subsequent to adjustment, limits how much a payment can increase or decrease. provide basic information to the lender including, income, debt and credit history. \text{1. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ We make it easy and convenient! TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. His opportunity cost is 7 percent. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? + result to numerator Passed by Congress in 1968. Borrowers are rated A-F with a prime borrower having an A rating. 5. percentage of value or sales price that a lender is willing to finance. 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 operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. 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. ENERGY STAR program was established in 1992 under this Act. 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. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. something of value given in exchange for a conveyance. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. underwriter approval. The right of the government to take an individual's land if he or she dies without a will or heirs. Ethics} & \text{d. The process of generating and communicating}\\ residential property is depreciated over how many years? foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. & \text{$\quad$processes, and communicates financial}\\ partially amortized loan with final payment substantially larger than the others. 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. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. part of income approach, used if there are a lot of rental properties in the area. The USPS has a monopoly on every type of mail or package. Highly recommended and I will continue to use Champions! stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Identify the term that best fits the following description - to force out or push out. the value of a property is equal to the sum of the contributory value of each of its component parts. 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. 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. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Escheat, right of government to regulate and control land. respa applicable. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 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. Accountinga. Fraudulentfinancialreportinga. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. Title remains with the lender until loan is repaid. prohibits redlining. a type of appraisal review. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. seller is willing to take part or all of equity in the form of a note. deffence against claims which have arisen suring grantor ownership. Texas Principles 2 Q & A - Champions School of Real Estate 1. Activitiesofmanagementengagedtooperatethebusinessj. the legal use that gives the greatest return in money or amenities. Theintentionalpreparationofmisleadingfinancialstatementsi. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. the legal use that gives the greatest return in money or amenities. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 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 borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. grantee gives to the grantor, most common, best type of deed to have. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. funds the secondary market. Investingactivities6. passed to ensure that banks would serve the needs of the community in which hey were chartered. 16 pages. Rental survey 8. & \text{h. The intentional preparation of}\\ What is one of the most important ways through which the behavior becomes integrated? % of the lesser of the appraised value or sales price that lender will lend. 21 pages. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. Unlimited number of times. 40 pages. grantor does not even claim to own the property. The legal use that gives the greatest return in money and/or amenities. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. 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. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. & \text{g. An information system that measures,}\\ stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. The process by which the government exercises its right of eminent domain. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Additional support documents, 1. decreases over time, norm paid by buyer. low emissive gas coated with metallic oxide layer. Take your license further with a Designation or Certification. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 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. sets monetary policy. 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. Operatingactivities7. certified commercial investment member (part of NAR). ___________ 3. secured property may be sold ti satisfy the unpaid promissory note. 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. person received notice of document or event even though actual notice was not delivered directly to him or her. Operatingactivitiesc. someone who processes, underwrites, closes and funds his or her own files in his or her name. 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. a type of appraisal review. Real Estate Salesperson National Prep Exam 1.docx. \text{5. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. oral/ deathbed will. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. & \text{$\quad$achieve its objectives}\\ doesn't indicate that they are legal owner, The government is the original owner of all land. \text{7. \text{Travel Expenses}&&\$600&\$19,000\\ 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. document that pledges the property as security for repayment of the note. insures most protection, any changes to the ownership of real property. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. 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) interest rate a reserve bank charges eligible financial institutions to borrow money short term. 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. property owner obtains a certificate much like an automobile that is recorded in the public records. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. \end{array} 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. 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. 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 b. A Rare 150 /- Acre Parcel in the . Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! (2) The Cost Approach, the absence of competition will cause prices to increase in the marketplace. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. He has been offered three possible 4-year contracts. purchase price is affected by the expectation of of future appeal and benefits. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Financialaccounting8. & \text{$\quad$misleading financial statements}\\ 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. preserves low, existing intrest rate on the original note. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. legal. Liquiditycompanysmanagement4. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. The U.S. How do I get a Texas Real Estate License? 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. this is the best indicator. (PETE) police power, escheat, taxation, eminent domanin. the loan origination market where borrowers and lenders negotiate mortgage terms. responsible for: 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. 4. amount of any finance charge. 9. background information about the appraiser whichever one is lower LTV Loan-to-Value Ratio The amount of money available for the purchase of goods and services. 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. Copy of most recent property survey 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. lender has evaluated the borrower in the underwriting process. The role money serves when used as a way to hold value relatively well over time. history or list of all owners back to the sovereignty of the soil, you want this one. state law requires law, real estate contracts and leases over a year to be in writing. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. value of a property maybe affected by social, economic, govt and environmental influences. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. purchase title insurance either by grantor or grantee. limits interest rate over the lifetime of a loan. A code of conduct that addresses}\\ homeowners who are at least 62 years of age can borrow against the equity in their property. federal law passed in 1974. doesn't include: gender or immigration status. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. & \text{j. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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). Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. They prepare you for life as a Realtor. purchases "pools" or mortgages. (Zoning example). \text{4. Financing activities} & \text{b. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Adger Corporation is a service company that measures its output based on the number of customers served. Type of asset-backed security that is secured by a mortgage or collection of mortgages. 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. 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. |---|---| improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. 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. helpful info about the cost pr mortgage settlement charges caused by abusive practices. There is no membership needed. when the value added by an improvement exceeds the costdo not over improve. Buildings are not typical of the area & \text{$\quad$form of financial statements to decision}\\ 5. examining of the public records and constructed a chain of title and an abstract of title. This ensures you quickly get to the core! 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. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline largest investor in home mortgages. initial truth in lending disclosure. ( Champions School Of. Over 500 million tweets are sent per day. If the property cannot be transferred, it is of little value. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. \text{9. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. The lender transfers title back to the borrower when the loan is repaid. supply is short, prices go up. | 4 years | |. A rookie quarterback is negotiating his first NFL contract. 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 only legal for personal property. \text{3. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. 7. 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. grantor fully warrants good clear title to the property. Learning the principles and laws of real estate is Champions focus. generally 5-10% range with fees. 7. addition or amendment to an existing will. 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 consumers are given equal chance to obtain credit. Investingactivitiesdebtswhentheyaredue6. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. designed to clean up sites contaminated with hazardous substance. addition or amendment to an existing will. gradual loss of land near border of stream or river. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. ARMS that offer fixed rate period during 1st years of the loan. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Theintentionalpreparationofmisleadingfinancialstatementsi. 3. number of payments or period of repayment Activities of management engaged to}\\ transferring funds to a title co for disbursement when loan is approved. any change in the ownership of relationship property. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) \end{array} 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.
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