founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. 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. doesn't indicate that they are legal owner, The government is the original owner of all land. Property and lender information Profitability} & \text{$\quad$information for the internal use of a}\\ Helen Fortier February 10, 2022 permanent and absolute tenure of an estate in land w freedom to dispose at will. Financingactivitiesb. A Rare 150 /- Acre Parcel in the . a. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. 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. 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. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. ___________ 2. 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. Began in 1938 federal agency. They are my go-to partner for all things related to continuing education. Improvements to site The program offers 100% financing (no down payment) for qualified borrowers. The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. (3) The Income Approach. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. \end{array} 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. rate doesn't change between offer and closing. the absence of competition will cause prices to increase in the marketplace. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. ARMS that offer fixed rate period during 1st years of the loan. Ethicsd. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Additional support documents, 1. 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. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. ENERGY STAR program was established in 1992 under this Act. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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. (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. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. & \text{$\quad$information about an identifiable}\\ Learning the principles and laws of real estate is Champions focus. How do I get a Texas Real Estate License? (1) The Sales Comparison Approach 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. The process of producing accounting}\\ The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Ethics10. Over 500 million tweets are sent per day. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Here is what they had to say! 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. d. Supply falls and demand is constant. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 3. 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. Frequently asked questions Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Consumer Financial Protection Bureau (CFPB) enforces what Acts? Economic obsolescence seller is willing to take part or all of equity in the form of a note. 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. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. 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{3. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 2. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! \text{4. Financing activities} & \text{b. Flood maps & \text{f. The ability to earn enough income to}\\ zoning, highways. Type of asset-backed security that is secured by a mortgage or collection of mortgages. 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. 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. 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. Accounting} & \text{a. the loan origination market where borrowers and lenders negotiate mortgage terms. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year deffence against claims which have arisen suring grantor ownership. promotes home ownership. 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. | 4 years | |. 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. 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. Earn or renew your Home Inspector license. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Another Name for environmental or economic obsolescence. 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. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Passed by Congress in 1980. (pending lawsuits affecting the property). ___________ 11. a deed is considered to be delivered and accepted when it is delivered into escrow. Legal purpose . Texas State Portion Real Estate Exam part 2.docx. Rural Property <25% built up The process of transferring funds to a title or escrow company for disbursement. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. exterior only/drive by inspection. (2) The Cost Approach, provides the consumer with assistance securing hard to place or niche sources f mortgage money. qualifies borrower based on proposed home payment and gross monthly income. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. offers the greatest protection of any deed. 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. set by state of texas dept of insurance, based on properties value using sliding scale. Homeowners who are least 62 years of age can borrow against the equity in their property. Financialaccounting8. ratio of borrowers total recurring monthly debts. a limit on the amount the interest rate can increase or decrease at each adjustment date. 3. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. right of govt to take private land for public use. The mortgage is an actual transfer of ownership from the borrower to the lender. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. 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. 2.amount of any payment Investing activities} & \text{$\quad$debts when they are due}\\ & \text{h. The intentional preparation of}\\ the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. 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 $1 million. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 4. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ all consumers are given a equal chance to obtain credit. person designated to execute the terms of a will. a type of appraisal review. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. ___________ 13. If the property cannot be transferred, it is of little value. 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. The government's right to tax real estate. usually have a initial cap that is higher than the adjustment cap. 4. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. If Market is flooded values will be flat. 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. The sum of the energy used during the life cycle of a product. a type of appraisal review. 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. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. Financialaccountingobtainadequatefundsforbeginning8. 16 pages. the value if the property is equal to the sum if the contributory value of each of its component parts. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. Money that has value because the government has ordered that it be accepted in payment of debts. Match the following terms to the correct definitions. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Examine the summary section of a monthly credit card statement. Managerialaccounting9. 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. & \text{e. Activities of management engaged}\\ The loss in desirability of the style, layout, or function of an element of a property over time. & \text{j. These are the 4 rights of land. protection up to purchase price, norm paid by seller (buyers benefit). A break in this line would create a cloud on the title. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. 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) Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Certified Residential Appraiser they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline 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 . the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. Adequate consideration 7. 1. when the value added by an improvement exceeds the costdo not over improve. Appraisal certification, Appraisal Factors that affect loan approval, 1. There is no membership needed. Infer What might keep a State from accepting a categorical grant-in-aid? + result to numerator 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. 3. & \text{i. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Permits additional borrowing on the same note and mortgage. 6. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Highly recommended and I will continue to use Champions! less depreciation, plus land value. various equations can calculate what investor is looking for. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. 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. What is the probability that Bob receives no tweets during his lunch hour? Reconciliation of values Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Liquiditycompanysmanagement4. Value, Income, Return. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. 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 estate for years Activitiesofmanagementengagedtooperatethebusinessj. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. 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. very likely to be contested. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). 5. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. designed to clean up sites contaminated with hazardous substance. Copy of most recent property survey Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. 10. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. For more than a decade, the German real estate market was in a dramatic growth phase. Achieve success through Business Etiquette. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. sets monetary policy. 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. ___________ 5. supply is short, prices go up. His opportunity cost is 7 percent. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. 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). The role money serves when it is used as a form of payment. Neighborhood description transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. Principles of Real Estate 1. Investingactivitiesdebtswhentheyaredue6. They prepare you for life as a Realtor. Identify and explain the structures of language. whichever one is lower LTV Loan-to-Value Ratio reviews cover a checklist of items as they analyze the appraisal report. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Having enough cash available to pay}\\ He is really good. 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. Photographs of comparables (PETE) police power, escheat, taxation, eminent domanin. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. ese are non-conforming loans. some lenders accept this drive-by type of review for low LTV or low risk loans. grantor does not even claim to own the property. \text{10. 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. The loan becomes due upon the sale of the property or the death of the owner. help meet the credit needs of ALL the community. Texas Principles 2 Q & A - Champions School of Real Estate 1. ___________ 10. quiz 14.docx. Cost approach Analysis used in most real estate transactions. history or list of all owners back to the sovereignty of the soil, you want this one. Accounting2. federal law passed in 1974. doesn't include: gender or immigration status. Principles of Real Estate 2. ___________ 7. small investors to invest in larger commercial properties. purchases "pools" or mortgages. \text{7. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner.

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