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. 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. Same facts as in paragraph i above. Before the EDO was issued, the buyer and the seller settled their dispute over the escrow funds. Within how many business days must the broker notify the FREC that the matter has been settled? The FREC's authority to impose discipline falls under what area of responsibility? (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. Disclosure before the first transaction. What information is NOT required to be included on the brokerage entrance sign? What is the property's net operating income? 2. The homeowner is planning to refinance the mortgage. Which feature applies to the mortgagee title insurance policy? See interpretation of Paragraph 5(a)(1)(ii)(A) in Supplement I. A licensee is a broker for several real estate companies. In rescindable transactions, however, separate disclosures must be given to each consumer who has the right to rescind under 1026.15. 1. 1026.12 Special credit card provisions. The broker decides to appeal FREC's final order. 5. New York State's Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever. Chapter 720 Section 3075 - 2019 Florida Statutes - The Florida Senate In the case of lead-based paint, per federal law, the buyer gets another 10 days to test, regardless of the state contingency period. (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. The periodic statement mailed on May 4 states that a required minimum periodic payment of $150 is due on May 25. Various types of homestead exemptions are available, including those based on assessed home value and homeowner age. Which clause in the deed is a promise that the grantor owns the estate that is being conveyed? Electronic disclosures. The three real estate license categories does NOT include. Gifting or transferring of a property, usually between relatives, Business transfers, usually in cases where two or more investors co-own a rental property. See interpretation of 5(b)(2)(i) Statement Required in Supplement I. 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. If a creditor has adopted reasonable procedures designed to ensure that periodic statements for an account under an open-end consumer credit plan that does not provide a grace period are mailed or delivered to consumers no later than five days after the closing date of the billing cycle, the date on which a payment must be received in order to avoid being treated as late for purposes of 1026.5(b)(2)(ii)(B)(2) must be no less than 19 days after the closing date of the billing cycle. 3. 1026.46 Special disclosure requirements for private education 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. 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). iii. Although neither finance charge nor annual percentage rate need be emphasized when used as part of general informational material or in textual descriptions of other terms, emphasis is permissible in such cases. 1026.56 Requirements for over-the-limit transactions. 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. The fact that a term or contract may later be deemed unenforceable by a court on the basis of equity or other grounds does not, by itself, mean that disclosures based on that term or contract did not reflect the legal obligation. All VA mortgage loans contain a due on sale clause. However, the seller reserves the right to NOT pay a commission if he sells the property. In general, a creditor may not collect any fee before account-opening disclosures are provided.

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