champions school of real estate principles 2 quizlet champions school of real estate principles 2 quizlet

Reconciliation of values + result to numerator person, corporation or firm, not in banking, that provides its own funds for mortgage financing. The value of a property may be affected by social, economic, governmental and environmental influences. 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. 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. 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 complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 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. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. limits how much a payment can increase/ decrease. only legal for personal property. allows funding of the repairs through a series of draws. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. \end{array} Ethics10. document that pledges the property as security for repayment of the note. 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. estimate of value based on current construction costs. and no unpaid claims against the property. 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). 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. ___________ 12. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. insures the difference, Police Power Cost approach Analysis c. Supply rises by more than demand rises. secured property may be sold ti satisfy the unpaid promissory note. Profitabilityinformationfortheinternaluseofa3. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Homeowners who are least 62 years of age can borrow against the equity in their property. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. Frequently asked questions Legal purpose can be voluntary or involuntary. the percentage of value or sales price that a lender is willing to finance. Create flashcards for FREE and quiz yourself with an interactive flipper. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Achieve success through Business Etiquette. 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. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. supply is short, prices go up. ___________ 4. value set on the property for tax purposes. 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. Money that has value apart from its use as money. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. prohibits redlining. The amount of money available for the purchase of goods and services. The role money serves when it is used as a standard measure to set prices and make economic calculations. 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. used in most real estate transactions. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell 10. a. The role money serves when it is used as a form of payment. The money that mortgage companies use to make loans comes from the sale of __________. 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} The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. & \text{j. something of value given in exchange for a conveyance. Another Name for environmental or economic obsolescence. | 4 years | |. Eminent Domain help meet the credit needs of ALL the community. 3. Earn or renew your Loan Originator license. Demand rises and supply is constant. 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. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. 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. 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. ___________ 10. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. 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. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. transfer of title that is a free act of the grantor. lender has evaluated the borrower in the underwriting process. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). ___________ 7. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. decreases over time, norm paid by buyer. Investing activities} & \text{$\quad$debts when they are due}\\ divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. & \text{$\quad$misleading financial statements}\\ 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. specifies requirements found in regulation z. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. 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. price a wiling seller will sell for & price willing buyer will buy. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Title remains with the lender until loan is repaid. Investingactivities6. Taxation These are the 4 rights of land. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. 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. borrowers provide basic information like income, debt, and credit history. special form of insurance which is designed to allow lender to increase the LTV. many lenders, especially high LTV loans, will order a field review of the appraisal. The most probable price a property should bring in a competitive and open market. Infer What might keep a State from accepting a categorical grant-in-aid? Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. prepared by an attorney, least likely to be contested. A rookie quarterback is negotiating his first NFL contract. ___________ 11. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. 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. 9. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. The exchange of goods or services for other goods or services without the use of money. (pending lawsuits affecting the property). The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 4. 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. A lower interest rate is offered by the lender during the first year or more of the loan. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. ese are non-conforming loans. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Principles of Real Estate 2. 2. Match the following terms to the correct definitions. oral/ deathbed will. exterior only/drive by inspection. 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. Financialaccounting8. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 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. ___________ 14. Suppose that the battery life in both cases follows an exponential distribution. offers the greatest protection of any deed. d. Supply falls and demand is constant. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Profitability} & \text{$\quad$information for the internal use of a}\\ Items that affect the marketability or livability of the property risk based pricing, no published rates. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. b. The process of producing accounting}\\ Operating income and expense statements most conveyances are voluntary. insures most protection, any changes to the ownership of real property. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). residential property is depreciated over how many years? According to this principle, the value of Highly recommended and I will continue to use Champions! Developers are required to provide each purchaser with a disclosure document (Property Report). The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. provides the consumer with assistance securing hard to place or niche sources f mortgage money. in depth process. the only limitations to title are those listed in the deed. used to clear up cloud on title, no protection, no ownership claimed by grantor. permits additional borrowing on the same note and mortgage. limited appraisal report possible polluted who may be held liable under CERCLA for the contamination of a property or resource. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Real Estate Salesperson National Prep Exam 1.docx. tenancy of will You can do it, we can help! 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. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. Champions makes sure you are ready to take your State and National exam. Certified Residential Appraiser FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. 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. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. The loss in value of a property caused by factors outside of the property itself. Anything that is widely accepted in exchange for goods and services. January 1, 2005, launching its Mold Mission Program. It was signed into law by President Barack Obama in May 2009. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. 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 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. very likely to be contested. a. underwriter approval. Investingactivitiesdebtswhentheyaredue6. Principle of Increasing and Decreasing Returns. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. set by state of texas dept of insurance, based on properties value using sliding scale. Real estate prices in Germany remain the same, although overall sales are declining. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ low emissive gas coated with metallic oxide layer. Activitiesofmanagementengagedtooperatethebusinessj. \text{9. 16 pages.