08.30.06
Posted in Value of a title searcher at 4:04 pm by Jeanne
The Michigan State Financial and Insurance Services Department has issued a bulletin stating that “any insurance policy or product purporting to offer coverage related to possible liens against or defects in real estate title or purporting to cover any other risk identified in the Insurance Code definition of title insurance is classified as title insurance, regardless of the name under which the policy or product is marketed to consumers.”
And so the battle goes on, state by state, to retain the system of title insurance that has worked so well to protect both lenders and owners.
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08.28.06
Posted in Real Estate fun at 8:44 pm by Jeanne
The Village of 100
If we could shrink the world’s population to a village of precisely 100 people, with all existing human ratios remaining the same, it would look like this:
· There would be 57 Asians, 21 Europeans, 14 from the Western Hemisphere (North and South) and 8 Africans
· 51 would be female; 49 would be male
· 70 would be non-white; 30 white
· 70 would be non-Christian; 30 Christian
· 50% of the entire world’s wealth would be in the hands of only 6 people and all 6 would be citizens of the United States of America
· 80 would live in sub-standard housing
· 70 would be unable to read
· 50 would suffer from malnutrition
1 would be near death; 1 would be near birth
· Only 1 would have a college education
· No one would own a computer
When one considers our world from such an incredibly compressed perspective, the need for both tolerance and understanding becomes glaringly apparent.
Mark E. Winter, Representative, Title Insurance Underwriters Section of ALTA, began his speech to the Minnesota Land Title Association with the thoughtful writing above. Author unknown.
Thank you Mr. Winter for sharing your thoughts with us, and allowing us to republish such a powerful document for reflection.
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08.27.06
Posted in E-recording at 1:17 pm by Jeanne
Electronic Recordings in Minnesota are a reality.
A presentation and panel discussion by five people representing both the public and private sectors, demonstrated that e-recordings in Minnesota are alive and well. Mike Cunniff of Hennepin County, Geri Kane of Stewart Title, Rick Kvien of Roseau County, Gail Miller of Renville County and Rob Reitz of First American Title gave powerpoint presentations on the 3 models of e-recording and their status in Minnesota, followed by an informative Q&A session. Many were stunned at the speed of its progress, the commitment to making e-recording happen, and most of all, the amazing co-operative effort between the public and private sectors to so rapidly develop and implement a technology designed to work for all of us.
The lively discussion during the Q&A gave us a glimpse into the future, of both the benefits of the technology, and the many looming problems that will be encountered as the technology proceeds.An example is the proverbial “race to the courthouse” issue. Whose document will be recorded first, the attorney standing at the counter, or the Bank with an e-recording?
We will all be keeping an eye on this one.
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08.09.06
Posted in Real Estate fun at 2:03 pm by Jeanne
Thanks to my friend Edith Lank for the following Blog item.
PASSING THE STATE EXAM
Edith, Hi. How are you? I purchased your new 8th edition Modern Real Estate New York State license book a few weeks ago for my sales course. I am quite overwhelmed with the book though. What chapters are needed or required for the NY State license exam? My instructor said 1-18. That is a lot of chapters to know. What do we really need to know to pass the state exam? Email me back when you can. Thanks! Jason
And I answered:
“Your instructor is right. The first 18 chapters of the book cover material the state wants you to know before you get your first real estate license. The rest of the book is useful as a reference when other matters come up, but those later chapters are intended for the more advanced brokers’ course.”
So he emailed back:
Edith, Hi again! My instructor and professor for the class is not that good. He is not even a real estate sales or broker agent. He is a real estate lawyer. So you need to know chapters 1-18? That is a lot of chapters to read and know. What information and definitions do you need for the state license exam? I don’t know how much of those chapters I “really” need to know. There is way too much information in them. I have the study guide also. Is that the most important information? Enough to pass? — Jason
I have always sent an individual response to every reader letter. So I answered again:
“That real estate lawyer is just the person to help with the technical material you need to know. After you get your license, your supervising broker will teach you practical applications and the marketing business in general.
“The course isn’t meant just for passing the state exam. You need the information so you can safely assist buyers and sellers with important financial decisions.”
Edith: Thanks for the information! What did you think of this web site, New York real estate license professor? I am thinking of subscribing to it. I can’t remember all 18 chapters though. Is the study guide enough to review from? The one that goes with your book. Email me back when you get this message. What is most important from those 18 chapters?—Jason
I tried again: “That web site offers Internet training, most of it not specific to New York. Extra study is always valuable, but it can’t be substituted for the course required by the state. As for those 18 chapters that worry you so: your instructor will tackle them one at a time, and you can learn the material bit by bit. Don’t look ahead too far and perhaps you’ll feel more comfortable. Each chapter ends with a brief summary of the main points. That should be helpful, along with the list of key terms, the new vocabulary to learn with each chapter.”
Hi. I will review your book. Chapters 1-18. I think the internet site is good also. I will join that. I have one more question for you. How is the study guide to review the most important information? Did you write that also? Thanks! Jason
Well, I really do answer every email and letter, but–gentle reader, I have to confess I didn’t answer that one. Enough is enough. And it didn’t stop him anyhow:
Edith: Did you get this last email OK? I did not hear back from you yet. So I don’t know if you got it. I need to get more information from you about your book and the real estate course. So that I can pass the sales exam. Email me back when you get this message. Thanks!—Jason
Because the whole thing gave me a chuckle, I printed part of the exchange in a column, and what’s interesting is that many people wrote in with exactly the same career advice for Jason. A few samples:
ADVICE FOR JASON
Dear Edith: I am just amazed at Jason’s inability to read or comprehend your answers to his questions. Buckle up, lad, sit down with a nice can of Pepsi and read chapters 1-18 if you would like to join the ranks of real estate agents. If your emails are any indication of your reading comprehension, please choose another field of interest.– C.
Edith: Perhaps Jason could get a job on one of those late night shows where he might be good at stand-up comedy.–W.
Dear Jason, A career in real estate would be a disaster for you and anyone unfortunate enough to rely on you. You need to find some other career better suited to your abilities, although I can’t think what that could be. –M. R.
Excerpted from I’ve Heard It All and So Should You: Confessions of a Real Estate Columnist, by Edith Lank, copyright © 2007. Available November 2006: Call 800/621-9621 to pre-order your copy.
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08.05.06
Posted in Mortgage Problems, Mortgage and title Fraud at 1:15 pm by Jeanne
http://www.insurancejournal.com/news/midwest/2006/07/28/70859.htm
Insurance Journal - July 28, 2006
At a rate of about three a day, state Commerce Department regulators have been posting enforcement actions against insurance agencies and companies, real estate agents, mortgage originators, security brokers and others. In response the Minnesota Department of Commerce is planning a major outreach to warn consumers when insurance agents in their area have run afoul of the law.
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Posted in Important new HUD program changes at 12:38 pm by Jeanne
This is the press release on the important new changes in FHA lending guidelines.
http://www.hud.gov/news/release.cfm?content=pr06-088.cfm
HUD’s Homes and Communities Page (http://www.hud.gov) is a clearinghouse of information and services about homes and communities for citizens and for HUD’s current and potential business partners. It’s designed to empower citizens and business partners by giving them what they want, when they want it, in ways that make sense to them, so they can solve their own problems and achieve their objectives.
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