By Kerry Smith The federal oversight group said Risk Rating 2.0 is an improvement, but it suggested a number of changes, including greater transparency on how rates are calculated. WASHINGTON – The U.S. Government Accountability Office (GAO), sometimes called the “congressional watchdog,” completed a study of the National Flood Insurance Program’s (NFIP) recent update, Risk Rating 2.0. In the report, the GAO said the Federal Emergency Management Agency (FEMA), which oversees NFIP, has two conflicting goals that are often at odds with each other – providing flood insurance to Americans at a reasonable cost while making sure owners’ premiums cover
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By Rebecca San Juan Census Bureau: Miami-Dade and Broward lost residents 2020-2022, even as the state grew 3%. Some residents moved to less populated Fla. metros; some left the country. MIAMI – Miriam Merino’s life might cause anyone to think she enjoyed the best of Miami-Dade County. On her $400,000 real estate salary, she said she could afford weekly dinners at The River Oyster Bar and the latest $6,500 Santa Cruz Tallboy Mountain bike to ride on her next adventure in Costa Rica’s Vuelta al Lago Arenal or Oleta River State Park in Miami. She traveled around the globe and
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By Michael Iakovou and Olivia Piluso Florida charges a transfer fee – a documentary stamp tax – on most real estate transactions, but there are exceptions. What is it, when is it applied and how much is charged? Read on. ORLANDO, Fla. – What is transfer tax? Transfer tax is a tax imposed on the seller during a conveyance of property. In Florida, transfer tax is referred to as a documentary stamp tax. So, what do you need to be aware of when it comes to Florida’s real estate transfer tax, primarily as it relates to transfers between private parties?
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By Vicki Munson An appeals court agreed with a lower court’s decision: Zillow’s use of VHT photos was copyright infringement. Agents often hire VHT to take property photos, but the allowable use of those photos is generally spelled out in a contract. SEATTLE – An appeals court upheld VHT’s rights to control use of its copyrighted photos and in a lawsuit – VHT Inc. V. Zillow Group Inc. – ordered Zillow to pay $2 million in damages. The owner of any photo that appears online enjoys copyright protection of that image. Anyone that copies a photo and uses it, even
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By Shannon Allen A Realtor completed a professional apartment-building property appraisal on behalf of the seller, and the valuation was used to negotiate a final price with the buyer. But the seller later filed an ethics complaint because the Realtor managed the buyer’s properties. Is it an ethics violation? ORLANDO, Fla. – Dear Shannon: I’m a long-time Realtor and property manager in a challenging situation – a complaint has been filed against me. I was hired by a seller to appraise an apartment building they wanted to sell. To determine a fair price, the buyer and seller agreed to get
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