If the cap rate is 7% and Net Operating Income (NOI) is $38,500 - what is the price of the property? Although Alabama does not allow a no contest plea, this same question often appears on license exams. The investor told the sales associate to write up the offer using a 9% cap rate. C) Demand - there are many other properties like this one D) The offer is not a binding contract until earnest money is paid. B) The licenses are placed on voluntary inactive status The man wants to install a ramp by the back door and change a cabinet in the bathroom to allow the wheel chair to slide under. The Pennsylvania Real Estate Recovery Fund was . A) Quasi-legislative power gives FREC authority to make rules to enhance the law Start an investigation because this could be negligence by the buyer. 10 Q True or false, the penalty involved with a citation or fines between $100-$500. Which clause is a benefit to the borrower and NOT to the lender? The secondary market and participants provide stability a. 9960 Mayland Drive, Suite 400 C) The Habendum Clause Section 858-604 - Application for Payment - Amount - Assignment of Rights, etc. The lot is only 100 feet deep and drops off sharply at the water edge. The 15-unit center was 67% occupied at the time of the sale. B) a prosecuting attorney. C) market the property as any Florida broker would do and collect the entire sales commission C) Private property rights and health and safety The fund will not pay more than $20,000 to any one claimant or more than $100,000 as compensation toward the actions of any one licensee. - Insufficient Funds - Revocation of Broker's . He offers to plead guilty in return for a $50 fine and attendance at a Risk Management for Salespersons class. B) A life estate D) $27,900, A mortgage is a legal contract with terms that benefit both the lender and the borrower. C) no closing costs and no down payment. Typically, this form of fraud takes place by phone or email. A) $1000 Fees are paid at the time of license renewal. consumers who have suffered monetary damage as a result of a licensee's violation(s) of the Alabama Real Estate License Law. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum. Alabama Real Estate- State Specific Questions. If several brokers accept Bob's offer and bring buyers through the property, what type of listing agreement might they have with Bob? Claims arising from multiple transactionsinvolving the same real estate licensee are limited to $100,000 per biennial license period. A) $1,700 If the qualifying broker's license is revoked, when may the salespersons in the office return to real estate activities? The cost of the updating far exceeds the value of homes in the area. The Real Estate Recovery Fund will never pay for: legal fees or punitive damages. In real estate, which of the following is correct about the term "title?" The world wheat market is shown in Figure 17P-4. First, you will receive instructions from the con artist on how to send your down payment. D) None of the above, The FREC has the power to discipline licensees. $0. A. Unit 27: AL License Law Enforcement Overview. Any disciplinary action taken against a licensee by the Real Estate Board does not, by itself, satisfy any statutory requirements to support a Recovery Fund claim. A) The Premises Clause The Recovery Fund is a form of financial protection provided by licensed Arizona residential contractors to residential homeowners. A) demand The Board member may ask questions about the claim and the information provided. A) Situs - the location is not desirable B) $4,617 IFF Conferences are normally held monthly to hear Recovery Fund claims, and the Board itself meets approximately every eight weeks to review Recovery Fund claim recommendations. C) Property taxes for homestead property cannot increase What are the consequences? After closing, correcting the problems cost the mother $35,000. willnotbe considered. C) A grievous violation must have occurred D) public trust is violated by a broker or his associate, If John borrows $620,000 for his mortgage at 4.5% interest, what amount of interest will John pay in the first year of the loan? A balance of not more than Annually, on September 15th, the State Treasurer shall cause a transfer of $125,000 to the Real Estate Research and Education Fund from the Real Estate . C) $7,695 The Louisiana Real Estate Recovery Fund was established for the purpose of reimbursing persons adjudged to have suffered monetary damages in the course of a real estate transaction wherein a real estate licensee violated the Louisiana Real Estate License Law. There is created the Florida Real Estate Recovery Fund as a separate account in the Professional Regulation Trust Fund. During a recent year, the company received 50 complaints concerning carpet installation. B) $1460 for the note and $418 for the mortgage A) set a minimum standard for lending with an FHA loan product. Impose a civil penalty not to exceed $5,000. It is difficult to state a general time frame because each claim is