1 / 37

Contact Info

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

howek
Télécharger la présentation

Contact Info

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Contact Info Matt@ProfWest.com 407-925-8261 Cell 407-678-9111 Work http://www.ProfWest.com

  2. 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

  3. Homestead Ch. 196, F.S. • 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)

  4. Severalty and Co-ownership • Severalty—one owner • Co-ownership—co-owners or concurrent owners • Tenancy in common • Joint tenancy • Tenancy by the entireties

  5. Tenancy in Common • Any number of people • Equal or unequal shares (undivided) • Same or different times • Heirs inherit (No Right of Survivorship)

  6. 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

  7. 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

  8. 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”)

  9. Cooperative Ch. 719, F.S. • 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

  10. Condominium Ch. 718, F.S. • 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

  11. Time-Sharing Ch. 721, F.S. • 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

  12. Mortgage Broker • Statutory definition • Natural person • 18 years of age • Application • 75 on mortgage broker state exam • 24 hours of classroom education. • Fingerprints

  13. 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

  14. Mortgage Brokerage Business • Commitments and lock in rates • good faith estimate • Principal Broker • One Year Requirement • Two year period • Six month inactive

  15. 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

  16. 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

  17. You can always work down the chain(Never Up) • Mortgage Lender | • Correspondent Lender | • Mortgage Brokerage Business

  18. DFS Definition of Immediately Seven Business Days

  19. 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

  20. Rules • Investigation & Punishments • Pattern of misconduct • Subpoena duces tecum • non-mortgage related conviction = Restoration of Rights • mortgage-related conviction (Restoration + Rehabilitation)

  21. Prohibited Practices • Advertising – 3 types of fraud • Federal government affiliation • Act as a licensee without a license • 3 types of Fraud • Net Worth Issues

  22. The ABC’s of Record Keeping • Advertising 2 years • Books, accounts, records 3 years • Continuing education 4 years

  23. 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.

  24. Sales Associate Education Requirements • 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

  25. General License Provisions (Go ahead—look at the outline) • 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

  26. Registered Trainee Appraiser • 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.

  27. Certified Residential 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.

  28. Certified General 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.

  29. Appraiser Instructor • Hold a License. • Pass the Appraiser Instructor Examination with a 75. • Submit a completed RE 2060-1 form with employment information.

  30. Inspectors • There is no License • Certification possible • ASHI • NAHI

  31. 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

  32. 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

  33. 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

  34. Sections • Each township contains 36 sections • Numbering of sections within a township • Section, township and range • Locating sections • Subdividing sections • Calculating size

  35. 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

  36. 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.

  37. Title Insurance Qualifications Ch. 626, F.S. • There is no License • Attorney can give “Opinion of Title” • An underwriter • The Statutes

More Related