can be voluntary or involuntary. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Demand falls by more than supply rises. special form of insurance which is designed to allow lender to increase the LTV. Economic obsolescence low emissive gas coated with metallic oxide layer. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. & \text{$\quad$operate the business}\\ 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 ! (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. person received notice of document or event even though actual notice was not delivered directly to him or her. Identify the term that best fits the following description - to force out or push out. The role money serves when it is used as a form of payment. insures most protection, any changes to the ownership of real property. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. 5. examining of the public records and constructed a chain of title and an abstract of title. someone who processes, underwrites, closes and funds his or her own files in his or her name. TILA, FCRA, RESPA, ECOA. 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. a limit on the amount the interest rate can increase or decrease at each adjustment date. (3) The Income Approach. 21 pages. 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. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. Earn or renew your Loan Originator license. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. 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. 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. 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. 7. Theprocessofgeneratingandcommunicating10. Champions School of Real Estate Principles 2 Test Review September 2018 Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. 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. Investing activities} & \text{$\quad$debts when they are due}\\ funds the secondary market. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 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. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 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. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties ___________ 4. most reasonable price a property should bring in a competitive open market. 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. ( Champions School Of. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. ___________ 14. Texas principles of real estate 2 - YouTube 176 Champions School of Real Estate Reviews - AgentAdvice.com He is really good. The money that mortgage companies use to make loans comes from the sale of __________. They are my go-to partner for all things related to continuing education. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. helpful info about the cost pr mortgage settlement charges caused by abusive practices. 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. Champions School of Real Estate.docx - Course Hero allows funding of the repairs through a series of draws. largest investor in home mortgages. property owner obtains a certificate much like an automobile that is recorded in the public records. promotes home ownership. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. It's simple! &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Deed that offers the most protection in which grantor fully warrants good clear title to the premises. Type of asset-backed security that is secured by a mortgage or collection of mortgages. transferring funds to a title co for disbursement when loan is approved. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. 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. Copy of most recent property survey 3. 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 Principle of Increasing and Decreasing Returns. The U.S. (PETE) police power, escheat, taxation, eminent domanin. ___________ 13. loss in a property's value due to daily wear and tear. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline limits interest rate over the lifetime of a loan. Independent third-party appraiser will review the report, then verify the information. 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. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Texas Principles 2 Q & A - Champions School of Real Estate 1. purchases "pools" or mortgages. He has been offered three possible 4-year contracts. Principles of real estate II (Champions) Flashcards | Quizlet c. Supply rises by more than demand rises. Match the terms that follow with the appropriate definitions. This ensures you quickly get to the core! a type of appraisal review. \text{4. Financing activities} & \text{b. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? + result to numerator all consumers are given a equal chance to obtain credit. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. limited appraisal report part of income approach, used if there are a lot of rental properties in the area. It basically insures the difference between the borrower's down payment and LTV. Champions makes sure you are ready to take your State and National exam. legal procedure where secured property is sold to pay unpaid note. addition or amendment to an existing will. 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. Ethics} & \text{d. The process of generating and communicating}\\ Income approach Analysis January 1, 2005, launching its Mold Mission Program. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. Accounting2. the value of a property is equal to the sum of the contributory value of each of its component parts. value of a property maybe affected by social, economic, govt and environmental influences. only legal for personal property. 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. Married limit is 500k. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. PDF Champions school of real estate principles 1 quizlet Flashcard App | Champions School 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. 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. Principles of Real Estate 1. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. a mortgage is an actual transfer of ownership from the borrower to the lender. & \text{$\quad$to spend capital in ways that are}\\ borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. minimum 100 investors. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Accountinga. Texas Principles 2 Exam Practice Questions - Champions School of Real Investingactivities6. & \text{$\quad$achieve its objectives}\\ Principles of Real Estate 2. b) What confidence level did the pollsters use? A value for existing properties method for comparing similar properties to the subject property. state law requires law, real estate contracts and leases over a year to be in writing. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. \text{1. \text{9. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. 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. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. Champions School of Real Estate-Principles of Real Estate II - Quizlet Principles of Real Estate 1 - Term flashcards - Champions School of a. CFPB implemented. The loss in a property's value due to daily wear and tear. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Adequate consideration federal law passed in 1974. doesn't include: gender or immigration status. & \text{$\quad$processes, and communicates financial}\\ added to the index to calculate interest rates, teaser rate- lower rate offered initially. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. history or list of all owners back to the sovereignty of the soil, you want this one. Borrowers are rated A-F with a prime borrower having an A rating. \text{Other Expenses}&\$36,000&&\$34,500\\ What is one of the most important ways through which the behavior becomes integrated? Assets that are easily converted to cash. Profitability} & \text{$\quad$information for the internal use of a}\\ Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. What is the probability that Bob receives no tweets during his lunch hour? 5. prohibits redlining. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). 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 or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. 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 based on the assessed value of the property and the existing tax rate. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. PDF Final Exam For Real Estate Principles - annualreport.psg.fr issued in the amount of the loan. Let and take agreement The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor.
