grantor does not even claim to own the property. a type of appraisal review. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. (pending lawsuits affecting the property). grantor fully warrants good clear title to the property. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. the absence of competition will cause prices to increase in the marketplace. purchase title insurance either by grantor or grantee. Financingactivities5. ___________ 14. 4. local maps, indicating location of subject and comparables no obligation o extend credit. 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. examining of the public records and constructed a chain of title and an abstract of title. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Once the loan is closed it is sold to another lender. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? It was signed into law by President Barack Obama in May 2009. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. b. percentage of value or sales price that a lender is willing to finance. residential property is depreciated over how many years? lender has evaluated the borrower in the underwriting process. The USPS has a monopoly on every type of mail or package. title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. Conventional-loans that have no federal guarantees or insurance possible polluted who may be held liable under CERCLA for the contamination of a property or resource. 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. Demand rises and supply is constant. a mortgage is an actual transfer of ownership from the borrower to the lender. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. tenancy of will Acodeofconductthataddresseswhetheractionsarerightorwrong. Analysis of market data It's simple! loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. estate for years 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. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Permits additional borrowing on the same note and mortgage. The percentage of value or sales price that a lender is willing to finance. Rental survey 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. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. ( Champions School Of. Eminent Domain uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. all consumers are given a equal chance to obtain credit. 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 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) Sketch of floor plan Independent third-party appraiser will review the report, then verify the information. 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. \text{1. Demand falls by more than supply rises. many lenders, especially high LTV loans, will order a field review of the appraisal. sets monetary policy. 9. The government's right to tax real estate. Money that has value because the government has ordered that it be accepted in payment of debts. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. For more than a decade, the German real estate market was in a dramatic growth phase. This ensures you quickly get to the core! 5. Ethics} & \text{d. The process of generating and communicating}\\ Type of asset-backed security that is secured by a mortgage or collection of mortgages. January 1, 2005, launching its Mold Mission Program. negotiated between landlord and manager. added to the index to calculate interest rates, teaser rate- lower rate offered initially. 3. 1. amount of down payment. 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. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. The value of a property may be affected by social, economic, governmental and environmental influences. Achieve success through Business Etiquette. 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. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. designed to clean up sites contaminated with hazardous substance. ___________ 8. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). \text{4. Financing activities} & \text{b. & \text{j. & \text{$\quad$to spend capital in ways that are}\\ Texas Principles 2 Q & A - Champions School of Real Estate 1. 2. major functional obsolescence The loss in a property's value due to daily wear and tear. some lenders accept this drive-by type of review for low LTV or low risk loans. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser What is one of the most important ways through which the behavior becomes integrated? Passed by Congress in 1980. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. ___________ 13. 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. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. Learning the principles and laws of real estate is Champions focus. Operatingactivities7. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Title remains with the lender until the loan is repaid. 3. Get your Real Estate License Education on a Mobile Web App. 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. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. 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. Earn or renew your Home Inspector license. She has one son, Tyler, who lives in Maine. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! right of govt to take private land for public use. 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$34,500\begin{array}{lrrr} The loan becomes due upon the sale of the property or the death of the owner. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Ethicsd. It also offers continuing education courses for. The loss in desirability of the style, layout, or function of an element of a property over time. They are my go-to partner for all things related to continuing education. limited appraisal report 3. a limit on the amount the interest rate can increase or decrease at each adjustment date. state law requires law, real estate contracts and leases over a year to be in writing. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. commercial property is depreciated over how many years? A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell Operating activities} & \text{c. Activities of management engaged to}\\ & \text{$\quad$economic entity}\\ Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. These are the 4 rights of land. Rural Property <25% built up Taxation deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Real Estate Salesperson National Prep Exam 1.docx. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Theintentionalpreparationofmisleadingfinancialstatementsi. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. method of financing which preserves the low, existing interest rate on the original note. Match the terms that follow with the appropriate definitions. 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. Items that affect the marketability or livability of the property The role money serves when it is used as a standard measure to set prices and make economic calculations. Create flashcards for FREE and quiz yourself with an interactive flipper. We make it easy and convenient! The Act was passed to protect consumers from fraud in the sale or lease of land. Anything that is widely accepted in exchange for goods and services. prohibits redlining. most reasonable price a property should bring in a competitive open market. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. forces acting on the parcel of land are always affecting the value of the land. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. Adequate consideration provide basic information to the lender including, income, debt and credit history. & \text{$\quad$productive and will help a business}\\ Principles of Real Estate 1. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. estimate of value based on current construction costs. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial help meet the credit needs of ALL the community. The action of government seizure of land for the good of the public. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. The role money serves when it is used as a form of payment. promotes energy efficient products and buildings. A Rare 150 /- Acre Parcel in the . Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. The sum of the energy used during the life cycle of a product. If the property cannot be transferred, it is of little value. He has been offered three possible 4-year contracts. The evidence an individual has of his or her right to possess land. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. low emissive gas coated with metallic oxide layer. \text{8. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools a. permanent and absolute tenure of an estate in land w freedom to dispose at will. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. combination of two or more properties into one. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. Income approach Analysis the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. & \text{$\quad$information about an identifiable}\\ TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. generally 5-10% range with fees. Liquidity} & \text{$\quad$companys management}\\ 4. amount of any finance charge. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. 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. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? transfer of ownership against the will of the owner. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. They prepare you for life as a Realtor. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! ___________ 11. 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. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. ___________ 5. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Havingenoughcashavailabletopay5. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. Profitabilityinformationfortheinternaluseofa3. Financialaccountingobtainadequatefundsforbeginning8. doesn't indicate that they are legal owner, The government is the original owner of all land. Buildings are not typical of the area 4. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. ___________ 7. transferring real estate to the state when a person dies without heirs. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. 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. Helen Fortier February 10, 2022 Theprocessofgeneratingandcommunicating10. 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. 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. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. lender acquires property under foreclosure. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. & \text{h. The intentional preparation of}\\ provides the consumer with assistance securing hard to place or niche sources f mortgage money. 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. Bank owns it now. 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.
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