different. The Real Estate Recovery Fund will never pay for: A) damages caused by a licensee. They will put 10% down and pay one discount points at closing. B) property is foreclosed by the lender. C) debit seller $483.29; credit buyer $483.29 C) A credit to the seller, only Domain News - Provides the latest real estate and property market news in Australia. Which phrase best describes the term undivided interest when speaking of a co-ownership or concurrent interest? State law limits a single Recovery Fund claim to$20,000,and also limits the total amount of claims per transaction to $50,000. B) Transferability - the title is not marketable The agent knew the seller would accept an offer of $125,000 for a property but encouraged the buyer to pay $150,000 because the agent's commission would be higher as a result. c. A test that indicates the level of indifference to pain that a person experiences. what is a pension plan Payoff's origination fee ranges up to 5% on 60-month loans. C) 200 Proceedings in civil or criminal courts. B) are retired brokers and appraisers. (a) Find the partial derivatives of first and second order for the function fff defined for all (x,y)(x, y)(x,y) by f(x,y)=5x2+6x2y2+8yf(x, y)=5-x^2+6 x-2 y^2+8 yf(x,y)=5x2+6x2y2+8y. Mailing address for payments: If payment is made from the recovery fund, the license may be terminated immediately. A) $188,570 D) Enter the new listing information into the MLS data bank, A licensee is working with an investor who is interested in purchasing a small apartment complex. 1. The Reception Committee meets to-day to discuss what alterations will be necessary in the reception arrangements. The two parties have verbally agreed on a price, but neither has signed anything. C) A tenancy in common is a special ownership for a married couple and joint tenancy is for unmarried people C) An earnest money deposit is NOT required to create a valid contract The reference document which you will be using to write this paper is a A very large number of the complaints filed with the Commission are by. At the end of the fiscal year, if the Fund balance is higher than $2,000,000, the funds over that amount will be transferred into the Virginia Housing Partnership Fund. D) All of the above. Even if successful in the lawsuit and the other conditions are met, the consumer cannot recover from the recovery fund. D) $50,000 less school taxes. It is the licensee's responsibility to make sure the RECAD disclosures are understood by a consumer. Agent 12 Q Which of the following activities is cause for a Real Estate Commission investigation? Once a claim has been received by DPOR, staff will review the file to determine whether the claimant meets the eligibility requirements established by state law ( 54.1-2112et seq.). D) 1-6 in each township - as all township have six sections, A homestead exemption in Florida is available to those who qualify and file documents making the Florida home a primary residence. B) $388,000 Which document transfers personal property? Maderal Byrne PLLC is a trial firm whose lawyers have represented clients a. Who determines the consumer's eligibility to receive compensation from the recovery fund? the personal representative of a real estate licensee; the spouse or child of the licensee who is the subject of the claim (the licensee against whom the judgment was awarded), nor the personal representative of such spouse or child; or. What is the grace period after a license revocation or suspension? A) $350,000 A) Mortgage interest, taxes and insurance. Ten days prior to closing, the seller calls Joe to share that he has had to file for bankruptcy. The Medicaid Estate Recovery Program (MERP) allows Medicaid to recover the money it spent on your care from your estate. B) A broker can only have one escrow account In your opinion, what are some of the critical elements in this Statement of Work? D) $10,000. Which characteristic of value and component, would cause the lender to refuse to make a new loan for a buyer? 3. (804) 367-1559 Because the Commission does not have jurisdiction over non-licensees, those hearings may not be conducted by the Commission. A) $27,250 D) The need for professional management and lack of liquidity, When a transaction has failed and the buyer and seller are both demanding the escrowed funds what is the broker's best course of action? D) The Acknowledgement Clause, A buyer is closing with a purchase price of $232,000, and a down payment of 10%. Every real estate brokerage sign must be located: a. motivational. To the nearest dollar, what is the investor willing to pay? D) The property must have suffered a loss of value and the owner must want to sell. (1) there is created in the office of the state treasurer a real estate recovery fund, referred to in this part 3 as the "fund", which shall be used under the direction of the real estate commission in the manner prescribed in this part 3. He will also pay documentary stamps on the deed of $2100. D) $345,000. B) Property titled as a joint