45
Q

Puffing

A

Boasting or embellishing, creative description, not illegal

46
Q

Deceptive Acts

A

Offering lotter, raffle or scheme for real property
Concealing info
Conversion of items that belong to other for SAs personal use
Culpable Negligence - stuff you should have known as a licensed professional
Failure to account for and deliver funds
Larceny and embezzling funds

47
Q

If asked by broker to do unlawful act

A
  1. Refuse

2. Report

48
Q

FSBO can discriminate
4 or fewer units
Owner occupies one unit of 4 or fewer

A

Anyone with brokers services can not

49
Q

Broker must display

A

Fair Houseing Poster

  • Shift burden of proof to broker in alleged discrimination complaint
  • must be in each office or place of business
50
Q

CH 720

A

HOA
3 day right of recision to review docs of HOA
Can not waive right

Real Estate Class (12 decks)

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