periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. the percentage of value or sales price that a lender is willing to finance. Money that has value because the government has ordered that it be accepted in payment of debts. Suppose that the battery life in both cases follows an exponential distribution. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. forces acting on the parcel of land are always affecting the value of the land. The U.S. Real Estate Salesperson National Prep Exam 1.docx. Flood maps & \text{j. Theprocessofproducingaccounting2. Value, Income, Return. TILA, FCRA, RESPA, ECOA. value added to improvement exceeds the cost of improvement. Gross Rent Multiplier. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. b) What confidence level did the pollsters use? A break in this line would create a cloud on the title. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. * whole # by denominator Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. & \text{$\quad$productive and will help a business}\\ 2. major functional obsolescence maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion Earn or renew your Home Inspector license. Create flashcards for FREE and quiz yourself with an interactive flipper. 7. Buildings are not typical of the area CFPB implemented. any change in the ownership of relationship property. A rookie quarterback is negotiating his first NFL contract. Take your license further with a Designation or Certification. Passed by Congress in 1968. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. initial truth in lending disclosure. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. examining of the public records and constructed a chain of title and an abstract of title. a type of appraisal review. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages \end{array} when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. 2.amount of any payment history or list of all owners back to the sovereignty of the soil, you want this one. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation The government's right to tax real estate. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. Demand falls by more than supply rises. (Most reliable), Reduction in value from deterioration or obsolescence. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. Managerialaccounting9. transferring funds to a title co for disbursement when loan is approved. Havingenoughcashavailabletopaydebtswhentheyareduec. transfer of title that is a free act of the grantor. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. ___________ 8. interest rate a reserve bank charges eligible financial institutions to borrow money short term. a. Borrowers are rated A-F with a prime borrower having an A rating. & \text{$\quad$economic entity}\\ cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. seller is willing to take part or all of equity in the form of a note. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. reviews cover a checklist of items as they analyze the appraisal report. 21 pages. & \text{g. An information system that measures,}\\ Payments are guaranteed, and they would be made at the end of each year. The most probable price a property should bring in a competitive and open market. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. Married limit is 500k. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. ___________ 14. a type of appraisal review. whichever one is lower LTV Loan-to-Value Ratio ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. promotes home ownership. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. transferring real estate to the state when a person dies without heirs. 1. He has been offered three possible 4-year contracts. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. These are the 4 rights of land. ___________ 1. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. partially amortized loan with final payment substantially larger than the others. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. The percentage of value or sales price that a lender is willing to finance. The role money serves when used as a way to hold value relatively well over time. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. How do I get a Texas Real Estate License? addition or amendment to an existing will. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. Bank owns it now. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 9. 3. 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. borrowers provide basic information like income, debt, and credit history. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. \text{2. deffence against claims which have arisen suring grantor ownership. The loss in desirability of the style, layout, or function of an element of a property over time. Assets that are easily converted to cash. 6. 7. Profitability} & \text{$\quad$information for the internal use of a}\\ loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. |---|---| all consumers are given a equal chance to obtain credit. \text{1. The role money serves when it is used as a standard measure to set prices and make economic calculations. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. Frequently asked questions lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. & \text{$\quad$to spend capital in ways that are}\\ Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. Financingactivities5. secured property may be sold ti satisfy the unpaid promissory note. 40 pages. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. 2. 5. Sketch of floor plan Adequate consideration Permits additional borrowing on the same note and mortgage. & \text{f. The ability to earn enough income to}\\ Financialaccounting8. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Real estate prices in Germany remain the same, although overall sales are declining. If Market is flooded values will be flat. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. right of govt to take private land for public use. Analysis of market data Loss of value of a building from its reproduction cost, resulting from wear and tear over time. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. The percentage of value or sales price that a lender is willing to finance. You can do it, we can help! 5. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Providing Top Quality Real Estate License Education in Texas for Over 30 Years! (1) The Sales Comparison Approach However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. The reduction in value of property from causes such as deterioration or obsolescence. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. Eminent Domain Operating income and expense statements Investingactivitiesdebtswhentheyaredue6. history or list of all owners back to the sovereignty of the soil. The money that mortgage companies use to make loans comes from the sale of __________. It basically insures the difference between the borrower's down payment and LTV. 5. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. only legal for personal property. Here is what they had to say! when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. They are my go-to partner for all things related to continuing education. permits additional borrowing on the same note and mortgage. Once the loan is closed it is sold to another lender. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. According to this principle, the value of The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. in 1968 was established as private company,operates with private capital on a self sustaining basis to enhance the flow of funds in the secondary market. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. The loss in a property's value due to daily wear and tear. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. most conveyances are voluntary. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. Neighborhood description fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. ___________ 6. It was signed into law by President Barack Obama in May 2009. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. The process of producing accounting}\\ Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. There is no membership needed. The staff at Champions School is top notch! Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Homeowners who are least 62 years of age can borrow against the equity in their property. various equations can calculate what investor is looking for. Another Name for environmental or economic obsolescence. Consumer Financial Protection Bureau (CFPB) enforces what Acts? \text{3. Under what conditions would the traditional yield spread be close to the static spread? 4. Identify the term that best fits the following description - to force out or push out. type of insurance required when the LTV exceeds 80%. & \text{$\quad$makers outside the organization}\\ divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Helen Fortier February 10, 2022 The legal use that gives the greatest return in money and/or amenities. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. The program offers 100% financing (no down payment) for qualified borrowers. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. The value of a property may be affected by social, economic, governmental and environmental influences. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. ___________ 12. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. Independent third-party appraiser will review the report, then verify the information. Title remains with the lender until the loan is repaid. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year many lenders, especially high LTV loans, will order a field review of the appraisal. + result to numerator some lenders accept this drive-by type of review for low LTV or low risk loans. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. Improvements to site doesn't indicate that they are legal owner, The government is the original owner of all land. 10. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested.
champions school of real estate principles 2 quizlet
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