ZZZZzzzzz…. I studied all weekend for my Florida Broker license renewal, due in two weeks (why wait?). The reading material started out as a snore-- rules, regulations, fines and statutes. But I woke up and learned some interesting, unusual and cool facts about real estate:
Did you know?
1. Benjamin Franklin started the first insurance company in the United States in 1752. He formed the Philadelphia Contribution for the Insurances of Houses from Loss by Fire. He was a really smart man!
2. Only 58% of real estate companies have Errors and Omissions Insurance to cover negligent acts of their agents (I find that incredible).
3. The biggest cause of Errors and Omissions claims is “misrepresentation”. You said it wrong, or didn’t say it when you should have. Don’t do this.
4. Owners can get title insurance to cover 29 extra risks for 10% more than the a regular title premium, called Florida 9 Endorsement. Lenders always get it. I think owners should, too. Covers things like previous owner permit violations, encroachments, lack of physical access to the property (versus legal access) and more. Hmmm, maybe your home is now surrounded by a moat?
5. Florida foreclosures - the superior liens are property taxes, special assessment liens and federal real estate taxes, to be paid before mortgages.
6. More than 65% of Florida real estate agents have sold at least one property to a foreign investor. Have you?
7. If you receive $10,000 in cash from a buyer for one sale or two or more related sales in a year, you must report this to the IRS… It’s because of the Bank Secrecy Act!
8. If you think there has been money laundering in one of your sales you must report it to the IRS and use Form 8300. Bank Secrecy Act again. But then, you might want to call the FBI, too!
9. Flood insurance from the National Flood Insurance Program is NOT guaranteed replacement value, it’s just the coverage limit. By the way, that old jalopy you're working on in the garage that floats away in a storm is not covered!
10. The first “Earth Day” was April 22, 1970….. ZZzzzzzzzzzzzz!
Anyway, tomorrow I send in my test so wish me luck!
It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Wendy's Destin Real Estate Blog Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
