Texas Real Estate Education | Champions School 3. interest rate a reserve bank charges eligible financial institutions to borrow money short term. the legal use that gives the greatest return in money or amenities. 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. grantee gives to the grantor, most common, best type of deed to have. Examine the summary section of a monthly credit card statement. \end{array} the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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} ___________ 14. Profitabilityinformationfortheinternaluseofa3. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. & \text{i. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. sets monetary policy. Financialaccounting8.
Champions Real Estate School Review - Investopedia Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. If the property cannot be transferred, it is of little value. Liquidity4. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Financingactivitiesb. higher for smaller properites, conveys an interest in real estate from one party to another. preserves low, existing intrest rate on the original note. The U.S. Principle of Increasing/or decreasing returns. negotiated between landlord and manager. 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 Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. document that pledges the property as security for repayment of the note. 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. 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 TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. 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. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500.
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. Fraudulentfinancialreportinga. Downpayment is the difference between the _____ and the _____. The loss in value of a property caused by factors outside of the property itself. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. largest investor in home mortgages. Money that has value apart from its use as money. Value, Income, Return. 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. transferring real estate to the state when a person dies without heirs. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. 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. Site description addition or amendment to an existing will. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. no guarantee for approval, property must fit criteria . Principle of Increasing and Decreasing Returns. transfer of ownership against the will of owner. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. \text{9. permanent and absolute tenure of an estate in land w freedom to dispose at will. These are non conforming loans. 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). Once the loan is closed it is sold to another lender. transferring funds to a title co for disbursement when loan is approved. initial truth in lending disclosure. (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.
Principles of Real Estate 1 - Term flashcards - Champions School of A value for existing properties method for comparing similar properties to the subject property. addition or amendment to an existing will. issued in the amount of the loan. \text{Revenue}&&\$5,000&\$160,000\\ 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. used in most real estate transactions. some lenders accept this drive-by type of review for low LTV or low risk loans. The process of producing accounting}\\ the absence of competition will cause prices to increase in the marketplace. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. a. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. He is really good. 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. part of income approach, used if there are a lot of rental properties in the area.
Champions School Principles of Real Estate II - Quizlet Title remains with the lender until the loan is repaid. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . The value of a property may be affected by social, economic, governmental and environmental influences. zoning, highways. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Earn or renew your Real Estate Sales Agent or Broker license. 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. \text{7. (3) The Income Approach. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. grantor fully warrants good clear title to the property. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. & \text{$\quad$economic entity}\\ The reduction in value of property from causes such as deterioration or obsolescence. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 1. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ a type of appraisal review. Title remains with the lender until loan is repaid. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. Accounting2. ___________ 7. Reconciliation of values risk based pricing, no published rates. & \text{$\quad$whether actions are right or wrong}\\ estimate of value based on current construction costs. Began in 1938 federal agency. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Having enough cash available to pay}\\ 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. property owner obtains a certificate much like an automobile that is recorded in the public records. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Find the annual double-declining-balance (200% method) rate of depreciation. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. 3. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. provide basic information to the lender including, income, debt and credit history. ___________ 2. set by state of texas dept of insurance, based on properties value using sliding scale. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. The lender transfers title back to the borrower when the loan is repaid. (pending lawsuits affecting the property). Financialaccountingobtainadequatefundsforbeginning8. These are the 4 rights of land. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. subsequent to adjustment, limits how much a payment can increase or decrease.
Assets that are easily converted to cash. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. transfer of title that is a free act of the grantor. Havingenoughcashavailabletopaydebtswhentheyareduec. ___________ 11. Investingactivitiesdebtswhentheyaredue6. requires an application. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. loss in a property's value due to daily wear and tear. Gross Rent Multiplier. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. the legal use that gives the greatest return in money or amenities. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. & \text{$\quad$misleading financial statements}\\ 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. |---|---| a type of appraisal review. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. 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 specifies requirements found in regulation z. 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 !
PDF Final Exam For Real Estate Principles - annualreport.psg.fr 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. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. tenant pays rent, plus taxes utlities ect. Another Name for environmental or economic obsolescence. residential property is depreciated over how many years? Photographs of comparables
Champions School of Real Estate Principles 2 Test Review September 2018 a limit on the amount the interest rate can increase or decrease at each adjustment date. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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. price a wiling seller will sell for & price willing buyer will buy.
seller is willing to take part or all of equity in the form of a note. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. 16 pages. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ very likely to be contested. 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! Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Sketch of floor plan helpful info about the cost pr mortgage settlement charges caused by abusive practices. Purchases "pools" of mortgages. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 9. 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. Match the terms that follow with the appropriate definitions. a mortgage is an actual transfer of ownership from the borrower to the lender. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Activitiesofmanagementengagedtooperatethebusinessj. ___________ 5. The loss in desirability of the style, layout, or function of an element of a property over time. & \text{$\quad$processes, and communicates financial}\\ (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. Adger Corporation is a service company that measures its output based on the number of customers served. Eminent Domain 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. Havingenoughcashavailabletopay5. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. 7. & \text{e. Activities of management engaged}\\ \text{1. \text{10. 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. qualifies borrower based on proposed home payment and gross monthly income. 21 pages. 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. 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 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. 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. It basically insures the difference between the borrower's down payment and LTV. 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. prepared by an attorney, least likely to be contested. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. 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. Texas Principles 2 Q & A - Champions School of Real Estate 1. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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. The role money serves when it is used as a form of payment. Escheat, right of government to regulate and control land. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. % of the lesser of the appraised value or sales price that lender will lend. this is the best indicator.
EXAM PREP - Champions School of Real Estate - Course Hero Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Demand falls by more than supply rises. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 6. permits additional borrowing on the same note and mortgage. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. a type of appraisal review. 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. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license.
Champions Principles of Real Estate 2 Flashcards | Quizlet Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. purchase title insurance either by grantor or grantee. 2. Match the following terms to the correct definitions. The loss in desirability of the style, layout, or function of an element of a property over time. 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
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