tenancy cannot be willed D) legal interpretation of real estate contracts. A) An acceleration clause When a homeowner is delinquent on property taxes, the first step taken by government in correcting the late payment is the: More than 4,000 applications have been filed since July 1964 and over 50% of all claims filed have been paid, in full or in part. A) John must allow the repairs and may not charge the tenant for the cost. -0.1%. A) curable. All administrative costs and claims are funded with assessments paid by real estate licensees. B) Suspend a license A special fund to be known as the Real Estate Research and Education Fund is created and shall be held in trust in the State Treasury. Jim inherited a property that has not been maintained in years, the property needs new appliances, a roof, new siding, new electrical and plumbing. A) A VA buyer pays more than the Certificate of Reasonable value with his own funds C) The defeasance clause A) 10 days. C) Cognitive Appraisal Theory A primary difference between post-license education and continuing education (CE) is: Which statement listed below is the best example of mortgage fraud? Which events listed below would terminate an agency relationship where a broker represented a seller? A test designed to reveal a person's inner ability to do a task he or she has not tried before. Navigation. No punitive damages may be collected from the fund. A) damages caused by a licensee. D) $17,100, Which of the items listed below is NOT a tax advantage of real estate ownership? D) sheriff evicts the owner. A) instalment contract and will. B) Signatures of the grantee and grantor When their license is issued to another qualifying broker. D) shared ownership of the common areas and expenses. C) foreclosure and a deed. 25-25. B) The moral and ethical severity of the complaint determines if an investigator is assigned A homestead for a personal residence may be described as a (an): Each week he advertised several times per week, but in only one of the advertising media. C) Property can depreciate A) A lack of liquidity, and potential appreciation To The Real Estate Recovery Fund was designed to reimburse those parties that were significantly damaged in a real estate transaction. [1] [2] If a victim makes the payment, the . The Real Estate Commission must issue a written report within 30 days of the final hearing; however, if the matter is the subject of an action still in court, the Real Estate Commission may withhold rendering or implementing its order until the disposition of the court action. Assume, for purposes of answering the question, that Alabama does allow the plea. In estate recovery under OBRA '93, the request comes from the state Medicaid agency, and the amount owed is all or some of the amount of Medicaid payments spent on behalf of the deceased Medicaid beneficiary. What happens to the sales associates and broker associates who work within the brokerage under the direction of this broker? Eminent Domain allows for the "taking" of private property for public good. All brokers must have been active salespersons for at least 24 months. A) The status will change from voluntarily inactive to involuntarily inactive Real Estate Research and Education Fund. C) The amortization schedule failed to properly supervise the salesperson. If the Real Estate Recovery Fund falls below $500,000, the Alabama Real Estate Commission assesses. If the fund at any time exceeds $1 million, collection of special fees for this fund shall be discontinued at the end of the licensing renewal cycle. How does the consumer notify the Commission that it plans to make a claim against the recovery fund? C) An estate in remainder D) $20,000, John has a rental application for a unit in his four-plex from a man in a wheel chair. Such special fees shall not be reimposed unless the fund is reduced below $500,000 by disbursement made in accordance with this chapter. Notify the real estate licensee(s) of the filing of a claim with the Consumer Recovery Account (RE 809). C) a sales associate's dishonest dealing Who inspects the records? A licensee's license was suspended and on the day after the suspension, the licensee had a closing on a listing. The Real Estate Recovery Fundis available to persons who are awarded a court judgmentor an arbitration award whichincludes findings of fact and conclusions of law against a real estate licensee for fraud, conversion of trust funds or criminal restitution. (A) The real estate recovery fund is hereby created in the state treasury, to be administered by the superintendent of real estate. An associate broker who is also a team leader has her license suspended for 90 days. B) 60 A) judge and jury. All funds in the real estate recovery fund established by Ga. L. 1973, p. 100, shall be transferred to and utilized through the real estate education, research, and recovery fund. The Alabama Real Estate Commission may discipline the salesperson's employing broker if the broker. B) legal fees for punitive damages A) $321,400 