___________ 8. purchase price is affected by the expectation of of future appeal and benefits. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Champions makes sure you are ready to take your State and National exam. initial truth in lending disclosure. history or list of all owners back to the sovereignty of the soil, you want this one. 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. 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. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Activitiesofmanagementengagedto7. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. prepared by an attorney, least likely to be contested. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. & \text{$\quad$operate the business}\\ promotes energy efficient products and buildings. Another Name for environmental or economic obsolescence. 10. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! It's simple! Bank owns it now. Principle of Increasing/or decreasing returns. someone who processes, underwrites, closes and funds his or her own files in his or her name. Operating income and expense statements tenancy of will Champions Principles of Real Estate 2 Flashcards | Quizlet 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. ___________ 10. power of sale under a mortgage in default. Theprocessofgeneratingandcommunicating10. 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. only legal for personal property. These are non conforming loans. (PETE) police power, escheat, taxation, eminent domanin. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. & \text{$\quad$to spend capital in ways that are}\\ Champions Real Estate School Review - Investopedia Flashcard App | Champions School A value for existing properties method for comparing similar properties to the subject property. 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. 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. 2. major functional obsolescence Percentage of the Lesser of the appraised value or sales price that the lender will lend. Theprocessofproducingaccounting2. The role money serves when used as a way to hold value relatively well over time. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. ___________ 4. borrowers provide basic information like income, debt, and credit history. Achieve success through Business Etiquette. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Cost approach Analysis designed to clean up sites contaminated with hazardous substance. His opportunity cost is 7 percent. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Eminent Domain The landlord or owner; party granting a lease. many lenders, especially high LTV loans, will order a field review of the appraisal. negotiated between landlord and manager. The value of a property may be affected by social, economic, governmental and environmental influences. and no unpaid claims against the property. a deed is considered to be delivered and accepted when it is delivered into escrow. Texas Principles 2 Q & A - Champions School of Real Estate 1. & \text{$\quad$processes, and communicates financial}\\ final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Ethics} & \text{d. The process of generating and communicating}\\ 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. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. tenancy of sufferance 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 U.S. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. 16 pages. some lenders accept this drive-by type of review for low LTV or low risk loans. 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. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Principles of Real Estate 2 Flashcards | Chegg.com Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. can be voluntary or involuntary. Analysis of market data Accounting2. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. 1. amount of down payment. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. forces acting on the parcel of land are always affecting the value of the land. largest investor in home mortgages. addition or amendment to an existing will. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. 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. Champions School of Real Estate - Exam Prep Flashcards | Quizlet small investors to invest in larger commercial properties. What is one of the most important ways through which the behavior becomes integrated? Financingactivities5. 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. Economic obsolescence improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. qualifies borrower based on proposed home payment and gross monthly income. special form of insurance which is designed to allow lender to increase the LTV. Property and lender information 9. background information about the appraiser 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 ! decreases over time, norm paid by buyer. 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. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 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. ___________ 3. whichever one is lower LTV Loan-to-Value Ratio 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. 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. 9. insures most protection, any changes to the ownership of real property. 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. Adequate consideration October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Texas Principles 2 Scenarios Questions - Champions School of Real Activitiesofmanagementengagedtooperatethebusinessj. part of income approach, used if there are a lot of rental properties in the area. Principles of real estate II (Champions) Flashcards | Quizlet Champions School Principles of Real Estate II - Quizlet 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. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. (Zoning example). Real Estate Salesperson National Prep Exam 1.docx. \text{10. Infer What might keep a State from accepting a categorical grant-in-aid? real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Ethicsd. The money that mortgage companies use to make loans comes from the sale of __________. Find the annual double-declining-balance (200% method) rate of depreciation. Liquiditycompanysmanagement4. ( Champions School Of. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? Financialaccountingobtainadequatefundsforbeginning8. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Under what conditions would the traditional yield spread be close to the static spread? Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. 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. higher for smaller properites, conveys an interest in real estate from one party to another. (1) The Sales Comparison Approach 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. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Principles of Real Estate 1 - Term flashcards - Champions School of certified commercial investment member (part of NAR). Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. \text{2. homeowners who are at least 62 years of age can borrow against the equity in their property. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. 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. Taxation \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 4. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. the loan origination market where borrowers and lenders negotiate mortgage terms. 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. \text{8. Profitability3. Homeowners who are least 62 years of age can borrow against the equity in their property. There is no membership needed. \text{3. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell It was signed into law by President Barack Obama in May 2009. person received notice of document or event even though actual notice was not delivered directly to him or her. 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.
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