Florida offers Temporary Real Estate Licenses to Military Spouses

The state of Florida offers temporary Real Estate licenses to spouses of Active Duty members of the Armed Forces who relocate to Florida, provided they have an active real estate license in another state.

  The applicant’s spouse must be on active duty and assigned to a duty station in Florida, and this license is not renewable.  It is a one time only offer, valid for six months, and the applicant must be living in the state of Florida to qualify.

 Formal application process applies, and a background check is mandatory for all licensees in the State of Florida, including electronic fingerprinting that is scanned through the Florida Department of Law Enforcement and Federal Bureau of Investigation.

This affords the applicant who wishes to continue practicing real estate in Florida the opportunity to  use this six month period to acquire their Sales Associates License in Florida.   Applicants must be married to an active duty member of the Armed Forces of the United States. Applicants must provide a copy of their military dependent ID card.

 Applicants must hold a valid license for the profession in another state, the District of Columbia, any United States territory or possession, or a foreign jurisdiction.  Applicants are required to provide a copy of the certificate of licensure and a copy of the statutes and/or rules that define the scope of work for the current license.

 Applications for this license are not available online.  To download and print the application, go to website or call 850-487-1395 to speak to the Call Center for the Florida Department of Business and Professional Regulation (DBPR).

 If you have any questions about a career in real estate in Florida, please call or email me, or visit my website.  If you have any questions about the licensing process, the Division of Real Estate has answers to Frequently Asked Questions as well as a complete Candidate Information Booklet to guide you through the process of getting your license.  To apply for a real estate license in Florida, follow the link to the license application.

Nature Coast Real Estate School is located in four convenient locations in Pasco and Hernando Counties in Florida and serves the Real Estate licensing needs of Pasco and Hernando Counties.

 

Real Estate Investors Beware of the New Regulations affecting Owner Financing

Real Estate Investors who offer Owner Financing to credit challenged purchasers or to other investors who had reached the maximum amount of institutionally financed mortgage loans BEWARE. Your ability to offer relief to these potential home purchasers has  been caught in the Federal Government's regulation of the Mortgage Industry.  The Consumer Financial Protection Bureau (CFPB) has issued its Loan Originator Rule to implement the new Dodd-Frank requirements, and you may now be classified as a loan originator under the Rule.

Effective January 10, 2014, this Rule applies to sellers of residential dwellings who finances the buyer's purchase may be considered a "loan originator" under Dodd-Frank and required to comply with certain Truth In Lending Act (TILA) rules and disclosures, unless the seller is entitled to one of two exclusions in the Rule:

"One Property Exclusion" where Seller finances only ONE property in any 12 month period, AND:

• The Seller owns the property and is a "Natural Person", a Trust or an Estate AND
• The Seller did not construct or act as the contractor for the construction of the residence on the property in the ordinary course of business; AND
• The financing does not result in negative amortization; AND
• The financing has a fixed rate or an adjustable rate that does not adjust for the first 5 years and is subject to reasonable annual and lifetime rate adjustments limits.

OR

"Three Property Exclusion" where seller finances no more than THREE properties in any 12 month period, AND:

• The Seller is a Natural Person or Organization (Corporation, LLC, Partnership, Trust, Estate, Association, etc) AND
• The Seller did not construct or act as the contractor for the construction of the residence on the property in the ordinary course of business; AND
• The loan is fully amortized, specifically there is no balloon payment or negative amortization; AND
• The financing has a fixed rate or an adjustable rate that does not adjust for the first 5 years and is subject to reasonable annual and lifetime rate adjustments limits., AND
• The Seller determines in good faith that the buyer/borrower has the reasonable ability to repay the loan

The Florida Bar and the Florida Realtors Legal Department have created a Seller Financing Rider (aka Purchase Money Mortgage) Rider to the Residential Contract for Sale and Purchase which is compliant with the Dodd-Frank Act regarding the types of Seller Financing permitted.  The Seller Financing options are clearly outlined in the Rider and NO OTHER OPTIONS ARE PERMITTED under Dodd-Frank. Sellers and Buyers of Seller Financed homes are urged to use a Realtor who is knowledgeable in Seller Financing Rules and utilizes the approved Seller Financing Rider (CR-3 Rev 9/14).

If you are an investor who hold or have held private mortgage notes, you are strongly urged to seek advice of Legal Counsel to determine if you  meet the exclusion criteria and your the financing you are considering offering is compliant with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

This is not, nor is it meant to be a complete list of the qualifying criteria under the Rule.  Even if the investor qualifies under the exclusion, the Purchaser is still a Consumer receiving Consumer Credit  and other compliance issues remain.  It is important to have a competent Real Estate Attorney involved in the closing for the protection of all parties. 

For information on obtaining a real estate license or are considering a career in Real Estate and live in the Tampa Bay area, Contact Nature Coast Real Estate School's website for our schedule of classes.

Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have FOUR convenient locations to serve the Real Estate Licensing needs of Pasco and Hernando Counties:

78 Commerical Way, Spring Hill  

2715 Forest Rd, Spring Hill 

11923 Oak Trail Way, Port Richey

2144 Seven Springs Blvd, Trinity 

For more information on the location and class preparation, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com.  

Does the Listing Agent Have to Disclose Multiple Offers?

Whether or not the listing agent has to disclose to the buyer's agent that fact that they are competing with other offers on the same property is a topic of hot debate in the real estate community.  

As a 25 year veteran in the real estate business and knowing in a sellers market I may be competing with other offers, I ALWAYS ask two specific questions.  I ask if there are any other offers on the table.  If the answer is no I ask that if another offer comes in I be notified so that my buyer can present their highest and best offer.  If the answer is yes, then I can inform the buyer that they may not be receiving a counteroffer and to make their best offer.

When I was in Professional Standards committee training for my local Realtor Association a couple years ago the question arose: "If you notify one agent that there are multiple offers, are you bound to notify everyone involved in the transaction?"  According to the Legal Team of the Florida Realtors Association the answer was no, not necessarily.  This is a very good reason why using an experienced and well trained licensee works in a buyer's benefit.  Cooperating agents should always know to ask the listing agent if other offers exist before presenting the buyer's offer.

The March/April edition of Realtor Magazine addresses the issue of Ethics and disclosing multiple offers.  According to the Code of Ethics article two conditions must be met before a listing agent has to disclose multiple offers: the seller is required to give permission and the buyers or cooperating agent is required to ask the agent to disclose whether there are other offers.  The same two conditions apply if the cooperating agent wants the listing agent to reveal whether the offers were from the listing broker or other cooperating brokers.  

Realtors are required to abide by the National Association of Realtor Code of Ethics and the Code sited in this instance was Article 1, Standard of Practice 1-15 and 1-13(5)

·   Standard of Practice 1-15

Realtors®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, Realtors®shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)

·   Standard of Practice 1-13

When entering into buyer/tenant agreements, Realtors® must advise potential clients of:

5)    the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

For information on obtaining a real estate license or are considering a career in Real Estate and live in the Tampa Bay area, Contact Nature Coast Real Estate School's website for our schedule of classes.

Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have FOUR convenient locations to serve the Real Estate Licensing needs of Pasco and Hernando Counties:

78 Commerical Way, Spring Hill  

2715 Forest Rd, Spring Hill 

11923 Oak Trail Way, Port Richey

2144 Seven Springs Blvd, Trinity 

For more information on the location and class preparation, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com.