a type of appraisal review. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Operating income and expense statements helpful info about the cost pr mortgage settlement charges caused by abusive practices. Eminent Domain \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. The sum of the energy used during the life cycle of a product. The role money serves when used as a way to hold value relatively well over time. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. 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. 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. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. (2) The Cost Approach, person received notice of document or event even though actual notice was not delivered directly to him or her. + result to numerator Learning the principles and laws of real estate is Champions focus. The role money serves when it is used as a form of payment. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. 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. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? Rental survey We feel that we provide an unparalleled Real Estate education in Texas and our students agree! risk based pricing, no published rates. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. It was signed into law by President Barack Obama in May 2009. Get your Real Estate License Education on a Mobile Web App. 2. major functional obsolescence Value, Income, Return. What is the probability that Bob receives no tweets during his lunch hour? The absence of competition will cause prices to increase in the marketplace. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. a deed is considered to be delivered and accepted when it is delivered into escrow. 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 largest investor in home mortgages. and no unpaid claims against the property. Unlimited number of times. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. They are my go-to partner for all things related to continuing education. \text{3. If the property cannot be transferred, it is of little value. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. Demand falls by more than supply rises. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. 4. amount of any finance charge. Texas Principles 2 Q & A - Champions School of Real Estate 1. 3. She has one son, Tyler, who lives in Maine. Borrowers are rated A-F with a prime borrower having an A rating. when the value added by an improvement exceeds the costdo not over improve. respa applicable. Financialaccounting8. ___________ 14. 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 ___________ 10. 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. promotes energy efficient products and buildings. transfer of ownership against the will of the owner. Investingactivities6. 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, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Take your license further with a Designation or Certification. & \text{$\quad$attract and hold investment capital}\\ Purchases "pools" of mortgages. Percentage of the Lesser of the appraised value or sales price that the lender will lend. 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. help meet the credit needs of ALL the community. ie. grantee gives to the grantor, most common, best type of deed to have. ___________ 2. in depth process. Achieve success through Business Etiquette. the legal use that gives the greatest return in money or amenities. \text{9. 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. 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. (1) The Sales Comparison Approach 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. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. 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. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. designed to clean up sites contaminated with hazardous substance. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ \text{7. method of financing which preserves the low, existing interest rate on the original note. 9. background information about the appraiser 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 \end{array} PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). If Market is flooded values will be flat. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. initial truth in lending disclosure. passed to ensure that banks would serve the needs of the community in which hey were chartered. 2. (3) The Income Approach. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. 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. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Site description Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser 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. percentage of value or sales price that a lender is willing to finance. offers the greatest protection of any deed. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. \text{5. ___________ 8. Sketch of floor plan Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Managerialaccounting9. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. Champions makes sure you are ready to take your State and National exam. insures most protection, any changes to the ownership of real property. * whole # by denominator Providing Top Quality Real Estate License Education in Texas for Over 30 Years! value added to improvement exceeds the cost of improvement. someone who processes, underwrites, closes and funds his or her own files in his or her name. Another Name for environmental or economic obsolescence. generally 5-10% range with fees. Independent third-party appraiser will review the report, then verify the information. Fraudulentfinancialreportinga. \text{8. \end{array} tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. a type of appraisal review. Income approach Analysis looks like a deed. transferring funds to a title co for disbursement when loan is approved. The role money serves when it is used as a standard measure to set prices and make economic calculations. the only limitations to title are those listed in the deed. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. Ethicsd. 4. local maps, indicating location of subject and comparables % of the lesser of the appraised value or sales price that lender will lend. ___________ 13. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. 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. Real Estate Salesperson National Prep Exam 1.docx. history or list of all owners back to the sovereignty of the soil, you want this one. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. rate doesn't change between offer and closing. His opportunity cost is 7 percent. 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 Acodeofconductthataddresseswhetheractionsarerightorwrong. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. transferring real estate to the state when a person dies without heirs. According to this principle, the value of The loan becomes due upon the sale of the property or the death of the owner. Identify and explain the structures of language. Once the loan is closed it is sold to another lender. ___________ 3. The loss in value of a property caused by factors outside of the property itself. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 1. Accounting2. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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. insures the difference, Police Power d. Supply falls and demand is constant. Cost approach Analysis An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. the loan origination market where borrowers and lenders negotiate mortgage terms. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. transfer of ownership against the will of owner. Activitiesofmanagementengagedtooperatethebusinessj. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! The staff at Champions School is top notch! & \text{i. grantor fully warrants good clear title to the property. Activities of management engaged to}\\ 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. the value of a property is equal to the sum of the contributory value of each of its component parts. promotes home ownership. 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. Liquidity4. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. added to the index to calculate interest rates, teaser rate- lower rate offered initially. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. 3. The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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 U.S. Principle of Increasing and Decreasing Returns. prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. Under what conditions would the traditional yield spread be close to the static spread? Money that has no value of its own but can be exchanged for something of value. It basically insures the difference between the borrower's down payment and LTV. A break in this line would create a cloud on the title. estate for years interest rate a reserve bank charges eligible financial institutions to borrow money short term. Here is what they had to say! original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. 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. The government's right to tax real estate. only legal for personal property. 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. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. 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. The exchange of goods or services for other goods or services without the use of money. 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). Helen Fortier February 10, 2022 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. The most probable price a property should bring in a competitive and open market. 7. The right of the government to take an individual's land if he or she dies without a will or heirs. Money that has value because the government has ordered that it be accepted in payment of debts. a mortgage is an actual transfer of ownership from the borrower to the lender. Neighborhood description Payments are guaranteed, and they would be made at the end of each year. Activitiesofmanagementengagedtooperatethebusinessj. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. 1. amount of down payment. A code of conduct that addresses}\\ the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. 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. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. 8. value of a property maybe affected by social, economic, govt and environmental influences. 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.
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