champions school of real estate principles 2 quizlet

transfer of title that is a free act of the grantor. 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. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. The percentage of value or sales price that a lender is willing to finance. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 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. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. ENERGY STAR program was established in 1992 under this Act. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. Accounting} & \text{a. reviews cover a checklist of items as they analyze the appraisal report. Financingactivitiesb. Theintentionalpreparationofmisleadingfinancialstatementsi. The most probable price a property should bring in a competitive and open market. 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. 3. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The role money serves when it is used as a standard measure to set prices and make economic calculations. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. Match the following terms to the correct definitions. exterior only/drive by inspection. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Neighborhood description the value of a property is equal to the sum of the contributory value of each of its component parts. lender acquires property under foreclosure. & \text{$\quad$makers outside the organization}\\ Liquidity} & \text{$\quad$companys management}\\ forces acting on the parcel of land are always affecting the value of the land. whichever one is lower LTV Loan-to-Value Ratio quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act tenant pays rent, plus taxes utlities ect. Cost approach Analysis FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. lender has evaluated the borrower in the underwriting process. The legal use that gives the greatest return in money and/or amenities. minimum 100 investors. Passed by Congress in 1980. \text{Other Expenses}&\$36,000&&\$34,500\\ deffence against claims which have arisen suring grantor ownership. no obligation o extend credit. Principles of Real Estate 1. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 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. Liquiditycompanysmanagement4. doesn't indicate that they are legal owner, The government is the original owner of all land. 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. seller is willing to take part or all of equity in the form of a note. decreases over time, norm paid by buyer. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. The process by which the government exercises its right of eminent domain. Investingactivitiesdebtswhentheyaredue6. Gross Rent Multiplier. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. history or list of all owners back to the sovereignty of the soil, you want this one. 10. 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. rate doesn't change between offer and closing. A Rare 150 /- Acre Parcel in the . set by state of texas dept of insurance, based on properties value using sliding scale. insures the difference, Police Power 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. transfer of ownership against the will of the owner. b) What confidence level did the pollsters use? Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) Identify and explain the structures of language. 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. Activitiesofmanagementengagedtooperatethebusinessj. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. She has one son, Tyler, who lives in Maine. 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. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. Demand rises and supply is constant. promotes home ownership. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. 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. value added to improvement exceeds the cost of improvement. transferring real estate to the state when a person dies without heirs. Buildings are not typical of the area & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline 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 stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Principle of Increasing/or decreasing returns. zoning, highways. Suppose that the battery life in both cases follows an exponential distribution. 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. less depreciation, plus land value. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Sketch of floor plan Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Earn or renew your Home Inspector license. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial examining of the public records and constructed a chain of title and an abstract of title. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; 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, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. A break in this line would create a cloud on the title. 5. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. loss in a property's value due to daily wear and tear. |---|---| help meet the credit needs of ALL the community. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. \text{6. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. risk based pricing, no published rates. purchase price is affected by the expectation of of future appeal and benefits. & \text{f. The ability to earn enough income to}\\ Adequate consideration largest investor in home mortgages. a deed is considered to be delivered and accepted when it is delivered into escrow. 9. added to the index to calculate interest rates, teaser rate- lower rate offered initially. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. the legal use that gives the greatest return in money or amenities. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). only legal for personal property. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. Value, Income, Return. (pending lawsuits affecting the property). For more than a decade, the German real estate market was in a dramatic growth phase. & \text{h. The intentional preparation of}\\ percentage of value or sales price that a lender is willing to finance. Principle of Increasing and Decreasing Returns. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 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 the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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. A value for existing properties method for comparing similar properties to the subject property. most conveyances are voluntary. The government's right to tax real estate. 1. 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. 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. borrowers provide basic information like income, debt, and credit history. used to clear up cloud on title, no protection, no ownership claimed by grantor. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. certified commercial investment member (part of NAR). January 1, 2005, launching its Mold Mission Program. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. respa applicable. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ The role money serves when it is used as a form of payment. 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. & \text{i. | Life | Annual Rate | Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. \text{2. 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. buying the market pools. Highly recommended and I will continue to use Champions! Match the terms that follow with the appropriate definitions. A rookie quarterback is negotiating his first NFL contract. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Purchases "pools" of mortgages. \text{7. Eminent Domain specifies requirements found in regulation z. Appraisal certification, Appraisal Factors that affect loan approval, 1. 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) method of financing which preserves the low, existing interest rate on the original note. Exam-Federal 1-A2. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Income approach Analysis any change in the ownership of relationship property. special form of insurance which is designed to allow lender to increase the LTV. . Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ \text{1. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Bank owns it now. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. someone who processes, underwrites, closes and funds his or her own files in his or her name. If the property cannot be transferred, it is of little value. 5. & \text{$\quad$productive and will help a business}\\ Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. commercial property is depreciated over how many years? Having enough cash available to pay}\\ Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. combination of two or more properties into one. a type of appraisal review. 2. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. document that pledges the property as security for repayment of the note. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. sets monetary policy. in depth process. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. Money that has value apart from its use as money. ratio of borrowers total recurring monthly debts. & \text{g. An information system that measures,}\\ These are the 4 rights of land. Once the loan is closed it is sold to another lender. can be voluntary or involuntary. 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. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. Financingactivities5. the only limitations to title are those listed in the deed. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Consumer Financial Protection Bureau (CFPB) enforces what Acts? the percentage of value or sales price that a lender is willing to finance. responsible for: 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. What is the probability that Bob receives no tweets during his lunch hour? ___________ 2. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. 2. major functional obsolescence interest rate a reserve bank charges eligible financial institutions to borrow money short term. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Earn or renew your Real Estate Sales Agent or Broker license. never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. & \text{$\quad$information about an identifiable}\\ 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.

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