champions school of real estate principles 2 quizlet

stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. 176 Champions School of Real Estate Reviews - AgentAdvice.com It also offers continuing education courses for. Champions makes sure you are ready to take your State and National exam. special form of insurance which is designed to allow lender to increase the LTV. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 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. 2.amount of any payment (PETE) police power, escheat, taxation, eminent domanin. person received notice of document or event even though actual notice was not delivered directly to him or her. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ The absence of competition will cause prices to increase in the marketplace. Theintentionalpreparationofmisleadingfinancialstatementsi. part of income approach, used if there are a lot of rental properties in the area. Champions School of Real Estate-Principles of Real Estate II - Quizlet If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. The lender transfers title back to the borrower when the loan is repaid. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. 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. qualifies borrower based on proposed home payment and gross monthly income. Calculate the new balance. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. initial truth in lending disclosure. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. There is no membership needed. Anything that is widely accepted in exchange for goods and services. Operating income and expense statements 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). 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. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. various equations can calculate what investor is looking for. The loss in a property's value due to daily wear and tear. 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. 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! when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. 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. Neighborhood description The government's right to tax real estate. Create flashcards for FREE and quiz yourself with an interactive flipper. estate for years grantor does not even claim to own the property. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. legal. Conventional-loans that have no federal guarantees or insurance Frequently asked questions Texas Principles 1 Exam Practice Questions With Answers - Champions Downpayment is the difference between the _____ and the _____. Another Name for environmental or economic obsolescence. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. certified commercial investment member (part of NAR). a. 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. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. offers the greatest protection of any deed. 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 action of government seizure of land for the good of the public. The loan becomes due upon the sale of the property or the death of the owner. This ensures you quickly get to the core! transfer of title that is a free act of the grantor. the absence of competition will cause prices to increase in the marketplace. looks like a deed. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. Married limit is 500k. A Rare 150 /- Acre Parcel in the . can be voluntary or involuntary. federal law passed in 1974. doesn't include: gender or immigration status. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. + result to numerator the percentage of value or sales price that a lender is willing to finance. many lenders, especially high LTV loans, will order a field review of the appraisal. forces acting on the parcel of land are always affecting the value of the land. added to the index to calculate interest rates, teaser rate- lower rate offered initially. Appraisal certification, Appraisal Factors that affect loan approval, 1. loss value caused by factors outside of the property (demand, zoning, condemnation, highways), for income-generating rental properties, neighborhood-specific, GRM = Sales Price/Monthly Rent, Property acquired by lender through foreclosure, Borrowers and lenders come together to create mortgage, Mortgage bankers, mortgage brokers, and correspondent lenders, The detailed process of evaluating a borrower's loan application, The consummation of a real estate transaction, signed and paid. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). 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. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. (Most reliable), Reduction in value from deterioration or obsolescence. 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. 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. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. based on the assessed value of the property and the existing tax rate. Accounting} & \text{a. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Cost approach Analysis deffence against claims which have arisen suring grantor ownership. Texas Principles 2 Exam Practice Questions - Champions School of Real 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. How do I get a Texas Real Estate License? Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. Champions Principles of Real Estate 2 Flashcards | Quizlet real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Developers are required to provide each purchaser with a disclosure document (Property Report). Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. & \text{e. Activities of management engaged}\\ The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Let and take agreement She has one son, Tyler, who lives in Maine. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ What is the probability that Bob receives no tweets during his lunch hour? any change in the ownership of relationship property. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). someone who processes, underwrites, closes and funds his or her own files in his or her name. Principles of Real Estate 1 - Term flashcards - Champions School of & \text{$\quad$operate the business}\\ 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. lender acquires property under foreclosure. (Zoning example). \text{5. permanent and absolute tenure of an estate in land w freedom to dispose at will. grantee gives to the grantor, most common, best type of deed to have. January 1, 2005, launching its Mold Mission Program. % of the lesser of the appraised value or sales price that lender will lend. 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. very likely to be contested. The exchange of goods or services for other goods or services without the use of money. Texas principles of real estate 2 - YouTube When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. transfer of ownership against the will of the owner. rate doesn't change between offer and closing. Buildings are not typical of the area 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. Money that has value because the government has ordered that it be accepted in payment of debts. According to this principle, the value of tenancy of sufferance purchase title insurance either by grantor or grantee. when the value added by an improvement exceeds the costdo not over improve. insures the difference, Police Power Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. & \text{$\quad$whether actions are right or wrong}\\ specifies requirements found in regulation z. combination of two or more properties into one. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? a limit on the amount the interest rate can increase or decrease at each adjustment date. 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. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. homeowners who are at least 62 years of age can borrow against the equity in their property. CFPB implemented. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. low emissive gas coated with metallic oxide layer. ___________ 3. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Managerialaccountingandcontinuingtooperateabusiness9. secured property may be sold ti satisfy the unpaid promissory note. right of govt to take private land for public use. \text{2. 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. 1. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. \text{6. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. 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 issued in the amount of the loan. supply is short, prices go up. ___________ 12. Property and lender information Eminent Domain Texas Principles 2 Scenarios Questions - Champions School of Real Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. The percentage of value or sales price that a lender is willing to finance. Highly recommended and I will continue to use Champions! b. something of value given in exchange for a conveyance. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. ___________ 6. 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. 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. help meet the credit needs of ALL the community. limits how much a payment can increase/ decrease. and no unpaid claims against the property. 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) The Act was passed to protect consumers from fraud in the sale or lease of land. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? The percentage of value or sales price that a lender is willing to finance. provide basic information to the lender including, income, debt and credit history. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. 40 pages. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. sets monetary policy. You can do it, we can help! & \text{$\quad$processes, and communicates financial}\\ Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Texas State Portion Real Estate Exam part 2.docx. \end{array} | 4 years | |. ie. Under what conditions would the traditional yield spread be close to the static spread? & \text{$\quad$productive and will help a business}\\ Reconciliation of values Principles of Real Estate 1. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. The evidence an individual has of his or her right to possess land. & \text{$\quad$form of financial statements to decision}\\ borrowers provide basic information like income, debt, and credit history. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Improvements to site used in most real estate transactions. promotes home ownership. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. 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. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. \text{9. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. 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} funds the secondary market. 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