Signs Of Dumpers Remorse, Bernard Harris Obituary, Best Youth Soccer Clubs In Northern California, How To Reset Luggage Lock Forgot Combination Samsonite, Articles C

The staff at Champions School is top notch! borrowers provide basic information like income, debt, and credit history. Reconciliation of values Real Estate Salesperson National Prep Exam 1.docx. The Act was passed to protect consumers from fraud in the sale or lease of land. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Money that has no value of its own but can be exchanged for something of value. 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. & \text{$\quad$misleading financial statements}\\ protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. There is no membership needed. ___________ 5. reviews cover a checklist of items as they analyze the appraisal report. tenancy of sufferance & \text{g. An information system that measures,}\\ (2) The Cost Approach, A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Permits additional borrowing on the same note and mortgage. The process of producing accounting}\\ 16 pages. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Infer What might keep a State from accepting a categorical grant-in-aid? tenancy of will | Life | Annual Rate | She has one son, Tyler, who lives in Maine. 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. limits interest rate over the lifetime of a loan. A Rare 150 /- Acre Parcel in the . Began in 1938 federal agency. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. For more than a decade, the German real estate market was in a dramatic growth phase. 40 pages. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! & \text{j. & \text{$\quad$information about an identifiable}\\ Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Demand falls by more than supply rises. Champions School of Real Estate Principles 2 Test Review September 2018 % of the lesser of the appraised value or sales price that lender will lend. initial truth in lending disclosure. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ 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. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. 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 Texas State Portion Real Estate Exam part 2.docx. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. Rural Property <25% built up someone who processes, underwrites, closes and funds his or her own files in his or her name. ___________ 11. Flashcard App | Champions School 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. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. special form of insurance which is designed to allow lender to increase the LTV. Principle of Increasing and Decreasing Returns. most conveyances are voluntary. ARMS that offer fixed rate period during 1st years of the loan. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ ___________ 12. Texas Principles 2 Exam Practice Questions - Champions School of Real Bank owns it now. small investors to invest in larger commercial properties. He is really good. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. transferring funds to a title co for disbursement when loan is approved. 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{$\quad$productive and will help a business}\\ (3) The Income Approach. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Champions makes sure you are ready to take your State and National exam. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline Borrowers are rated A-F with a prime borrower having an A rating. Havingenoughcashavailabletopaydebtswhentheyareduec. quiz 14.docx. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. A code of conduct that addresses}\\ The legal use that gives the greatest return in money and/or amenities. Principles of real estate II (Champions) Flashcards | Quizlet 8. The USPS has a monopoly on every type of mail or package. The U.S. The percentage of value or sales price that a lender is willing to finance. 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. 1. 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. Photographs of comparables 3. number of payments or period of repayment Ethics10. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. 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. Real Estate Principles 1 Flashcards & Quizzes | Brainscape We make it easy and convenient! right of govt to take private land for public use. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. 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). \end{array} 1. amount of down payment. 9. background information about the appraiser 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. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ issued in the amount of the loan. Purchases "pools" of mortgages. the value if the property is equal to the sum if the contributory value of each of its component parts. \text{5. Independent third-party appraiser will review the report, then verify the information. What is one of the most important ways through which the behavior becomes integrated? improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. & \text{e. Activities of management engaged}\\ Items that affect the marketability or livability of the property a. Champions School of Real Estate-Principles of Real Estate II - Quizlet responsible for: Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. + result to numerator 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. 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. \text{10. limited appraisal report It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. promotes energy efficient products and buildings. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. 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. \text{3. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. January 1, 2005, launching its Mold Mission Program. The sum of the energy used during the life cycle of a product. Accounting} & \text{a. the legal use that gives the greatest return in money or amenities. most reasonable price a property should bring in a competitive open market. Principles of Real Estate 2 Flashcards | Chegg.com Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Rental survey doesn't indicate that they are legal owner, The government is the original owner of all land. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. used to clear up cloud on title, no protection, no ownership claimed by grantor. What is the probability that Bob receives no tweets during his lunch hour? 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. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. 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. The amount of money available for the purchase of goods and services. A lower interest rate is offered by the lender during the first year or more of the loan. 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. 3. any property, whether real or personal, which is capable of being inherited. 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. 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. 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. Neighborhood description 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. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial 4. local maps, indicating location of subject and comparables transfer of title that is a free act of the grantor. Principles of Real Estate 2. Accounting2. (pending lawsuits affecting the property). they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. The loss in a property's value due to daily wear and tear. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. \text{1. Conventional-loans that have no federal guarantees or insurance Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. Earn or renew your Home Inspector license. Unlimited number of times. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. c. Supply rises by more than demand rises. underwriter approval. 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. value added to improvement exceeds the cost of improvement. Texas Real Estate License Qualifying Education (QE) - Champions School 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. Flood maps 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. PDF Final Exam For Real Estate Principles - annualreport.psg.fr Theprocessofproducingaccounting2. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. Suppose that the battery life in both cases follows an exponential distribution. Principles of Real Estate 2 Champions School of Real Estate - Quizlet history or list of all owners back to the sovereignty of the soil. According to this principle, the value of Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. the only limitations to title are those listed in the deed. 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. the loan origination market where borrowers and lenders negotiate mortgage terms. Operating activities} & \text{c. Activities of management engaged to}\\ 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. Acodeofconductthataddresseswhetheractionsarerightorwrong. 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. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. 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. Champions School of Real Estate - Exam Prep Flashcards | Quizlet Passed by Congress in 1968. 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. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. 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. decreases over time, norm paid by buyer. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. 2. 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 help meet the credit needs of ALL the community. Champions School Principles of Real Estate II - Quizlet 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. Property for Sale in Hesse | Germany - EW RealEstate The reduction in value of property from causes such as deterioration or obsolescence. & \text{$\quad$economic entity}\\ Homeowners who are least 62 years of age can borrow against the equity in their property. specifies requirements found in regulation z. The lender transfers title back to the borrower when the loan is repaid. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). 2. 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) stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. The role money serves when it is used as a standard measure to set prices and make economic calculations. Champions Real Estate School Review - Investopedia sets monetary policy. homeowners who are at least 62 years of age can borrow against the equity in their property. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. Married limit is 500k. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} \text{2. minimum 100 investors. the percentage of value or sales price that a lender is willing to finance. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Theintentionalpreparationofmisleadingfinancialstatementsi. grantor fully warrants good clear title to the property. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Escheat, right of government to regulate and control land. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 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 value of a property may be affected by social, economic, governmental and environmental influences. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Here is what they had to say! Consumer Financial Protection Bureau (CFPB) enforces what Acts? Another Name for environmental or economic obsolescence. The right of the government to take an individual's land if he or she dies without a will or heirs. \end{array} type of insurance required when the LTV exceeds 80%. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. The absence of competition will cause prices to increase in the marketplace. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Examine the summary section of a monthly credit card statement. negotiated between landlord and manager. ___________ 4. requires an application. insures most protection, any changes to the ownership of real property. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 4. amount of any finance charge. Havingenoughcashavailabletopay5. consent of the lender allows property to be sold for a price sufficient to pay mortgage off.