Match the following terms to the correct definitions. 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. Property and lender information 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. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Demand rises and supply is constant. Analysis of market data They are my go-to partner for all things related to continuing education. person designated to execute the terms of a will. 5. The loan becomes due upon the sale of the property or the death of the owner. \text{2. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 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. price a wiling seller will sell for & price willing buyer will buy. 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 . 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. & \text{$\quad$productive and will help a business}\\ Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. Principles of Real Estate 2. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. Investingactivitiesdebtswhentheyaredue6. the only limitations to title are those listed in the deed. & \text{$\quad$economic entity}\\ 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. \text{4. Financing activities} & \text{b. 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. estimate of value based on current construction costs. generally 5-10% range with fees. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Learning the principles and laws of real estate is Champions focus. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. The loss in value of a property caused by factors outside of the property itself. 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. 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) supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 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$34,500\begin{array}{lrrr} history or list of all owners back to the sovereignty of the soil. ___________ 4. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. Take your license further with a Designation or Certification. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Accounting2. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. & \text{$\quad$makers outside the organization}\\ possible polluted who may be held liable under CERCLA for the contamination of a property or resource. Financingactivities5. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. 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. Title remains with the lender until loan is repaid. & \text{i. The Act was passed to protect consumers from fraud in the sale or lease of land. 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. 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.
7. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Frequently asked questions Achieve success through Business Etiquette. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Escheat, right of government to regulate and control land. A code of conduct that addresses}\\ Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Operating income and expense statements The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. Downpayment is the difference between the _____ and the _____. 4. local maps, indicating location of subject and comparables 3. & \text{$\quad$form of financial statements to decision}\\ offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. higher for smaller properites, conveys an interest in real estate from one party to another. Acodeofconductthataddresseswhetheractionsarerightorwrong. Site description
At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. ___________ 3. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. b) What confidence level did the pollsters use? Demand falls by more than supply rises.
Principles of real estate II (Champions) Flashcards | Quizlet Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. very vulnerable to being contested. 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. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 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. CFPB implemented. It basically insures the difference between the borrower's down payment and LTV. It's simple! Rental survey grantor fully warrants good clear title to the property. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. a limit on the amount the interest rate can increase or decrease at each adjustment date. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. 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. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. minimum 100 investors. 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. the legal use that gives the greatest return in money or amenities. Unlimited number of times. examining of the public records and constructed a chain of title and an abstract of title.
Principles Real Estate II- Practice Exam 2 Flashcards | Quizlet can be voluntary or involuntary. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. some lenders accept this drive-by type of review for low LTV or low risk loans. Activitiesofmanagementengagedtooperatethebusinessj. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione.
Flashcard App | Champions School Photographs of property The lender transfers title back to the borrower when the loan is repaid. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment).
complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. There is no membership needed. usually have a initial cap that is higher than the adjustment cap. The role money serves when it is used as a form of payment. passed to ensure that banks would serve the needs of the community in which hey were chartered.
Principles of Real Estate 1 - Term flashcards - Champions School of promotes home ownership. Operating activities} & \text{c. Activities of management engaged to}\\ Ethics} & \text{d. The process of generating and communicating}\\ If Market is flooded values will be flat. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Deed that offers the most protection in which grantor fully warrants good clear title to the premises. 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. 10. Identify and explain the structures of language. Comprehensive Environmental Response, compensation, and Liability Act.
Texas principles of real estate 2 - YouTube it gives notice of moving in, the passive increase of the value of a parcel due to market forces. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. residential property is depreciated over how many years? 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. small investors to invest in larger commercial properties. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Real Estate Salesperson National Prep Exam 1.docx. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Payments are guaranteed, and they would be made at the end of each year. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. & \text{f. The ability to earn enough income to}\\ 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. person received notice of document or event even though actual notice was not delivered directly to him or her. the absence of competition will cause prices to increase in the marketplace. something of value given in exchange for a conveyance. negotiated between landlord and manager. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate Over 500 million tweets are sent per day.
Property for Sale in Hesse | Germany - EW RealEstate (PETE) police power, escheat, taxation, eminent domanin. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. funds the secondary market. tenancy of will Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. + result to numerator When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. TILA, FCRA, RESPA, ECOA. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others.
Texas Principles 2 Exam Practice Questions - Champions School of Real His opportunity cost is 7 percent. tenancy of sufferance 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 Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ gradual loss of land near border of stream or river. & \text{h. The intentional preparation of}\\ qualifies borrower based on proposed home payment and gross monthly income. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Eminent Domain it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. preserves low, existing intrest rate on the original note.
176 Champions School of Real Estate Reviews - AgentAdvice.com estate for years \text{6. transfer of title that is a free act of the grantor. b. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Taxation accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. 2. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation used in most real estate transactions. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. |---|---| Managerialaccounting9. Appraisal certification, Appraisal Factors that affect loan approval, 1. Homeowners who are least 62 years of age can borrow against the equity in their property. The process by which the government exercises its right of eminent domain. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. allows funding of the repairs through a series of draws. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; 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, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual.
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