A rookie quarterback is negotiating his first NFL contract. responsible for: Profitability} & \text{$\quad$information for the internal use of a}\\ passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. ___________ 13. Exam-Federal 1-A2. 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. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? The right of the government to take an individual's land if he or she dies without a will or heirs. 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. 8. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Downpayment is the difference between the _____ and the _____. 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. Find the annual double-declining-balance (200% method) rate of depreciation. value set on the property for tax purposes. Accountinga. less depreciation, plus land value. 9. background information about the appraiser value added to improvement exceeds the cost of improvement. Photographs of comparables The role money serves when it is used as a standard measure to set prices and make economic calculations. insures the difference, Police Power used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. 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 grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Buildings are not typical of the area CFPB implemented. a type of appraisal review. usually have a initial cap that is higher than the adjustment cap. Havingenoughcashavailabletopay5. Principle of Increasing and Decreasing Returns. Flashcard App | Champions School oral/ deathbed will. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. 5. generally 5-10% range with fees. (pending lawsuits affecting the property). Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Certified Residential Appraiser The process by which the government exercises its right of eminent domain. 2. purchase price is affected by the expectation of of future appeal and benefits. It is would suggest that an owner should not "over improve" a property. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Another Name for environmental or economic obsolescence. 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. \text{6. & \text{$\quad$operate the business}\\ Unlimited number of times. 4. A Rare 150 /- Acre Parcel in the . The Act was passed to protect consumers from fraud in the sale or lease of land. \end{array} 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. rate doesn't change between offer and closing. tenancy of sufferance They are my go-to partner for all things related to continuing education. Champions Principles of Real Estate 2 Flashcards | Quizlet Consumer Financial Protection Bureau (CFPB) enforces what Acts? The presence of lower-priced properties in the area will cause a decline in the value of the subject property. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. transferring funds to a title co for disbursement when loan is approved. 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. Passed by Congress in 1968. 3. exterior only/drive by inspection. 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. Legal purpose purchase title insurance either by grantor or grantee. Under what conditions would the traditional yield spread be close to the static spread? limits interest rate over the lifetime of a loan. 3. The loss in desirability of the style, layout, or function of an element of a property over time. The lender transfers title back to the borrower when the loan is repaid. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. 5. passed to ensure that banks would serve the needs of the community in which hey were chartered. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. grantor does not even claim to own the property. Principles of Real Estate 2 Champions School of Real Estate - Quizlet founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. 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 How do I get a Texas Real Estate License? transfer of ownership against the will of the owner. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Additional support documents, 1. 4. amount of any finance charge. The government's right to tax real estate. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. a type of appraisal review. Ethics} & \text{d. The process of generating and communicating}\\ Photographs of property 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 USPS has a monopoly on every type of mail or package. 4. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. right of govt to take private land for public use. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. The evidence an individual has of his or her right to possess land. in depth process. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. (2) The Cost Approach, The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. The process of producing accounting}\\ 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. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. commercial property is depreciated over how many years? 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. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. subsequent to adjustment, limits how much a payment can increase or decrease. 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. Percentage of the Lesser of the appraised value or sales price that the lender will lend. many lenders, especially high LTV loans, will order a field review of the appraisal. 1. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. * whole # by denominator & \text{$\quad$misleading financial statements}\\ Bank owns it now. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. 7. These are non conforming loans. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. legal. all consumers are given a equal chance to obtain credit. 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. & \text{$\quad$to spend capital in ways that are}\\ used to clear up cloud on title, no protection, no ownership claimed by grantor. Champions School of Real Estate (CSRE) - Course Hero Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! used in most real estate transactions. percentage of value or sales price that a lender is willing to finance. 40 pages. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Passed by Congress in 1980. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. If Market is flooded values will be flat. ese are non-conforming loans. Havingenoughcashavailabletopaydebtswhentheyareduec. 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. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Champions makes sure you are ready to take your State and National exam. 8. 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. 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 person, corporation or firm, not in banking, that provides its own funds for mortgage financing. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. 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. A break in this line would create a cloud on the title. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. 6. 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. Fraudulentfinancialreportinga. Champions School of Real Estate.docx - Course Hero the absence of competition will cause prices to increase in the marketplace. funds the secondary market. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. something of value given in exchange for a conveyance. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Sketch of floor plan Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. Comprehensive Environmental Response, compensation, and Liability Act. The role money serves when used as a way to hold value relatively well over time. Ethicsd. b. 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. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. | 4 years | |. this is the best indicator. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. 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! The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. Principles of Real Estate 2 Flashcards | Chegg.com For more than a decade, the German real estate market was in a dramatic growth phase. Assets that are easily converted to cash. Texas Principles 2 Exam Practice Questions - Champions School of Real Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Adger Corporation is a service company that measures its output based on the number of customers served. Managerialaccounting9. Property and lender information Adequate consideration secured property may be sold ti satisfy the unpaid promissory note. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. The role money serves when it is used as a form of payment. What is the probability that Bob receives no tweets during his lunch hour? Began in 1938 federal agency. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. 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 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. quiz 14.docx. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Take your license further with a Designation or Certification. Improvements to site 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. prohibits redlining. type of insurance required when the LTV exceeds 80%. estate for years ___________ 2. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. partially amortized loan with final payment substantially larger than the others. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. b) What confidence level did the pollsters use? The value of a property may be affected by social, economic, governmental and environmental influences. largest investor in home mortgages. 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.
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