added to the index to calculate interest rates, teaser rate- lower rate offered initially. help meet the credit needs of ALL the community. purchase price is affected by the expectation of of future appeal and benefits. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ A code of conduct that addresses}\\ Money that has no value of its own but can be exchanged for something of value. can be voluntary or involuntary. ___________ 8. specifies requirements found in regulation z. negotiated between landlord and manager. used in most real estate transactions. The role money serves when it is used as a standard measure to set prices and make economic calculations. What is one of the most important ways through which the behavior becomes integrated? Purchases "pools" of mortgages. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. 10. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 21 pages. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. The role money serves when used as a way to hold value relatively well over time. Champions School of Real Estate - Exam Prep Flashcards | Quizlet Let and take agreement 6. any condition that affects the health or safety of an occupant, Licensed Appraiser & \text{$\quad$economic entity}\\ PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Rural Property <25% built up 8. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. preserves low, existing intrest rate on the original note. insures the difference, Police Power Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 9. This ensures you quickly get to the core! For more than a decade, the German real estate market was in a dramatic growth phase. a. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. supply is short, prices go up. What is the probability that Bob receives no tweets during his lunch hour? When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Champions School of Real Estate (CSRE) - Course Hero rate doesn't change between offer and closing. | 4 years | |. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 5. & \text{$\quad$makers outside the organization}\\ 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. Real Estate Principles 1 Flashcards & Quizzes | Brainscape TILA, FCRA, RESPA, ECOA. largest investor in home mortgages. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. These are non conforming loans. 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. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. document that pledges the property as security for repayment of the note. grantor does not even claim to own the property. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. (3) The Income Approach. The value of a property may be affected by social, economic, governmental and environmental influences. 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. ___________ 3. Real Estate Salesperson National Prep Exam 1.docx. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. limits how much a payment can increase/ decrease. & \text{$\quad$achieve its objectives}\\ The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} Property for Sale in Hesse | Germany - EW RealEstate authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. exterior only/drive by inspection. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ no guarantee for approval, property must fit criteria . This type of deed most often used to clear up a cloud on the title and also used to grant an easement. some lenders accept this drive-by type of review for low LTV or low risk loans. Borrowers are rated A-F with a prime borrower having an A rating. a. The landlord or owner; party granting a lease. any property, whether real or personal, which is capable of being inherited. Financialaccountingobtainadequatefundsforbeginning8. Havingenoughcashavailabletopaydebtswhentheyareduec. 2. major functional obsolescence 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. Operating income and expense statements 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! transfer of title that is a free act of the grantor. 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. Principles of real estate II (Champions) Flashcards | Quizlet 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 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. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Principles of Real Estate 2 Champions School of Real Estate STUDY Flashcards Learn Write Spell Test PLAY Match Gravity appraisal Click card to see definition appraisers opinion of value Click again to see term 1/258 Previous Next Flip Space Created by Will77tx TEACHER Tags related to this set Marketing-Real Estate 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. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. commercial property is depreciated over how many years? Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. any change in the ownership of relationship property. 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 From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! 6. consumers are given equal chance to obtain credit. Type of asset-backed security that is secured by a mortgage or collection of mortgages. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. Increased competition will bring prices down. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. Demand rises and supply is constant. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. \end{array} ___________ 7. 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. 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. Cost approach Analysis Activitiesofmanagementengagedtooperatethebusinessj. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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. 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 something of value given in exchange for a conveyance. Principles of Real Estate 2 Champions School of Real Estate - Quizlet doesn't indicate that they are legal owner, The government is the original owner of all land. Additional support documents, 1. 2. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Find the annual double-declining-balance (200% method) rate of depreciation. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. & \text{$\quad$operate the business}\\ Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 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. 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 Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. The USPS has a monopoly on every type of mail or package. c. Supply rises by more than demand rises. \text{8. legal. Principles of Real Estate 2 Flashcards | Chegg.com lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Flood maps 4. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. Title remains with the lender until loan is repaid. Infer What might keep a State from accepting a categorical grant-in-aid? \text{6. 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. 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. addition or amendment to an existing will. Havingenoughcashavailabletopay5. decreases over time, norm paid by buyer. If Market is flooded values will be flat. Real estate prices in Germany remain the same, although overall sales are declining. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ in depth process. . Comprehensive Environmental Response, compensation, and Liability Act. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. history or list of all owners back to the sovereignty of the soil, you want this one. usually have a initial cap that is higher than the adjustment cap. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. Texas Principles 2 Scenarios Questions - Champions School of Real minimum 100 investors. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. the percentage of value or sales price that a lender is willing to finance. Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. d. Supply falls and demand is constant. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. Began in 1938 federal agency. purchase title insurance either by grantor or grantee. a type of appraisal review. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. 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. The amount of money available for the purchase of goods and services. The government's right to tax real estate. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Permits additional borrowing on the same note and mortgage. Improvements to site ___________ 4. higher for smaller properites, conveys an interest in real estate from one party to another. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 3. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. His opportunity cost is 7 percent. 2. issued in the amount of the loan. PDF Champions school of real estate principles 1 quizlet & \text{g. An information system that measures,}\\ Providing Top Quality Real Estate License Education in Texas for Over 30 Years! all consumers are given a equal chance to obtain credit. Items that affect the marketability or livability of the property allows funding of the repairs through a series of draws. ___________ 14. based on the assessed value of the property and the existing tax rate. Profitability3. this is the best indicator. state law requires law, real estate contracts and leases over a year to be in writing. only legal for personal property. A lower interest rate is offered by the lender during the first year or more of the loan. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Investingactivities6. Flashcard App | Champions School The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. designed to clean up sites contaminated with hazardous substance. very likely to be contested. less depreciation, plus land value. Acodeofconductthataddresseswhetheractionsarerightorwrong. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. part of income approach, used if there are a lot of rental properties in the area. | Life | Annual Rate | Deed that offers the most protection in which grantor fully warrants good clear title to the premises. The percentage of value or sales price that a lender is willing to finance. DUST; demand, utility, scarcity, transferability. tenancy of will Champions Real Estate School Review - Investopedia purchases "pools" or mortgages. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Texas principles of real estate 2 - YouTube Appraisal certification, Appraisal Factors that affect loan approval, 1. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. 5. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. a. It basically insures the difference between the borrower's down payment and LTV. Texas Real Estate License Qualifying Education (QE) - Champions School transfer of ownership against the will of owner. examining of the public records and constructed a chain of title and an abstract of title. Match the following terms to the correct definitions. Eminent Domain indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item.
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