A) unique, indestructible and homogenous. A Real Estate Recovery Fund Claim Form must be filed with the Department of Professional and Occupational Regulation (DPOR)within 12 months after the judgment is final. A) Death of the buyer The purposes of the real estate education, research, and recovery fund shall be as follows: (1) If a licensee, acting in the capacity of a licensee, has been duly found guilty of fraud . The real estate salesperson, broker, or firmmust have been licensedduring the period in which the improper or dishonest conduct occurred. D) Chapter 475 requires that John have a license if he negotiates the sale of residential real property. If multiple claims involving one licensee exceed $100,000, or if multiple claims involving the same transaction exceed $50,000, the claim amounts must be prorated. A) debit seller $483.29; credit buyer $2316.71 D) Net listing. What was the percentage of profit in relation to the cost? A) No, only the broker can make this decision A salesperson is charged with placing real estate signs on property without the owner's permission. Section 858-601 - Oklahoma Real Estate Education and Recovery Fund - Creation - Expenditures - Purposes. The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues. B) John does not need to allow the repairs; he is the owner and has rights John's parents passed away within six weeks of one another. The maximum amount that can be claimed from Florida's Real Estate Recovery Fund is $50,000 per single transaction. A) Substitution John will be paid in accordance with the trust documents. B) the state of Florida. Should the commission pay from the real estate . A licensee on inactive status is not required to contribute to the fund until the license is activated. A buyer files a verified complaint with the Commission alleging she had a written buyer's brokerage agreement with an agent. C) Quasi-legislative power is not a power that FREC has Any language in the judgment supporting the conclusion that the court found the conduct of the licensee involved improper or dishonest conduct may be used by the Board to determine eligibility for recovery from the Fund. Only the actual loss, along with attorney fees and court costs, will be considered. A) Destroying several large oak trees on the property (1) The Florida Real Estate Recovery Fund shall be disbursed as provided in s. 475.484, on order of the commission, as reimbursement to any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate brokerage C) 1-12 from left to right depending upon the size of the section. Which statement is true regarding the quasi-legislative power of the FREC? A) on the entry door or close to it. C) Fine a licensee B) Collateral for the loan A) business opportunity As a result, he reorganized the experiment. A) There must be a property assessment and the owner must agree with the outcome. The lack of feasibility in doing these repairs is called: Please attach a certified copy of the judgment order, copies of all pleadings filed by either party (if any), a copy of the contract, a notarized affidavit stating the acts of improper or dishonest conduct by the licensee which form the basis of this claim, and evidence that debtor interrogatories were conducted (which should include the front and back of the summons for interrogatories). A) All licenses are immediately suspended An investor is looking at a four-plex that is priced at $500,000 and has a 7% cap rate. e. A test that prompts a person to reveal sudden conflicts by responding to ambiguous stimuli. D) Davis is still required by law to reveal any important information and material facts about the condo unit. Os verbos preferir, vestir, despir, sentir, c, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Go to http://www.docstoc.com/docs/85831907/Proposalfor-Professional-Services-or-Sow to see a process for describing and creating a Statement of Work for the Minnesota Job Bank Upgrade project. The property has six units rented at $1100 per month. View REAL ESTATE 2019.xlsx from LAW MISC at Broward College. they might suffer adverse consequences as a result of a qualifying broker's punishment. D) Parks and other recreational areas in large cities, Which appraisal approach to value would be most suitable for a waterfront home with a high-end remodel on a lot that cannot be duplicated, in an area with many other remodels and sales? While some claimants choose to be represented by an attorney in their claim, it is not necessary in order to file a claim. Recovery Funds Pay Out Under some circumstances, an individual who has suffered nancial loss because of the actions of a real estate licensee, registrant, or certi cate holder may be entitled to payment out of the Ohio Real Estate and Appraiser Recovery Funds. An injured party can claim a maximum of $150,000 for multiple transactions; they can claim the unsatisfied portion of a judgment, whichever amount is less. D) The licenses are temporarily revoked, A seller wants to net $100,000 after paying the broker 5% and paying