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.

02-07-2007

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:

The following information concerning the FREC and the FREAB was published in the January 18, 2002, March 22, 2002,  May 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, 2003,  April 25, 2003, May 2, 2003,  May 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 1^st of this year. Download a current copy of Chapter 475 here.        11-17-2003

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

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

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

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

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

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

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

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

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