3. number of payments or period of repayment He is really good. 2. 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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. Accounting} & \text{a. Ethicsd. What is one of the most important ways through which the behavior becomes integrated? 1. set by state of texas dept of insurance, based on properties value using sliding scale. & \text{h. The intentional preparation of}\\ A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ Accountinga. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. & \text{$\quad$whether actions are right or wrong}\\ ___________ 2. ___________ 14. The staff at Champions School is top notch! 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. transferring funds to a title co for disbursement when loan is approved. ARMS that offer fixed rate period during 1st years of the loan. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. addition or amendment to an existing will. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. percentage of value or sales price that a lender is willing to finance. 5. 1. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. The exchange of goods or services for other goods or services without the use of money. various equations can calculate what investor is looking for. certified commercial investment member (part of NAR). Create flashcards for FREE and quiz yourself with an interactive flipper. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Texas State Portion Real Estate Exam part 2.docx. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. ___________ 10. Helen Fortier February 10, 2022 exterior only/drive by inspection. How do I get a Texas Real Estate License? Sketch of floor plan \text{3. 2.amount of any payment Financialaccounting8. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ & \text{$\quad$attract and hold investment capital}\\ small investors to invest in larger commercial properties. What is the probability that Bob receives no tweets during his lunch hour? It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Having enough cash available to pay}\\ A break in this line would create a cloud on the title. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. 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. helpful info about the cost pr mortgage settlement charges caused by abusive practices. The loss in value of a property caused by factors outside of the property itself. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 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. 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. deffence against claims which have arisen suring grantor ownership. 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 ___________ 5. The loss in desirability of the style, layout, or function of an element of a property over time. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. & \text{$\quad$information about an identifiable}\\ How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Liquidity} & \text{$\quad$companys management}\\ 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. 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. They prepare you for life as a Realtor. ratio of borrowers total recurring monthly debts. 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. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. used in most real estate transactions. 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. borrowers provide basic information like income, debt, and credit history. 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 limits how much a payment can increase/ decrease. She has one son, Tyler, who lives in Maine. Appraisal certification, Appraisal Factors that affect loan approval, 1. 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. 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. Neighborhood description These are non conforming loans. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. Economic obsolescence The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Income approach Analysis qualifies borrower based on proposed home payment and gross monthly income. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. ENERGY STAR program was established in 1992 under this Act. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. promotes home ownership. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. examining of the public records and constructed a chain of title and an abstract of title. Financialaccountingobtainadequatefundsforbeginning8. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. \text{10. The percentage of value or sales price that a lender is willing to finance. Increased competition will bring prices down. generally 5-10% range with fees. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Permits additional borrowing on the same note and mortgage. (PETE) police power, escheat, taxation, eminent domanin. 21 pages. 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) According to this principle, the value of tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. 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 & \text{$\quad$form of financial statements to decision}\\ The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. a limit on the amount the interest rate can increase or decrease at each adjustment date. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. 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. 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 Exam-Federal 1-A2. initial truth in lending disclosure. Principles of Real Estate 2. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline These are the 4 rights of land. insures the difference, Police Power \text{2. transfer of ownership against the will of owner. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. a type of appraisal review. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ funds the secondary market. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Examine the summary section of a monthly credit card statement. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. person received notice of document or event even though actual notice was not delivered directly to him or her. 1. amount of down payment. 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation (2) The Cost Approach, Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. Investingactivitiesdebtswhentheyaredue6. 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. 10. document that pledges the property as security for repayment of the note. Bank owns it now. 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. Havingenoughcashavailabletopaydebtswhentheyareduec. Passed by Congress in 1980. 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. Calculate the new balance. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Find the annual double-declining-balance (200% method) rate of depreciation. a mortgage is an actual transfer of ownership from the borrower to the lender. (Most reliable), Reduction in value from deterioration or obsolescence. added to the index to calculate interest rates, teaser rate- lower rate offered initially. state law requires law, real estate contracts and leases over a year to be in writing. Developers are required to provide each purchaser with a disclosure document (Property Report). Liquidity4. 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. gradual loss of land near border of stream or river. Champions makes sure you are ready to take your State and National exam. 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. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. preserves low, existing intrest rate on the original note. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. Theintentionalpreparationofmisleadingfinancialstatementsi. He has been offered three possible 4-year contracts. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. 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 prohibits redlining. The loss in desirability of the style, layout, or function of an element of a property over time. Unlimited number of times. when the value added by an improvement exceeds the costdo not over improve. 4. amount of any finance charge. respa applicable. The loss in a property's value due to daily wear and tear. ( Champions School Of. minimum 100 investors. whichever one is lower LTV Loan-to-Value Ratio the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. partially amortized loan with final payment substantially larger than the others. requires an application. promotes energy efficient products and buildings. Independent third-party appraiser will review the report, then verify the information. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. 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. Principle of Increasing and Decreasing Returns. subsequent to adjustment, limits how much a payment can increase or decrease. 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. c. Supply rises by more than demand rises. A lower interest rate is offered by the lender during the first year or more of the loan. & \text{$\quad$makers outside the organization}\\ 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. \text{5. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. sets monetary policy. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. and no unpaid claims against the property. Downpayment is the difference between the _____ and the _____. 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. Reconciliation of values Principles of Real Estate 1. 9. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. 4. local maps, indicating location of subject and comparables 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. A code of conduct that addresses}\\ \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. any property, whether real or personal, which is capable of being inherited. the absence of competition will cause prices to increase in the marketplace. 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. prepared by an attorney, least likely to be contested. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. Fraudulentfinancialreportinga. Demand falls by more than supply rises. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. ___________ 12. estimate of value based on current construction costs. ___________ 1. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 9. background information about the appraiser flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. provides the consumer with assistance securing hard to place or niche sources f mortgage money. 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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