issued in the amount of the loan. A Rare 150 /- Acre Parcel in the . purchase title insurance either by grantor or grantee. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ They prepare you for life as a Realtor. \text{6. ___________ 8. zoning, highways. Certified Residential Appraiser 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. (Zoning example). 6. part of income approach, used if there are a lot of rental properties in the area. & \text{i. & \text{$\quad$processes, and communicates financial}\\ property owner obtains a certificate much like an automobile that is recorded in the public records. very vulnerable to being contested. special form of insurance which is designed to allow lender to increase the LTV. Match the terms that follow with the appropriate definitions. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners whichever one is lower LTV Loan-to-Value Ratio The loss in desirability of the style, layout, or function of an element of a property over time. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. + result to numerator 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. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. oral/ deathbed will. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Examine the summary section of a monthly credit card statement. 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 Legal purpose According to this principle, the value of Havingenoughcashavailabletopay5. Adger Corporation is a service company that measures its output based on the number of customers served. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. 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. risk based pricing, no published rates. requires an application. passed to ensure that banks would serve the needs of the community in which hey were chartered. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. loss in a property's value due to daily wear and tear. 4. 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. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. any change in the ownership of relationship property. 2. major functional obsolescence Theintentionalpreparationofmisleadingfinancialstatementsi. Title remains with the lender until the loan is repaid. 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. Accounting} & \text{a. The government's right to tax real estate. Gross Rent Multiplier. Over 500 million tweets are sent per day. Theintentionalpreparationofmisleadingfinancialstatementsi. sets monetary policy. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. \end{array} 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. Assets that are easily converted to cash. 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. Infer What might keep a State from accepting a categorical grant-in-aid? His opportunity cost is 7 percent. Items that affect the marketability or livability of the property 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. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Photographs of property Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Earn or renew your Real Estate Sales Agent or Broker license. 9. A break in this line would create a cloud on the title. (PETE) police power, escheat, taxation, eminent domanin. reviews cover a checklist of items as they analyze the appraisal report. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. addition or amendment to an existing will. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! permanent and absolute tenure of an estate in land w freedom to dispose at will. ___________ 1. Permits additional borrowing on the same note and mortgage. limited appraisal report Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. There is no membership needed. Identify the term that best fits the following description - to force out or push out. 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. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. The staff at Champions School is top notch! covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Accounting2. 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. 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 ! If Market is flooded values will be flat. (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. legal. 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 value for existing properties method for comparing similar properties to the subject property. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial a type of appraisal review. negotiated between landlord and manager. ___________ 12. Activities of management engaged to}\\ The USPS has a monopoly on every type of mail or package. Real Estate Salesperson National Prep Exam 1.docx. 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. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. \text{7. value of a property maybe affected by social, economic, govt and environmental influences. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. The landlord or owner; party granting a lease. 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). This ensures you quickly get to the core! transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. What is the probability that Bob receives no tweets during his lunch hour? The role money serves when it is used as a standard measure to set prices and make economic calculations. transferring real estate to the state when a person dies without heirs. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 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 tenant pays rent, plus taxes utlities ect. examining of the public records and constructed a chain of title and an abstract of title. 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. Money that has no value of its own but can be exchanged for something of value. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. 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. designed to clean up sites contaminated with hazardous substance. 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. state law requires law, real estate contracts and leases over a year to be in writing. 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. d. Supply falls and demand is constant. 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. the value if the property is equal to the sum if the contributory value of each of its component parts. \text{9. The right of the government to take an individual's land if he or she dies without a will or heirs. \end{array} a type of appraisal review. federal law passed in 1974. doesn't include: gender or immigration status. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. qualifies borrower based on proposed home payment and gross monthly income. 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. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties doesn't indicate that they are legal owner, The government is the original owner of all land. Money that has value apart from its use as money. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. The lender transfers title back to the borrower when the loan is repaid. It basically insures the difference between the borrower's down payment and LTV. Borrowers are rated A-F with a prime borrower having an A rating. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. 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. The percentage of value or sales price that a lender is willing to finance. The amount of money available for the purchase of goods and services. Flood maps The loss in desirability of the style, layout, or function of an element of a property over time. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 4. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. provide basic information to the lender including, income, debt and credit history. Investingactivities6. (1) The Sales Comparison Approach We feel that we provide an unparalleled Real Estate education in Texas and our students agree! 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. ___________ 11. . The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Accountinga. Let and take agreement ratio of borrowers total recurring monthly debts. 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. 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. 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. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. January 1, 2005, launching its Mold Mission Program. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! buying the market pools. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Neighborhood description 5. Anything that is widely accepted in exchange for goods and services. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. You can do it, we can help! less depreciation, plus land value. 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. The loss in a property's value due to daily wear and tear. Title remains with the lender until loan is repaid. grantor fully warrants good clear title to the property. 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 . 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. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Ethicsd. 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. 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. Financialaccounting8. looks like a deed. 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. the only limitations to title are those listed in the deed. 6. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. Financingactivities5. very likely to be contested. 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. set by state of texas dept of insurance, based on properties value using sliding scale.

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