champions school of real estate principles 2 quizletmost awkward queer eye moments

4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. no obligation o extend credit. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. Earn or renew your Home Inspector license. ese are non-conforming loans. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. Site description Examine the summary section of a monthly credit card statement. help meet the credit needs of ALL the community. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Permits additional borrowing on the same note and mortgage. 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) * whole # by denominator 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. Find the annual double-declining-balance (200% method) rate of depreciation. The process of transferring funds to a title or escrow company for disbursement. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. (pending lawsuits affecting the property). Profitability3. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. tenancy of will The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. Suppose that the battery life in both cases follows an exponential distribution. ARMS that offer fixed rate period during 1st years of the loan. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. It's simple! permanent and absolute tenure of an estate in land w freedom to dispose at will. & \text{$\quad$attract and hold investment capital}\\ (3) The Income Approach. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline 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. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! Theintentionalpreparationofmisleadingfinancialstatementsi. grantor does not even claim to own the property. commercial property is depreciated over how many years? The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. 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. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 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. 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. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. Reconciliation of values 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. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. ___________ 8. The percentage of value or sales price that a lender is willing to finance. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 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. According to this principle, the value of offers the greatest protection of any deed. Financialaccounting8. sets monetary policy. right of govt to take private land for public use. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. The process of producing accounting}\\ b) What confidence level did the pollsters use? Operating activities} & \text{c. Activities of management engaged to}\\ ___________ 4. Investing activities} & \text{$\quad$debts when they are due}\\ issued in the amount of the loan. power of sale under a mortgage in default. For more than a decade, the German real estate market was in a dramatic growth phase. The lender transfers title back to the borrower when the loan is repaid. 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. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. This ensures you quickly get to the core! Unlimited number of times. limits how much a payment can increase/ decrease. Highly recommended and I will continue to use Champions! no guarantee for approval, property must fit criteria . & \text{$\quad$economic entity}\\ Over 500 million tweets are sent per day. tenancy of sufferance Money that has no value of its own but can be exchanged for something of value. history or list of all owners back to the sovereignty of the soil, you want this one. insures most protection, any changes to the ownership of real property. Comprehensive Environmental Response, compensation, and Liability Act. DUST; demand, utility, scarcity, transferability. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 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. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. d. Supply falls and demand is constant. Financialaccountingobtainadequatefundsforbeginning8. limits interest rate over the lifetime of a loan. federal law passed in 1974. doesn't include: gender or immigration status. Operating income and expense statements |---|---| the legal use that gives the greatest return in money or amenities. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. some lenders accept this drive-by type of review for low LTV or low risk loans. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. Payments are guaranteed, and they would be made at the end of each year. and no unpaid claims against the property. the value of a property is equal to the sum of the contributory value of each of its component parts. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. & \text{i. 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. A break in this line would create a cloud on the title. Adger Corporation is a service company that measures its output based on the number of customers served. These are the 4 rights of land. Analysis of market data 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 Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Earn or renew your Loan Originator license. A Rare 150 /- Acre Parcel in the . Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. & \text{$\quad$achieve its objectives}\\ Cost approach Analysis 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. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. ___________ 7. only legal for personal property. 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 The role money serves when it is used as a form of payment. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. ___________ 10. Ethicsd. \end{array} addition or amendment to an existing will. & \text{h. The intentional preparation of}\\ \text{10. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. 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. 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. | Life | Annual Rate | most reasonable price a property should bring in a competitive open market. The role money serves when it is used as a standard measure to set prices and make economic calculations. Additional support documents, 1. 16 pages. percentage of value or sales price that a lender is willing to finance. 1. Earn or renew your Real Estate Sales Agent or Broker license. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. c. Supply rises by more than demand rises. 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. estate for years 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. grantee gives to the grantor, most common, best type of deed to have. Anything that is widely accepted in exchange for goods and services. 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). 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. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. The USPS has a monopoly on every type of mail or package. The loss in desirability of the style, layout, or function of an element of a property over time. 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. a type of appraisal review. Items that affect the marketability or livability of the property 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. transfer of title that is a free act of the grantor. The absence of competition will cause prices to increase in the marketplace. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. low emissive gas coated with metallic oxide layer. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} a. Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. 8. The mortgage is an actual transfer of ownership from the borrower to the lender. legal procedure where secured property is sold to pay unpaid note. It also offers continuing education courses for. Liquidity} & \text{$\quad$companys management}\\ Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Loss of value of a building from its reproduction cost, resulting from wear and tear over time. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. January 1, 2005, launching its Mold Mission Program. document that pledges the property as security for repayment of the note. The process by which the government exercises its right of eminent domain. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. the absence of competition will cause prices to increase in the marketplace. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. prepared by an attorney, least likely to be contested. looks like a deed. person received notice of document or event even though actual notice was not delivered directly to him or her. ie. The amount of money available for the purchase of goods and services. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. The landlord or owner; party granting a lease. decreases over time, norm paid by buyer. CFPB implemented. Champions makes sure you are ready to take your State and National exam. She has one son, Tyler, who lives in Maine. funds the secondary market. & \text{$\quad$operate the business}\\ 4. amount of any finance charge. prohibits redlining. If Market is flooded values will be flat. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Texas Principles 2 Q & A - Champions School of Real Estate 1. very vulnerable to being contested. 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 $1 million. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. We make it easy and convenient! gradual loss of land near border of stream or river. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. b. The staff at Champions School is top notch! increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 5. Improvements to site Demand rises and supply is constant. 2.amount of any payment high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property.

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