which statement is false regarding homeowners association disclosure requirements

Consistent terminology. Legal obligation. Replacement as a result of theft or unauthorized use. Which statement is FALSE regarding homeowners association disclosure requirements? 1. Advances. Zillow, Inc. holds real estate brokerage licenses in multiple states. The three real estate license categories does NOT include. The creditor shall furnish account-opening disclosures required by 1026.6 before the first transaction is made under the plan. ), If the home is subject to a homeowners association (HOA), Nearby toxic materials, like contaminated soil, By providing disclosures before you have a buyer (like in your. (ii) Certain disclosures for home-equity plans must precede other disclosures and must be given in accordance with the requirements of 1026.40(a). Right of survivorship is contained in which tenancy? Mark Smith is preparing to open a real estate office. Inheritance Situation. A creditor is not required to determine the specific date on which a periodic statement is mailed or delivered to an individual consumer for purposes of 1026.5(b)(2)(ii). See interpretation of 5(c) Basis of Disclosures and Use of Estimates in Supplement I. ii. If a creditor has adopted reasonable procedures designed to ensure that periodic statements for a credit card account under an open-end (not home-secured) consumer credit plan or an account under an open-end consumer credit plan that provides a grace period are mailed or delivered to consumers no later than three days after the closing date of the billing cycle, the payment due date for purposes of 1026.5(b)(2)(ii)(A) and the date on which any grace period expires for purposes of 1026.5(b)(2)(ii)(B)(1) must be no less than 24 days after the closing date of the billing cycle. See A.R.S. Section 1026.5(b)(2)(ii)(B)(1) does not apply to charged-off accounts where full payment of the entire account balance is due immediately because such accounts do not provide a grace period. The FREC's authority to impose discipline falls under what area of responsibility? 3. See 1026.60(b)(2) and related commentary for guidance on fees for issuance or availability of a credit or charge card. See 1026.5(b)(1)(iv)(A). This provision does not apply to charges imposed as part of a home-equity plan subject to the requirements of 1026.40. Disclosing charges before the fee is imposed. How is the documentary stamp tax on a promissory note entered on the closing statement? ii. In disclosing the amount of the finance charge, required by 1026.7(a)(6)(i), the term finance charge is subject to the more conspicuous rule. (2) Periodic statements . All VA mortgage loans contain a due on sale clause. 1026.37 Content of disclosures for certain mortgage transactions (Loan Estimate). 2. What type of listing is this? Creditors may impose costs to return subsequent purchases of merchandise under the plan, or to return merchandise purchased by other means such as a credit card issued by another creditor. The Residential Property Disclosure Act (G.S. If a consumer has paid or promised to pay a membership fee including an application fee excludable from the finance charge under 1026.4(c)(1) before receiving account-opening disclosures, the consumer may, after receiving the disclosures, reject the plan and not be obligated for the membership fee, application fee, or any other fee or charge. Estimates - obtaining information. 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. Homeowners' Energy Policy Statement Act, 765 ILCS 165/1, et seq. These rules are not implemented in Regulation Z (although they were formerly implemented in 1026.60(f)). A consumer also does not use the account when the creditor assesses fees on the account (such as start-up fees or fees associated with credit insurance or debt cancellation or suspension programs agreed to as a part of the application and before the consumer receives account-opening disclosures). For example, if the term total finance charge is used, only finance charge should be emphasized. 4. Your state real estate association or board may have documents, often in checklist form, that list the disclosures required in your state. Within how many days must a licensee take corrective action when issued a notice of noncompliance for a minor violation? A consumer does not use the account by activating the account. The consumer makes the first purchase, such as when a consumer opens a credit plan and makes purchases contemporaneously at a retail store, except when the consumer places a telephone call to make the purchase and opens the plan contemporaneously. Using the account. If an account is temporarily suspended (for example, because the consumer has exceeded a credit limit, or because a credit card is reported lost or stolen) and then is reactivated, no new account-opening disclosures are required. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. A broker requested that the FREC issue an escrow disbursement order (EDO). But this may be rebutted if another agreement between the parties legally modifies that contract. Which statement is true regarding homeowners association disclosure requirements? Relevant facts and circumstances. A consumer who has received the disclosures and uses the account, or makes a payment on the account after receiving a billing statement, is deemed not to have rejected the plan. (2) The card issuer does not treat as late for any purpose a required minimum periodic payment received by the card issuer within 21 days after mailing or delivery of the periodic statement disclosing the due date for that payment. (i) General rule. Mailing or delivery of periodic statements. What is the value of the property? This type of sale puts the burden of any issues on the buyer, with the exception of latent defects that the buyer wouldnt see and could be a health and safety concern. Please switch to a supported browser or download one of our Mobile Apps. 1026.9 Subsequent disclosure requirements. Purchases. 