16 pages. Demand rises and supply is constant. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. looks like a deed. promotes home ownership. \text{5. Began in 1938 federal agency. various equations can calculate what investor is looking for. \end{array} The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. insures most protection, any changes to the ownership of real property. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. Anything that is widely accepted in exchange for goods and services. 4. amount of any finance charge. 5. Highly recommended and I will continue to use Champions! 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. Profitability3. Exam-Federal 1-A2. zoning, highways. limits interest rate over the lifetime of a loan. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. 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. small investors to invest in larger commercial properties. tenancy of will They are my go-to partner for all things related to continuing education. the percentage of value or sales price that a lender is willing to finance. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. residential property is depreciated over how many years? 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. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. 5. Texas Principles 2 Q & A - Champions School of Real Estate 1. (Most reliable), Reduction in value from deterioration or obsolescence. The value of a property may be affected by social, economic, governmental and environmental influences. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. 2.amount of any payment 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. rate doesn't change between offer and closing. very likely to be contested. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. Income approach Analysis Title remains with the lender until the loan is repaid. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. ___________ 11. borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. \text{8. all consumers are given a equal chance to obtain credit. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. ___________ 4. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . legal procedure where secured property is sold to pay unpaid note. A value for existing properties method for comparing similar properties to the subject property. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. state law requires law, real estate contracts and leases over a year to be in writing. Learning the principles and laws of real estate is Champions focus. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. & \text{f. The ability to earn enough income to}\\ sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 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. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Principles of Real Estate 1. limits how much a payment can increase/ decrease. Ethics10. ___________ 13. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. 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. 9. Match the following terms to the correct definitions. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. 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. oral/ deathbed will. & \text{j. Identify the term that best fits the following description - to force out or push out. 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. transferring funds to a title co for disbursement when loan is approved. Demand falls by more than supply rises. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. Purchases "pools" of mortgages. Eminent Domain Frequently asked questions Activities of management engaged to}\\ price a wiling seller will sell for & price willing buyer will buy. Accounting2. Earn or renew your Home Inspector license. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. The process of producing accounting}\\ Comprehensive Environmental Response, compensation, and Liability Act. Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers Real Estate Salesperson National Prep Exam 1.docx. homeowners who are at least 62 years of age can borrow against the equity in their property. respa applicable. The percentage of value or sales price that a lender is willing to finance. underwriter approval. Liquiditycompanysmanagement4. added to the index to calculate interest rates, teaser rate- lower rate offered initially. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. risk based pricing, no published rates. Theprocessofgeneratingandcommunicating10. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. combination of two or more properties into one. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. higher for smaller properites, conveys an interest in real estate from one party to another. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools Calculate the new balance. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) Cost approach Analysis 2. Let and take agreement Havingenoughcashavailabletopay5. b) What confidence level did the pollsters use? a type of appraisal review. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Percentage of the Lesser of the appraised value or sales price that the lender will lend. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. ( Champions School Of. Operatingactivities7. Real estate prices in Germany remain the same, although overall sales are declining. It was signed into law by President Barack Obama in May 2009. TILA, FCRA, RESPA, ECOA. d. Supply falls and demand is constant. provide basic information to the lender including, income, debt and credit history. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 7. 6. Fraudulentfinancialreportinga. Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 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. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. transfer of ownership against the will of the owner. largest investor in home mortgages. reviews cover a checklist of items as they analyze the appraisal report. offers the greatest protection of any deed. estimate of value based on current construction costs. designed to clean up sites contaminated with hazardous substance. the legal use that gives the greatest return in money or amenities. 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. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . 4. & \text{g. An information system that measures,}\\ they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. Under what conditions would the traditional yield spread be close to the static spread? Take your license further with a Designation or Certification. Increased competition will bring prices down. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. a. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. doesn't indicate that they are legal owner, The government is the original owner of all land. 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. CFPB implemented. qualifies borrower based on proposed home payment and gross monthly income. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 4. DUST; demand, utility, scarcity, transferability. Financialaccountingobtainadequatefundsforbeginning8. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. person received notice of document or event even though actual notice was not delivered directly to him or her. quiz 14.docx. used in most real estate transactions. 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. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. & \text{$\quad$information about an identifiable}\\ equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. The lender transfers title back to the borrower when the loan is repaid. The loss in a property's value due to daily wear and tear. Achieve success through Business Etiquette. The loss in desirability of the style, layout, or function of an element of a property over time.
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