champions school of real estate principles 2 quizlet champions school of real estate principles 2 quizlet

Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. \text{3. 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. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. Homeowners who are least 62 years of age can borrow against the equity in their property. Texas State Portion Real Estate Exam part 2.docx. 9. most conveyances are voluntary. various equations can calculate what investor is looking for. tenancy of sufferance (2) The Cost Approach, covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. (Most reliable), Reduction in value from deterioration or obsolescence. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. 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. 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 the percentage of value or sales price that a lender is willing to finance. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. (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. Principle of Increasing/or decreasing returns. Learning the principles and laws of real estate is Champions focus. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. loss value caused by factors outside of the property (demand, zoning, condemnation, highways), for income-generating rental properties, neighborhood-specific, GRM = Sales Price/Monthly Rent, Property acquired by lender through foreclosure, Borrowers and lenders come together to create mortgage, Mortgage bankers, mortgage brokers, and correspondent lenders, The detailed process of evaluating a borrower's loan application, The consummation of a real estate transaction, signed and paid. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? respa applicable. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. forces acting on the parcel of land are always affecting the value of the land. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. 6. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. \text{4. Financing activities} & \text{b. ratio of borrowers total recurring monthly debts. 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. 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. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. CFPB implemented. The loan becomes due upon the sale of the property or the death of the owner. c. Supply rises by more than demand rises. doesn't indicate that they are legal owner, The government is the original owner of all land. Activitiesofmanagementengagedtooperatethebusinessj. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. | Life | Annual Rate | The percentage of value or sales price that a lender is willing to finance. 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. some lenders accept this drive-by type of review for low LTV or low risk loans. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. 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. and no unpaid claims against the property. used in most real estate transactions. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. offers the greatest protection of any deed. 6. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Payments are guaranteed, and they would be made at the end of each year. The loss in value of a property caused by factors outside of the property itself. 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. 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 transfer of ownership against the will of the owner. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. exterior only/drive by inspection. \end{array} Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. requires an application. (Zoning example). I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 2. b) What confidence level did the pollsters use? Borrowers are rated A-F with a prime borrower having an A rating. addition or amendment to an existing will. loss in a property's value due to daily wear and tear. Theintentionalpreparationofmisleadingfinancialstatementsi. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. The role money serves when it is used as a form of payment. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ 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 $1 million. We make it easy and convenient! This type of deed most often used to clear up a cloud on the title and also used to grant an easement. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) & \text{$\quad$operate the business}\\ gradual loss of land near border of stream or river. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. & \text{$\quad$attract and hold investment capital}\\ It was signed into law by President Barack Obama in May 2009. Earn or renew your Home Inspector license. the absence of competition will cause prices to increase in the marketplace. promotes energy efficient products and buildings. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. & \text{h. The intentional preparation of}\\ most reasonable price a property should bring in a competitive open market. 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 ( Champions School Of. 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. oral/ deathbed will. 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). purchases "pools" or mortgages. (3) The Income Approach. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline For more than a decade, the German real estate market was in a dramatic growth phase. There is no membership needed. Once the loan is closed it is sold to another lender. underwriter approval. Anything that is widely accepted in exchange for goods and services. protection up to purchase price, norm paid by seller (buyers benefit). 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. Site description Infer What might keep a State from accepting a categorical grant-in-aid? 7. Profitability3. 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. residential property is depreciated over how many years? The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. estimate of value based on current construction costs. & \text{$\quad$processes, and communicates financial}\\ risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Havingenoughcashavailabletopaydebtswhentheyareduec. 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 value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. type of insurance required when the LTV exceeds 80%. These are non conforming loans. Theprocessofgeneratingandcommunicating10. limits interest rate over the lifetime of a loan. 3. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. 3. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. Adequate consideration transfer of title that is a free act of the grantor. The landlord or owner; party granting a lease. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. Rural Property <25% built up 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. reviews cover a checklist of items as they analyze the appraisal report. Identify the term that best fits the following description - to force out or push out. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. The 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. based on the assessed value of the property and the existing tax rate. 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. Accountinga. 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 The role money serves when it is used as a standard measure to set prices and make economic calculations. Title remains with the lender until loan is repaid. deffence against claims which have arisen suring grantor ownership. 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. 21 pages. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. They prepare you for life as a Realtor. Let and take agreement The right of the government to take an individual's land if he or she dies without a will or heirs. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). Operatingactivities7. 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. Began in 1938 federal agency. 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. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. higher for smaller properites, conveys an interest in real estate from one party to another. a deed is considered to be delivered and accepted when it is delivered into escrow. qualifies borrower based on proposed home payment and gross monthly income.