Two words people should understand are Prequalified and Preapproved. Buyers and Sellers should know the difference. It is important. I will quote the Consumer Financial Protection Bureau site: “Prequalification is a lender’s estimate of how much you could be eligible to borrow based on information you supply. Prequalification does not mean you will get the […]
HUD has been discussing changes to Reverse Mortgages for a long time. Many changes have already been introduced such as limits on the amount someone can receive in year one, waiting periods, etc. All of the changes are designed to protect consumers from making risky decisions. One procedure has been discussed since 1/13/2004 and promulgated […]
A California Homeowner Association (HOA) adopted a rule that homeowners who rented out their homes could not do so for periods of less than seven days. Moreover, the HOA imposed an annual fee of $325 on owners who rent out their homes. The purpose of the fee was to defray, at least partially, the extra […]
MLO’s in California can be licensed in three categories. FDIC – The Big Banks like Wells Fargo and Bank of America; DBO – Formerly the Dept. of Corporations; CalBRE – Formerly the Dept. of Real Estate. Did you know that the Federal Requirements for Education and Exams vary for these groups? FDID originators have no […]
I strongly recommend that Associates check their Status Sheet regularly. You might find some Agency error, and people checking the files would think that you had been disciplined in the past. One point about the files: For licensees who have had their license a long time, the date of licensing will say, “Unofficial-taken from secondary […]
As an approved Sponsor (0054) of CalBRE License Renewal Courses for many years, we have heard many questions from licensees considering their renewal options. There is much confusion about some of the nuances of the Regulations, so I am doing this Question and Answer article. Hopefully, it will answer some of your queries so you […]
Suppose an arbitration award is based on the arbitrator’s erroneous understanding of the law. Then you appeal the award and get it reversed, right? Probably not. Courts are extremely reluctant even to hear appeals of arbitration, much less to reverse them. A recent Federal Court case ( Sotheby’s International Realty v. Relocation Group, U.S. Court […]
In a previous post I stated that each year David Knox from the Twin Cities is one of my favorite instructors at the National Association of Realtor’s Convention. Why? He is quick, witty, does outstanding voice impressions, has excellent content for sales persons, energetic and charming, etc. etc. etc. It is a pleasure to watch him operate. […]
Had to have a rental re-keyed today. The locksmith handed me the old key, and I proceeded to drop it. Of course, it bounced once off of the counter and went right into the garbage disposal. No key anymore. It was clearly there, but our hands were too large to reach in and get it. […]
This makes three Property Management articles in a row. Why? Well, I am starting to organize a new 15 Hour Property Management course for State Approval, so my mind is on PM matters. Now, I have to start organizing and stop procrastinating. Whenever I read a document, I note what is given emphasis by type […]
