Updated: 02-05-2009

 Past Commission News | Previous Rule Changes

New Disclosure Form

Effective January 1, 2009, Florida Statute 718.503(2)(a) requires that an additional disclosure be given by a non-developer seller of a condominium unit. The new disclosure is referred to as a governance form. The governance form summarizes the role of the board of directors and the rights of the unit owners. The form (actually a 5-page document) is provided by the Division of Florida Condominiums, Timeshares, and Mobile Homes. The governance form can be downloaded at http://www.myflorida.com/dbpr/lsc/documents/GovernanceForm.pdf


S Corporations

IRS regulations recently increased the number of stockholders allowed in S corporations from 75 stockholders to 100 stockholders. A husband and wife count as a single shareholder without regard to how they hold their shares. Publication IRS Form 2553 Instructions explains the tests required to elect to be an S corporation. To download the publication, go to: http://www.irs.gov/pub/irs-pdf/i2553.pdf.

You can verify the change by going to the Web link above. Please use this information to update page 33 of your Broker textbook, Florida Real Estate Broker’s Guide.


Q & A Now Required for Condo Resales

SB 2984 amended 718.503, F.S. requiring unit owners who are not developers to provide a question and answer disclosure document to prospective condominium purchasers, effective October 1, 2004. The bill states:

718.503 Developer disclosure prior to sale; NONDEVELOPER DISCLOSURE.--

a) Each unit owner who is not a developer as defined by this chapter shall comply with the provisions of this subsection prior to the sale of his or her unit. Each prospective purchaser who has entered into a contract for the purchase of a condominium unit is entitled, at the seller's expense, to a current copy of the declaration of condominium, articles of incorporation of the association, bylaws, and rules of the association, and a copy of the financial information required by s. 718.111, and the document entitled "Frequently Asked Questions and Answers" required by s. 718.504


Lien Act

The Florida Commercial Lien Act legislation was vetoed by Governor Jeb Bush on June 23, 2004.        06-24-2004

Florida Administrative Weekly

The following information concerning the FREC and the FREAB was published in the January 18, 2002, March 22, 2002May 31, 2002, July 19,2002, August 9, 2002, September13, 2002, September 20, 2002, October 11, 2002,January 24, 2003, February 14, 2003, February 21, 2003, April 11, 2003April 25, 2003, May 2, 2003May 9,2003, June 13, 2003, June 20, 2003, August 1, 2003 and  February 13, 2004 issues of the Florida Administrative Weekly.     03-07-2004

Revised Chapter 475

Chapter 475, Florida Statutes, has been updated to include the changes that went into effect on July 1st of this year. Download a current copy of Chapter 475 here.        11-17-2003

Law Changes Effective July 1, 2003

Edward O’Donnell has prepared a convenient table of recent law changes (effective July 1, 2003) that affect real estate. To download and print the table, click here.        6-30-2003

Proposed Rules on Distance Education

The Commission will be ruling on the proposed rule changes concerning distance education at the February 19 meeting.  The strikeout versions are available here: 61J2-3.008  --  61J2-3.009  --  61J2-3.010  --  61J2-3.020      2-17-2003

Buddy Johnson Leaves Real Esatate Division

Governor Bush appoints Buddy Johnson to server as the Hillsborough County Supervisor of Elections.       1-26-2003

Instructor Seminar Registration

The Division of Real Estate's registration form is available here for download and printing.        1-26-2003

Property Tax Law Amended -- HB165

Section 196.24, F.S., was amended to increase the property tax exemption for disabled ex-service members from $500 to $5,000. The ex-service member must be a bona fide resident of Florida and be at least 10 percent disabled while serving during a period of wartime service or by misfortune. The act takes effect on January 1, 2003.

The stikeout version is located here.     12-30-2002

Broker's Guide Update

Changes to the Florida Real Estate Broker's Guide -- 2002-2003 Update are now available.  Download here. 8-11-2002

Available to Instructors

When teaching the 28-hour reactivation course, instructors must teach the chapters that correspond with the required FREC syllabus sessions. Download from PPL's restricted access area a cross-reference of the FREC sessions to the appropriate chapters in Real Estate Principles, Practices & Law, 25th Edition.   1-13-2002

FHA Loan Limits are Increased

The U.S. Department of Housing and Urban Development (HUD) has increased the maximum loan amount covered by FHA-backed mortgages. Effective January 1, 2001, the maximum amount of a standard FHA mortgage rose 8.83% to $132,000. The loan limits for two-, three- and four-unit dwellings increased to: $168,936 for two-unit dwellings, $204,192 for three-unit dwellings and $253,776 for four-unit dwellings.

 Limits vary in local market areas, based on housing costs. A schedule of FHA mortgage limits by state and county are available at http://www.hud.gov/. You can download and print the pdf file. Florida counties are listed on pages 9 through 11 of the document.      2-5-2001

New Rule Change Available

Rule 61J1-6.001, Experience Requirement was amended effective October 1, 2000 and is available on the Rules Revision 2000 page.        9-27-2000

New Rule Changes Available

Four new strike out versions of rule changes are available here.  These rule changes are effective September 17, 2000.   9-17-2000

A Summary of  Reprint Corrections is available here for the Florida Real Estate Broker's Guide.     9-17-2000

The Florida Real Estate Broker's Guide has an error in the answer key to the end-of-chapter questions for Chapter 10. The answer to question 9 should be C (not A).         4-17-1999

The Florida Real Estate Broker's Guide has two errors in the answer key to the end-of-chapter questions for chapter 13. The answers to questions 9 and 12 should be C.        3-29-1999

A sample escrow reconcilation problem, escrow reconcilation form and answer key are available in Wordperfect 6.1 format for you to copy and incorporate in your broker course.  ESCROW.WPD (33919 bytes)         2-11-1999

Reviewers are needed for the real estate textbook series.  If you would like to be a reviewer, please send your name, address and telephone number to support@dearborn-fla.com. 2-1-1999

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