FRECI_7-7 - Lecture Preview Florida Real Estate Commission...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 7 – Lecture 7 Federal and State Laws Pertaining to Real Estate Copyright, 2004 2 Lecture Preview What will you learn from this lecture? The prohibitions and requirements of the Florida Fair Lending Act Federal and Florida laws pertaining to real estate development Copyright, 2004 3 Vocabulary Terms Subdivided land 4 Florida Fair Lending Act Prohibits lenders from engaging in high-cost home loan practices relative to a borrower’s principal residence A “high-cost home loan” is defined by U.S. Government criteria created under the Home Ownership and Equity Protection Act of 1994 (HOEPA) Copyright, 2004 5 Florida Fair Lending Act Not charge unreasonable points/fees Not be able to finance points/fees Refrain from refinancing w/in 18 months unless it clearly benefits the borrower (loan churning) Limit prepayment penalties to 36 months (if borrower elects the penalty)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

FRECI_7-7 - Lecture Preview Florida Real Estate Commission...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online