champions school of real estate principles 2 quizletpacific basketball coach

in depth process. 7. Value, Income, Return. Passed by Congress in 1980. These are the 4 rights of land. 6. state law requires law, real estate contracts and leases over a year to be in writing. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. promotes home ownership. ___________ 8. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Activities of management engaged to}\\ oral/ deathbed will. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Increased competition will bring prices down. Theintentionalpreparationofmisleadingfinancialstatementsi. borrowers provide basic information like income, debt, and credit history. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. 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. 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. tenancy of will Investingactivitiesdebtswhentheyaredue6. They prepare you for life as a Realtor. ENERGY STAR program was established in 1992 under this Act. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Havingenoughcashavailabletopaydebtswhentheyareduec. 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. 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 tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. various equations can calculate what investor is looking for. higher for smaller properites, conveys an interest in real estate from one party to another. (Most reliable), Reduction in value from deterioration or obsolescence. Photographs of property small investors to invest in larger commercial properties. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Financialaccounting8. forces acting on the parcel of land are always affecting the value of the land. 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. Suppose that the battery life in both cases follows an exponential distribution. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. ratio of borrowers total recurring monthly debts. Principle of Increasing and Decreasing Returns. value set on the property for tax purposes. used to clear up cloud on title, no protection, no ownership claimed by grantor. 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 tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. A Rare 150 /- Acre Parcel in the . Under what conditions would the traditional yield spread be close to the static spread? Sketch of floor plan Activitiesofmanagementengagedtooperatethebusinessj. 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. 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. no guarantee for approval, property must fit criteria . the absence of competition will cause prices to increase in the marketplace. For more than a decade, the German real estate market was in a dramatic growth phase. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. only legal for personal property. 5. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. 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. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. any change in the ownership of relationship property. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. designed to clean up sites contaminated with hazardous substance. Financialaccountingobtainadequatefundsforbeginning8. Ethicsd. risk based pricing, no published rates. You can do it, we can help! \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline & \text{$\quad$economic entity}\\ Another Name for environmental or economic obsolescence. consumers are given equal chance to obtain credit. ___________ 11. 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. legal. 10. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. \text{4. Financing activities} & \text{b. Assets that are easily converted to cash. Real Estate Salesperson National Prep Exam 1.docx. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Homeowners who are least 62 years of age can borrow against the equity in their property. Investing activities} & \text{$\quad$debts when they are due}\\ 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. partially amortized loan with final payment substantially larger than the others. Match the terms that follow with the appropriate definitions. Taxation 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. transferring funds to a title co for disbursement when loan is approved. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Economic obsolescence According to this principle, the value of secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Accounting} & \text{a. January 1, 2005, launching its Mold Mission Program. 40 pages. 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 remains with the lender until the loan is repaid. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. ___________ 10. The Act was passed to protect consumers from fraud in the sale or lease of land. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. \text{9. the only limitations to title are those listed in the deed. Permits additional borrowing on the same note and mortgage. 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) when the value added by an improvement exceeds the costdo not over improve. 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. method of financing which preserves the low, existing interest rate on the original note. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ & \text{$\quad$operate the business}\\ Type of asset-backed security that is secured by a mortgage or collection of mortgages. It basically insures the difference between the borrower's down payment and LTV. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. 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. 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. 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) The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. 3. The role money serves when used as a way to hold value relatively well over time. Photographs of comparables & \text{i. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. A break in this line would create a cloud on the title. 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. based on the assessed value of the property and the existing tax rate. (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. sets monetary policy. ese are non-conforming loans. 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. 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. The loss in a property's value due to daily wear and tear. \text{2. The program offers 100% financing (no down payment) for qualified borrowers. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. a. history or list of all owners back to the sovereignty of the soil. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. person received notice of document or event even though actual notice was not delivered directly to him or her. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. (2) The Cost Approach, Title remains with the lender until loan is repaid. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. certified commercial investment member (part of NAR). Buildings are not typical of the area a mortgage is an actual transfer of ownership from the borrower to the lender. set by state of texas dept of insurance, based on properties value using sliding scale. The government's right to tax real estate. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). 3. The most probable price a property should bring in a competitive and open market. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. generally 5-10% range with fees. 2. Legal purpose Unlimited number of times. issued in the amount of the loan. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. \text{Revenue}&&\$5,000&\$160,000\\ The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. legal procedure where secured property is sold to pay unpaid note. The U.S. Copy of most recent property survey seller is willing to take part or all of equity in the form of a note. buying the market pools. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. % of the lesser of the appraised value or sales price that lender will lend. Principles of Real Estate 2. Escheat, right of government to regulate and control land. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. supply is short, prices go up. 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 3. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. ___________ 1. 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. Married limit is 500k. |---|---| Infer What might keep a State from accepting a categorical grant-in-aid? requires an application. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Principle of Increasing/or decreasing returns. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? 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). complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. loss in a property's value due to daily wear and tear.

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