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Contact Info Matt@ProfWest.com 407-925-8261 Cell 407-678-9111 Work http://www.ProfWest.com
Estates and Tenancies: Freehold Estate—the degree, quantity, nature, and extent of the bundle of rights Freehold estate - an indefinite period Fee simple – most comprehensive—can be inherited (also, fee, fee simple absolute) Life estate - measured by a lifetime Estate in reversion Remainder estate owned by remainderman
Homestead Constitutional Homestead Protection of the homestead Tax exemption Size restriction (160 acres or ½ acre) Protection of the family Elective share (30% of estate) Exempt property (furniture, appliances, etc. up to $10,000, plus autos) Ch. 196, F.S.
Severalty and Co-ownership Severalty—one owner Co-ownership—co-owners or concurrent owners Tenancy in common Joint tenancy Tenancy by the entireties
Tenancy in Common Any number of people Equal or unequal shares (undivided) Same or different times Heirs inherit (No Right of Survivorship)
Joint Tenancy with Right of Survivorship Right of survivorship—as co-owners die, interests go to the surviving co-owner(s), not to the heirs Four unities P ossession—undivided I nterest—equal T itle—acquire title on same deed T ime—acquire interests at same time Specific wording must provide for survivorship
Tenancy by the Entireties Husband and wife Co-owners must be married to each other at the time they take title Four unities of a joint tenancy must exist Right of survivorship
Nonfreehold Estate Leasehold estate (tenancy)—measured in calendar time Estate for years Definite termination date Created with an executed lease agreement Tenancy at will (tenancy without specific term) Tenancy at sufferance (tenant “holds over”)
Cooperative Characteristics Corporation holds title Owners purchase shares of stock Property taxes assessed on each parcel Owners can deduct real estate taxes and mortgage interest Proprietary lease and right to occupy Sell stock to a board-approved buyer or back to the corporation Ch. 719, F.S.
Condominium Condo documents Declaration Bylaws Survey (Map) Conveyance Question and Answer Sheet to buyers Operating budget, fees, agreement for resale of a unit Disclosure statement Developer must give 15 days to cancel 3 business days to cancel resale Ch. 718, F.S.
Time-Sharing Units are divided into time segments of ownership, usually 52 weeks Deeds are prepared for each ownership segment Developer disclosure—10 days to cancel Time-share ownership Interval ownership—fee simple ownership Right-to-use—leasehold interest Ch. 721, F.S.
Mortgage Broker Statutory definition Natural person 18 years of age Application 75 on mortgage broker state exam 24 hours of classroom education. Fingerprints
Mortgage Brokerage Business Statutory definition Unlicensed owner, CEO, or director Acting like a broker Does not make, close, commit, or service No net worth requirement
Mortgage Brokerage Business Commitments and lock in rates good faith estimate Principal Broker One Year Requirement Two year period Six month inactive
Correspondent Lender Statutory definition—Must be Formed Entity August 31 of even numbered years Inactive status for six month net worth of $25,000 $10,000 surety bond Service mortgage loans for 4 months Institutional Investors only
Mortgage Lender Statutory definition—Must be Formed Entity August 31 of even numbered years Inactive status for six months net worth of $250,000 $10,000 surety bond Service mortgage loans indefinitely Institutional or Noninstitutional Investors
You can always work down the chain (Never Up) Mortgage Lender | Correspondent Lender | Mortgage Brokerage Business
DFS Definition of Immediately Seven Business Days
Rules Brokerage & Lending Transaction Journal name, application date, disposition, and lender Multiple Interests Usury High cost” The APR exceeds by more than 8% Points + fees payable exceed both 8% and $499
Rules Investigation & Punishments Pattern of misconduct Subpoena duces tecum non-mortgage related conviction = Restoration of Rights mortgage-related conviction (Restoration + Rehabilitation)
Prohibited Practices Advertising – 3 types of fraud Federal government affiliation Act as a licensee without a license 3 types of Fraud Net Worth Issues
The ABC’s of Record Keeping Advertising2 years Books, accounts, records3 years Continuing education4 years
Two Types of R E Licenses Broker A person who, for another and for compensation, performs real estate services Sales associate A person who performs real estate services under the direction, control, or management of another person Broker Associate A person who is broker-qualified but who desires to work under the direction of another broker is referred to as a broker-associate.