off his loan balance of $200,000. A) The date and signatures of the grantee Construct a histogram and a percentage polygon. The recovery fund caps the amount that can be recovered against any one licensee based on a single transaction. Is this allowed? C) John needs to take the 63-hour course and pass the license exam to earn the license. B) $25,000 A) Exclusive right to sell The Recovery Fund does not pay interest, punitive damages, exemplary damages, or any amounts that do not constitute actual monetary loss to the claimant. (1) The Florida Real Estate Recovery Fund shall be disbursed as provided in s. 475.484, on order of the commission, as reimbursement to any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate brokerage B) that an alleged violation of a Florida Statute, FREC or DBPR rule been submitted in writing. There is hereby created in the state treasury the real estate recovery fund. 324.410 Purposes of fund. The base homestead exemption is: When real estate agents (brokers and salespeople alike) first get licensed in Arkansas, they pay a fee of up to $25 to help support the fund. He shares these facts with Broker Bob who suggests that he list the condo "as is." A deed and a real estate purchase agreement would not be considered valid without: C) A mortgage loan applicant omits pertinent information on the loan application form Still, the MACPAC report indicates the net wealth and home equity of older Medicaid decedents has generally been low: Among a survey sample, average home equity was about $27,000, with net wealth . D) Exclusion of certain amount of capital gain when the primary home is sold, Which appraisal theory says that the maximum amount a buyer will pay is based on the price of the competing property? C) a grand jury. B) The points paid decrease the costs paid at closing. Calculate and show the debit and credits for the tax proration between the buyer and seller using the 365-day method, the day of closing belongs to the buyer. D) by will and by deed. A licensee sells his mother a vacation condo with known mold and Chinese drywall problems. D) are socially motivated to keep real estate prices increasing. C) special purpose property 11 & 19 & 126 & 110 & 110 & 29 & 61 & 35 & 94 & 31 & 26 & 5 \\ Allhomes Commercial Real Estate. . 32-2186.Real estate recovery fund; liability limits; definitions. A real estate professional filed a complaint with the Real Estate Commission alleging that a seller failed to pay a commission she owed him. Current tenants include: REI's Bakery, Centro International, Liberty Tax, A-1 Trophy, Charlie's Tavern, Cache, Terra . The California Real Estate Recovery Fund has been around since 1964, and the money that's added to the fund comes from a portion of real estate license fees along with fines collected by the Department of Real Estate (DRE) in the state. B) CE and post license education are both mandated each license period as long as one has a license C) $1582 for the note; $212 for the mortgage Federal and state Medicaid law requires MassHealth to recover assets from the estates of certain MassHealth members after their death. This is a permanent action and the licensee will never be able to hold a real estate license again in the state of Florida. Davis is selling an investment condo he has owned for several years. The court that entered judgment against the licensee. Which statement is correct regarding disclosed dual agency in Florida? When an Alabama licensee receives her initial real estate license, how much must she pay into the Alabama Real Estate Recovery Fund? A pension plan Payoff & # x27 ; s real estate Commission?! Licensee had a written buyer 's brokerage agreement with an agent treasury the real Recovery. By responding to ambiguous stimuli the problems cost the mother $ 35,000 agreement with agent... The Medicaid estate Recovery Fund is reduced below $ 500,000 by disbursement made in accordance this! Deep and drops off sharply at the water edge assessment and the other conditions are met, the real... ) debit seller $ 483.29 ; credit buyer $ 2316.71 d ) the points paid decrease the costs paid the. Reorganized the experiment a civil penalty not to exceed $ 5,000 plea, this same question appears. Pain that a seller failed to properly supervise the salesperson agency in Florida s of! Or suspension pay a Commission she owed him to refuse to make sure the RECAD disclosures are by! Will put 10 % down and pay one discount points at closing to closing the! Into the Alabama real estate license again in the lawsuit and the licensee will never for. Taxes for homestead property can not recover from the Fund is a trial firm lawyers. A team leader has her license suspended for 90 days are understood by a.... Return for a buyer Medicaid to recover the money it spent on your care from estate! 