1. Disclosures may be estimated when the exact information is unknown at the time disclosures are made. A creditor may collect, or obtain the consumer's agreement to pay, membership fees, including application fees excludable from the finance charge under 1026.4(c)(1), before providing account-opening disclosures if, after receiving the disclosures, the consumer may reject the plan and have no obligation to pay these fees (including application fees) or any other fee or charge. (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. disclosure statement or resale disclosure certificate; the most recent financial statement and current budget; and the existence of any outstanding judgments or lawsuits pending against the association (Minn. Stat. Used under license. What type of lease arrangement requires the tenant to pay a fixed rent amount plus property expenses such as property taxes and hazard insurance? Which individual is exempt from real estate licensure? B. (ii) For home-equity plans subject to 1026.40, the terms finance charge and annual percentage rate,* when required to be disclosed with a corresponding amount or percentage rate, shall be more conspicuous than any other required disclosure. The statute of frauds does NOT apply to which contract? 1026.41 Periodic statements for residential mortgage loans. In disclosing the annual percentage rate as required by 1026.6(a)(1)(ii), the term annual percentage rate is subject to the more conspicuous rule. When few of the facts and circumstances listed below are present, the substitution or replacement likely constitutes a change in the terms of an existing account for which 1026.9(c)(2) disclosures are appropriate. As with all documentation related to the sale of your home, real estate disclosures must be submitted in writing. An owner of an apartment complex pays $100 to each tenant that refers a person who becomes a tenant. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. (iii) Certain account-opening disclosures must be provided in a tabular format in accordance with the requirements of 1026.6(b)(1). Disclosures are always required, based on your state laws, whether youre using a real estate agent or selling your home on your own. If the credit plan involves more than one creditor, only one set of disclosures shall be given, and the creditors shall agree among themselves which creditor must comply with the requirements that this part imposes on any or all of them. Whether the card issuer provides the consumer with a new account number; C. Whether the account provides new features or benefits after the substitution or replacement (such as rewards on purchases); D. Whether the account can be used to conduct transactions at a greater or lesser number of merchants after the substitution or replacement (such as when a retail card is replaced with a cobranded general purpose credit card that can be used at a wider number of merchants); E. Whether the card issuer implemented the substitution or replacement on an individualized basis (such as in response to a consumer's request); and. The legal obligation normally is presumed to be contained in the contract that evidences the agreement. iii. Because 1026.7(b)(11)(ii) provides that 1026.7(b)(11)(i) does not apply to periodic statements provided solely for charge card accounts other than covered separate credit features that are charge card accounts accessible by hybrid prepaid-credit cards as defined in 1026.61, 1026.5(b)(2)(ii)(A)(1) also does not apply to the mailing or delivery of periodic statements provided solely for such accounts. 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. Applicability of 1026.5(b)(2)(ii)(B)(1). A consumer uses an account by obtaining an extension of credit after receiving the account-opening disclosures, such as by making a purchase or obtaining an advance. Periodic statements need not be sent in the following cases: i. ii. What information is NOT required to be included on the brokerage entrance sign? Disclosures shall reflect the terms of the legal obligation between the parties. If they use an agent, the agent should make a reasonable effort to find out if theres anything wrong with the home to avoid misrepresentation. Events causing inaccuracies. In this situation, the licensee should request that the DBPR issue. 3. In real estate, disclosures refer to the sellers legal obligation to reveal known defects about the home or property theyre selling. (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. For example, the consumer does not use the account when a creditor sends a billing statement with start-up fees, there is no other activity on the account, the consumer does not pay the fees, and the creditor subsequently assesses a late fee or interest on the unpaid fee balances. Same facts as in paragraph i above. Example. For example: A. (viii) Certain disclosures provided when a rate is increased due to delinquency, default or as a penalty must be provided in a tabular format in accordance with the requirements of 1026.9(g)(3)(ii). 2. The following examples illustrate these rules: i. For home-equity plans subject to 1026.40, the terms annual percentage rate and finance charge need not be more conspicuous than figures (including, for example, numbers, percentages, and dollar signs). 1026.39 Mortgage transfer disclosures. If you know that there is lead-based paint in the house youre selling, warning language should also be included in your real estate contract. Converting closed-end to open-end credit. (ii) Charges imposed as part of an open-end (not home-secured) plan. The property disclosure process is only skipped in rare cases. Language used in disclosures required in this subpart must be close enough in meaning to enable the consumer to relate the different disclosures; however, the language need not be identical. A periodic statement need not be sent for an account if the creditor deems it uncollectible, if delinquency collection proceedings have been instituted, if the creditor has charged off the account in accordance with loan-loss provisions and will not charge any additional fees or interest on the account, or if furnishing the statement would violate Federal law. For purposes of 1026.5(b)(2)(ii)(A)(1), the payment due date for a credit card account under an open-end (not home-secured) consumer credit plan is the date the card issuer is required to disclose on the periodic statement pursuant to 1026.7(b)(11)(i)(A). If the creditor does not receive any payment on or before September 24, 1026.5(b)(2)(ii)(B)(2)(ii) does not prohibit the creditor from treating the required minimum periodic payment as late. 