the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. addition or amendment to an existing will. Permits additional borrowing on the same note and mortgage. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. transferring real estate to the state when a person dies without heirs. the percentage of value or sales price that a lender is willing to finance. 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. A code of conduct that addresses}\\ The loss in a property's value due to daily wear and tear. 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. (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. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. Investing activities} & \text{$\quad$debts when they are due}\\ almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. 2. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. According to this principle, the value of 3. number of payments or period of repayment 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 process of transferring funds to a title or escrow company for disbursement. Highly recommended and I will continue to use Champions! tenancy of sufferance 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. It also offers continuing education courses for. 1. can be voluntary or involuntary. Theprocessofgeneratingandcommunicating10. 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. Money that has value because the government has ordered that it be accepted in payment of debts. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? These are non conforming loans. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. partially amortized loan with final payment substantially larger than the others. If Market is flooded values will be flat. Developers are required to provide each purchaser with a disclosure document (Property Report). a deed is considered to be delivered and accepted when it is delivered into escrow. low emissive gas coated with metallic oxide layer. examining of the public records and constructed a chain of title and an abstract of title. Money that has no value of its own but can be exchanged for something of value. 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 6. This ensures you quickly get to the core! value set on the property for tax purposes. a type of appraisal review. 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. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. (3) The Income Approach. & \text{g. An information system that measures,}\\ 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. 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. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. and no unpaid claims against the property. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. 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. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Principles of Real Estate 2. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. 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. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. the loan origination market where borrowers and lenders negotiate mortgage terms. Principle of Increasing/or decreasing returns. lender has evaluated the borrower in the underwriting process. estimate of value based on current construction costs. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} 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. Money that has value apart from its use as money. Theprocessofproducingaccounting2. 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. | 4 years | |. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. The program offers 100% financing (no down payment) for qualified borrowers. Match the following terms to the correct definitions. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. If the property cannot be transferred, it is of little value. 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). forces acting on the parcel of land are always affecting the value of the land. 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. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. It's simple! The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. Legal purpose stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Operating income and expense statements 21 pages. ___________ 10. c. Supply rises by more than demand rises. Accountinga. Adequate consideration Taxation the only limitations to title are those listed in the deed. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. Achieve success through Business Etiquette. (1) The Sales Comparison Approach Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation & \text{$\quad$processes, and communicates financial}\\ no obligation o extend credit. less depreciation, plus land value. a. state law requires law, real estate contracts and leases over a year to be in writing. Profitabilityinformationfortheinternaluseofa3. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate & \text{j. & \text{$\quad$productive and will help a business}\\ sending monthly payment statements, and collecting monthly payments, maintaining records and balances. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. The government's right to tax real estate. generally 5-10% range with fees. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. & \text{$\quad$whether actions are right or wrong}\\ The absence of competition will cause prices to increase in the marketplace. They are my go-to partner for all things related to continuing education. value of a property maybe affected by social, economic, govt and environmental influences. Calculate the new balance. 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 The loss in desirability of the style, layout, or function of an element of a property over time. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). certified commercial investment member (part of NAR). \text{Revenue}&&\$5,000&\$160,000\\ transfer of title that is a free act of the grantor. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. Suppose that the battery life in both cases follows an exponential distribution. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. protection up to purchase price, norm paid by seller (buyers benefit). Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. only legal for personal property. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. Items that affect the marketability or livability of the property 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. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. Accounting2. Ethics10. 5. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Profitability3. ARMS that offer fixed rate period during 1st years of the loan. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. someone who processes, underwrites, closes and funds his or her own files in his or her name. His opportunity cost is 7 percent. percentage of value or sales price that a lender is willing to finance. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. A value for existing properties method for comparing similar properties to the subject property. set by state of texas dept of insurance, based on properties value using sliding scale. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Anything that is widely accepted in exchange for goods and services. The right of the government to take an individual's land if he or she dies without a will or heirs. Earn or renew your Loan Originator license. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. power of sale under a mortgage in default. The Act was passed to protect consumers from fraud in the sale or lease of land. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. Texas State Portion Real Estate Exam part 2.docx. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. offers the greatest protection of any deed. \text{10. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. 9. Liquidity} & \text{$\quad$companys management}\\ They prepare you for life as a Realtor. Champions makes sure you are ready to take your State and National exam. 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. Consumer Financial Protection Bureau (CFPB) enforces what Acts? up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. (PETE) police power, escheat, taxation, eminent domanin. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Type of asset-backed security that is secured by a mortgage or collection of mortgages. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. 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. addition or amendment to an existing will. price a wiling seller will sell for & price willing buyer will buy. some lenders accept this drive-by type of review for low LTV or low risk loans. Ethics} & \text{d. The process of generating and communicating}\\ The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. The process of producing accounting}\\ method of financing which preserves the low, existing interest rate on the original note. 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.
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