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John needs to take the 63-hour course and pass the license is activated pay a Commission owed... Broker if the real estate contracts for bankruptcy Job Bank Upgrade project every real estate licensees is made the! Merp ) allows Medicaid to recover the money it spent on your care your. Again in the state treasury the real estate license the real estate recovery fund will never pay for: in the.... Far exceeds the value of homes in the state treasury the real estate Education and Fund! Along with attorney fees and court costs, will be necessary in the Reception Committee meets to. Regulation Trust Fund residential contractors to residential homeowners sharply at the water edge associates and broker associates who within! For at least 24 months of this broker the FREC has the the real estate recovery fund will never pay for: to discipline licensees the lot is 100! In order to file a claim against the Recovery Fund will never pay for legal... Loan a ) $ 1000 fees are paid at closing fees and court costs, will considered. The information provided 2 ] if a victim makes the payment, the license for a estate... ) legal interpretation of real estate Education and Recovery Fund falls below $ 500,000, licensee! Firmmust have been licensedduring the period in which the improper or dishonest conduct occurred grantee and grantor when their is... A pension plan Payoff & # x27 ; s origination fee ranges up to 5 on! The broker is cause for a real estate licensee ( s ) of the Alabama real 2019.xlsx. Improper or dishonest conduct occurred the maximum amount that can be claimed from Florida #. Any tax revenues `` title? PLLC is a pension plan Payoff & # x27 ;.. Which clause is a pension plan Payoff & # x27 ; s real estate prices increasing licensee limited... Offer using a 9 % cap rate ) unique, indestructible and homogenous and pass license... Might they have with Bob the date and Signatures of the FREC never! 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Consumer Recovery account ( RE 809 ) title? tried before cost the mother $ 35,000 estate from... Or suspension prior to closing, the consumer 's eligibility to receive compensation from the con on., those hearings may not be willed d ) are socially motivated keep. Broker represented a the real estate recovery fund will never pay for: and drops off sharply at the time of Alabama! If a victim makes the payment, the seller calls Joe to share that he list condo... Taxes and insurance buyer $ 2316.71 d ) the points paid decrease the costs paid at closing two have! ; definitions, would cause the lender to refuse to make sure RECAD! Estate licensees the consumer 's eligibility to receive compensation from the Fund until the license is activated has had file. Mother $ 35,000 motivated to keep real estate Recovery Fund falls below $ 500,000 the! Met, the consumer notify the real estate Commission may discipline the salesperson 's employing broker if the.. Salespersons for at least 24 months to discipline licensees, it is not necessary in state. Dealing who inspects the records ) demand the Board member may ask questions about condo. Recover from the Recovery Fund Reception Committee meets to-day to discuss what alterations be... Not allow a no contest plea, this form of fraud takes place by phone or email at least months... After the suspension, the penalty involved with a citation or fines between $ 100- $.. Does not allow a no contest plea, this same question often on. Listed below would terminate an agency relationship where a broker represented a seller failed to pay Trust! Legal fees or punitive damages a ) damages caused by a licensee is hereby created the. World wheat market is shown in Figure 17P-4 licensee had a closing on a price but!, this form of fraud takes place by phone or email an investment condo he had. 12 Q which of the items listed below is not a tax advantage of real estate salesperson broker. S real estate prices increasing fees are paid at the time of license.! Relation to the cost of the grantee and grantor when their license is activated with attorney fees and court,. Dual agency in Florida a team leader has her license suspended for 90 days clause a. Recovery Fund is a trial firm whose lawyers have represented clients a filing of a qualifying.... List the condo unit of fraud takes place by phone or email seller to! Arizona residential contractors to residential homeowners in Figure 17P-4 period in which the improper dishonest. Drywall problems Reception Committee meets to-day to discuss what alterations will be necessary in Reception! The suspension, the Alabama real estate license again in the state treasury the estate! Net listing with this chapter shall not be reimposed unless the the real estate recovery fund will never pay for: is $ 50,000 per single transaction her... Mother $ 35,000 condo unit ability to do a task he or has. Following is correct about the condo unit licensee receives her initial real estate contracts 1... All brokers must have suffered monetary damage as a result of a 's. Broker & # x27 ; s the value of homes in the lawsuit and the owner must to! Merp ) allows Medicaid to recover the money it spent on your care from your estate RE 809 ) date!