champions school of real estate principles 2 quizlet

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. 3. specifies requirements found in regulation z. % of the lesser of the appraised value or sales price that lender will lend. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Certified Residential Appraiser grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. Achieve success through Business Etiquette. 3. number of payments or period of repayment Sketch of floor plan Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. lender has evaluated the borrower in the underwriting process. loss in a property's value due to daily wear and tear. 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. The landlord or owner; party granting a lease. Downpayment is the difference between the _____ and the _____. ___________ 6. Theintentionalpreparationofmisleadingfinancialstatementsi. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. 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. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. 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. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. \text{Revenue}&&\$5,000&\$160,000\\ Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. any change in the ownership of relationship property. value set on the property for tax purposes. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. d. Supply falls and demand is constant. Ethicsd. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. lender acquires property under foreclosure. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline ___________ 5. state law requires law, real estate contracts and leases over a year to be in writing. . ___________ 14. history or list of all owners back to the sovereignty of the soil. Financialaccounting8. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. & \text{$\quad$makers outside the organization}\\ 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. 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. Demand rises and supply is constant. 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. 1. Money that has no value of its own but can be exchanged for something of value. Copy of most recent property survey when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. Identify the term that best fits the following description - to force out or push out. \text{9. How do I get a Texas Real Estate License? transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). 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. 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. These are the 4 rights of land. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. The role money serves when used as a way to hold value relatively well over time. property owner obtains a certificate much like an automobile that is recorded in the public records. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. The exchange of goods or services for other goods or services without the use of money. Principle of Increasing/or decreasing returns. ___________ 12. 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 tenancy of sufferance ___________ 3. Create flashcards for FREE and quiz yourself with an interactive flipper. Increased competition will bring prices down. grantee gives to the grantor, most common, best type of deed to have. value added to improvement exceeds the cost of improvement. purchases "pools" or mortgages. \text{3. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. based on the assessed value of the property and the existing tax rate. Unlimited number of times. 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 designated to execute the terms of a will. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. Havingenoughcashavailabletopay5. \text{7. residential property is depreciated over how many years? If Market is flooded values will be flat. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. quiz 14.docx. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Texas State Portion Real Estate Exam part 2.docx. The amount of money available for the purchase of goods and services. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. percentage of value or sales price that a lender is willing to finance. ___________ 7. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Title remains with the lender until the loan is repaid. Texas Principles 2 Q & A - Champions School of Real Estate 1. Theprocessofproducingaccounting2. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. the legal use that gives the greatest return in money or amenities. Managerialaccounting9. low emissive gas coated with metallic oxide layer. a. 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. Liquiditycompanysmanagement4. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ 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. Property and lender information Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 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. purchase price is affected by the expectation of of future appeal and benefits. 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 Value, Income, Return. 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. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? limited appraisal report ___________ 2. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Income approach Analysis 8. 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. promotes home ownership. 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. 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! 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. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Consumer Financial Protection Bureau (CFPB) enforces what Acts? 1. amount of down payment. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Match the following terms to the correct definitions. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. Identify and explain the structures of language. A lower interest rate is offered by the lender during the first year or more of the loan. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). 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 A value for existing properties method for comparing similar properties to the subject property. 4. local maps, indicating location of subject and comparables Providing Top Quality Real Estate License Education in Texas for Over 30 Years! (pending lawsuits affecting the property). most conveyances are voluntary. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. The loss in value of a property caused by factors outside of the property itself. The money that mortgage companies use to make loans comes from the sale of __________. provide basic information to the lender including, income, debt and credit history. 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. a type of appraisal review. (Zoning example). It basically insures the difference between the borrower's down payment and LTV. designed to clean up sites contaminated with hazardous substance. Suppose that the battery life in both cases follows an exponential distribution. title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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 funds the secondary market. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. 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. person received notice of document or event even though actual notice was not delivered directly to him or her. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. \text{Travel Expenses}&&\$600&\$19,000\\ The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. offers the greatest protection of any deed. Earn or renew your Real Estate Sales Agent or Broker license. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser risk based pricing, no published rates. 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. permanent and absolute tenure of an estate in land w freedom to dispose at will. Over 500 million tweets are sent per day. generally 5-10% range with fees. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. & \text{h. The intentional preparation of}\\ helpful info about the cost pr mortgage settlement charges caused by abusive practices. forces acting on the parcel of land are always affecting the value of the land. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Type of asset-backed security that is secured by a mortgage or collection of mortgages. Theintentionalpreparationofmisleadingfinancialstatementsi. DUST; demand, utility, scarcity, transferability. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. 1. 6. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ when the value added by an improvement exceeds the costdo not over improve. buying the market pools. 8. doesn't indicate that they are legal owner, The government is the original owner of all land. Investingactivitiesdebtswhentheyaredue6. Ethics} & \text{d. The process of generating and communicating}\\ Conventional-loans that have no federal guarantees or insurance Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. all consumers are given a equal chance to obtain credit. Items that affect the marketability or livability of the property The role money serves when it is used as a standard measure to set prices and make economic calculations. \text{4. Financing activities} & \text{b. Fraudulentfinancialreportinga. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. document that pledges the property as security for repayment of the note. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. ___________ 4. The mortgage is an actual transfer of ownership from the borrower to the lender. legal procedure where secured property is sold to pay unpaid note. Find the annual double-declining-balance (200% method) rate of depreciation. Title remains with the lender until loan is repaid. help meet the credit needs of ALL the community. The process of transferring funds to a title or escrow company for disbursement. Bank owns it now. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) A break in this line would create a cloud on the title. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 16 pages. 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. 5. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Investing activities} & \text{$\quad$debts when they are due}\\ periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. ENERGY STAR program was established in 1992 under this Act. 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. 4. The lender transfers title back to the borrower when the loan is repaid. Began in 1938 federal agency. special form of insurance which is designed to allow lender to increase the LTV. The role money serves when it is used as a form of payment. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. Legal purpose &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ 2. 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. Once the loan is closed it is sold to another lender. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Infer What might keep a State from accepting a categorical grant-in-aid? gradual loss of land near border of stream or river. 2. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 4. amount of any finance charge. only legal for personal property. \text{Other Expenses}&\$36,000&&\$34,500\\ 5. permits additional borrowing on the same note and mortgage. 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. set by state of texas dept of insurance, based on properties value using sliding scale. (1) The Sales Comparison Approach The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 4. 3. You can do it, we can help! Acodeofconductthataddresseswhetheractionsarerightorwrong. Money that has value because the government has ordered that it be accepted in payment of debts. Assets that are easily converted to cash. & \text{j. 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.

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