Complete FREC Course I 60 hours of instruction 3 hours end-of-course exam Passing score of at least 70 State-administered Sales Associate Exam Passing score of at least 75 Sales Associate Education Requirements
Age High school diploma or its equivalent Honest, trustworthy Disclose if convicted of crime or ever entered plea of nolo contendere Disclose if ever declared mentally incompetent Aliases-A/K/A Disclose if denied, or had a license suspended or revoked in another state Denied license or registration to practice a regulated profession Guilty of any conduct or practice that would have been grounds for suspension or revocation under F.S. 475 General License Provisions (Go ahead—look at the outline)
Successfully complete 100 classroom hours of Board-approved courses covering the topics required by the FREAB in subjects related to real estate appraisal. Submit a completed application, electronic fingerprinting, and appropriate fee. Submit a completed RE 2060-1 form with employment information. Registered Trainee Appraiser
Successfully complete 120 classroom hours of Board- approved courses with at least 15 hours of USPAP. Submit a completed application, electronic fingerprinting, and appropriate fee. Provide evidence of 2,500 hours of real property appraisal experience obtained over a 24-month period in real property appraisal by furnishing under oath a detailed statement of the experience for each year of experience claimed. Pass the Florida Certified Residential Appraiser examination with a 75. Submit a completed RE 2060-1 form with employment information. Certified Residential Appraiser
Successfully complete 180 classroom hours of Board- approved courses with at least 15 hours of USPAP. Submit a completed application, electronic fingerprinting, and appropriate fee. Provide evidence of 3,000 hours of real property appraisal experience obtained over a 30-month period in real property appraisal by furnishing under oath a detailed statement of the experience for each year of experience claimed. At least 50% (1,500 hours) of the claimed experience must be in nonresidential appraisal work. Pass the Florida Certified General Appraiser examination with a 75. Submit a completed RE 2060-1 form with employment information. Certified General Appraiser
Hold a License. Pass the Appraiser Instructor Examination with a 75. Submit a completed RE 2060-1 form with employment information. Appraiser Instructor
There is no License Certification possible ASHI NAHI Inspectors
Metes-and-Bounds Descriptions Metes refers to distance Bounds refers to direction Point of beginning Starting reference point, POB, and then calls each boundary line in succession until the last boundary closes the parcel by returning to the POB The POB should be a permanent marker located at one of the property corners and tied in, or referenced to a permanent monument
Government Survey System Used in Florida but not the original 13 states Also not used in Tennessee, Kentucky, West Virginia and Texas 36 Principal meridians and base lines Checks Guide meridians and correction lines Used to correct for earth’s curvature 24 miles square
Range and Tiers Range lines every six miles parallel to the principal meridian North-south strip called range Township lines every six miles parallel to the base line East-west strip called tier or township Six-mile-square called a township
Sections Each township contains 36 sections Numbering of sections within a township Section, township and range Locating sections Subdividing sections Calculating size
Lot and Block Numbers Description by recorded plat Blocks divided into lots Lot divisions and street locations Dedication of streets and parks Dimensions of lots Location of fixed monuments Referenced to government survey system Recorded by book and page number
Hazard Insurance Home Owner's Indemnifies loss resulting from physical damage to the property Anti-coercion statement Lender’s loss payable endorsement $1,000 or 1% of face amount of policy.
Title Insurance Qualifications There is no License Attorney can give “Opinion of Title” An underwriter The Statutes Ch. 626, F.S.