contact info [email protected] 407-925-8261 cell 407-678-9111 work
TRANSCRIPT
Estates and Tenancies:Freehold
Estate—the degree, quantity, nature, and extent of the bundle of rights
Freehold estate - an indefinite periodFee 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
Possession—undivided
Interest—equal
Title—acquire title on same deed
Time—acquire interests at same time
Specific wording must provide for survivorship
Tenancy by the Entireties
Husband and wifeCo-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 stockProperty 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.
CondominiumCondo documents
DeclarationBylawsSurvey (Map)Conveyance
Question and Answer Sheet to buyersOperating budget, fees, agreement for resale of a unitDisclosure 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 weeksDeeds are prepared for each ownership segmentDeveloper disclosure—10 days to cancelTime-share ownership
Interval ownership—fee simple ownershipRight-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 LenderStatutory 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 LenderStatutory 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
RulesBrokerage & 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
RulesInvestigation & 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
Advertising 2 yearsBooks, accounts, records 3 yearsContinuing education 4 years
Two Types of R E Licenses
BrokerA person who, for another and for compensation, performs real estate services
Sales associateA person who performs real estate services under the direction, control, or management of another person
Broker AssociateA 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 I60 hours of instruction
3 hours end-of-course exam
Passing score of at least 70
State-administered Sales Associate ExamPassing score of at least 75
Sales Associate Education Requirements
AgeHigh school diploma or its equivalentHonest, trustworthyDisclose if convicted of crime or ever entered plea of nolo contendereDisclose if ever declared mentally incompetentAliases-A/K/ADisclose if denied, or had a license suspended or revoked in another stateDenied license or registration to practice a regulated professionGuilty 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 possibleASHI
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 sectionsNumbering of sections within a township
Section, township and range
Locating sections
Subdividing sections
Calculating size
Lot and Block Numbers
Description by recorded platBlocks divided into lotsLot divisions and street locationsDedication of streets and parksDimensions of lotsLocation 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.