Unique Areas of Florida Law

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Unique Areas of Florida Law
2010-10-28 15:05:38
Florida State Mortgage Exam

Florida State Mortgage Exam
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  1. What is Article 7, Section 6
    Florida Homestead Exemption
  2. Florida Homestead Exemption, what is the Article and Section
    Article 7, Section 6
  3. How is Homestead Exemption calculated?
    $25,000 deducted from a property's assessed value.
  4. What must a person hold in order to qualify for Homestead Exemption?
    • Possess title to real property
    • Bona fide Florida Residents living in the dwelling and making it their permanent home as of January 1st
  5. Florida Anti-Coercion Law
    the lender may not require the applicant to take (mortgage protection) insurance through any particular agent or company.
  6. What are the two theories in mortgages?
    Title Theory and Lien Theory
  7. When providing loan modification services, a licensee must first execute?
    written agreement with the borrower
  8. The loan Modification must include?
    • Name and address of the person providing the loan modification services
    • Nature and detail of each service
    • Total amount and terms of charges paid by the borrower.
  9. Once the borrower signs the Loan Modification Agreement, the licensee must provide the borrower a copy when?
    Within 3 hours