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. 1026.56 Requirements for over-the-limit transactions. 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). Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. The referring tenants do not hold a real estate licensees. Which information does NOT need to be disclosed when submitting a real estate license application? Consumer request to pick up periodic statements. i. (i) Statement required. Real property conveyed by the terms of a will is called Nothing in this chapter shall preclude a seller from using a form of property disclosure statement that contains additional provisions that require greater specificity or that call . Card issuers that are subject to the requirements of 1026.60 may establish procedures that comply with both 1026.60 and 1026.6 in a single disclosure statement. Capitalizing the words when other disclosures are printed in lower case. Need not be physically attached or affixed to the basic disclosure statement. 2. In Arkansas, its also buyer beware unless the seller tells an outright lie about the home. ii. Make sure to check the specific wording of the laws in your state. Moving with Kids: Tips for Telling Them, Packing, Moving and Coping. Creditors institute a delinquency collection proceeding by filing a court action or initiating an adjudicatory process with a third party. Use of inserts. If the consumer chooses to reject the financing plan, creditors comply with the requirements of this paragraph by permitting the consumer to pay for the goods with another reasonable form of payment acceptable to the merchant and keep the goods although the creditor cannot require the consumer to do so. Real estate licensees may not represent a CMA as an appraisal. There are only a few federally mandated disclosures, but overall, disclosure requirements fall under state law, and the requirements vary state by state. (See commentary to 1026.5(b)(1)(iii) below.). Application of 1026.5(b)(2)(ii) to charge card and charged-off accounts. contact the county property appraiser or a representative. A property disclosure statement is the actual documentation of a sellers disclosure. Sellers, landlords, and agents are responsible for compliance. Making statements about minority groups moving into a neighborhood in order to persuade existing owners to sell is. When answering each question, the owner must either fill in the requested information or mark the appropriate box with Yes, No, or No Representation. A developer advertises homes for sale with a total down payment of $2,000. A parcel of real estate has been left to Betty through her husband's will for her use and enjoyment during her lifetime, with the provision that the property goes to her stepson at her death. 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. 5. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the account. Disclosure statements are always required, but not all sellers do a pre-inspection, and not all buyers choose to do a home inspection. No matter how great a home looks at first glance, a host of problems could be hiding right under that fresh coat of paintwhich is why buyers will want to scrutinize certain . If youre working with an experienced real estate agent, they should be well-versed in the disclosure laws of your state. 9 Mistakes to Avoid When Selling Your Home. (3) For purposes of paragraph (b)(2)(ii)(B) of this section, grace period means a period within which any credit extended may be repaid without incurring a finance charge due to a periodic interest rate. (C) The consumer's right to reject the plan and return the goods is disclosed to the consumer as a part of the offer to finance the purchase. 1026.14 Determination of annual percentage rate. Which action does NOT terminate a single-agent brokerage relationship with the seller? In general, a creditor may not collect any fee before account-opening disclosures are provided. What is the property's net operating income? Ten years ago a vacant lot in a subdivision was purchased for $30,500. The disclosures required by 1026.60, 1026.40, and 1026.16 may be provided to the consumer in electronic form without regard to the consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. 5. (c) Basis of disclosures and use of estimates. 1026.57 Reporting and marketing rules for college student open-end credit. Card issuer and person extending credit not the same person. RESPA covers any creditor that makes or invests in residential real estate loans aggregating more than $1,000,000 per year. Its a required form in real estate transactions and outlines any problems with a property that would impact the homes value or safety. The terms need not be more conspicuous when used for periodic statement disclosures under 1026.7(a)(4) and for advertisements under 1026.16. However, if the creditor receives a payment of $300 on April 25, 1026.5(b)(2)(ii)(B)(1)(ii) would not prohibit the creditor from imposing finance charges as a result of the loss of the grace period (to the extent permitted by 1026.54). Return to Zillow.com. When a card issuer substitutes or replaces an existing credit card account with another credit card account, the card issuer must either provide notice of the terms of the new account consistent with 1026.6(b) or provide notice of the changes in the terms of the existing account consistent with 1026.9(c)(2). When disclosures must be more conspicuous. Which clause in the deed is a promise that the grantor owns the estate that is being conveyed?

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which statement is false regarding homeowners association disclosure requirements

which statement is false regarding homeowners association disclosure requirements