champions school of real estate principles 2 quizlet champions school of real estate principles 2 quizlet

Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Income approach Analysis 1. Money that has value apart from its use as money. Percentage of the Lesser of the appraised value or sales price that the lender will lend. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! The staff at Champions School is top notch! low emissive gas coated with metallic oxide layer. used to clear up cloud on title, no protection, no ownership claimed by grantor. ___________ 3. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. She has one son, Tyler, who lives in Maine. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline 8. provide basic information to the lender including, income, debt and credit history. initial truth in lending disclosure. based on the assessed value of the property and the existing tax rate. exterior only/drive by inspection. Principle of Increasing/or decreasing returns. ___________ 11. How do I get a Texas Real Estate License? 4. local maps, indicating location of subject and comparables & \text{$\quad$economic entity}\\ (pending lawsuits affecting the property). The amount of money available for the purchase of goods and services. & \text{$\quad$makers outside the organization}\\ . no guarantee for approval, property must fit criteria . consumers are given equal chance to obtain credit. & \text{f. The ability to earn enough income to}\\ &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ lender has evaluated the borrower in the underwriting process. & \text{$\quad$to spend capital in ways that are}\\ Rural Property <25% built up Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. Liquiditycompanysmanagement4. Profitabilityinformationfortheinternaluseofa3. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ a. 9. background information about the appraiser Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation A break in this line would create a cloud on the title. federal law passed in 1974. doesn't include: gender or immigration status. 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. ___________ 12. Principles of Real Estate 2. b) What confidence level did the pollsters use? c. Supply rises by more than demand rises. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. Highly recommended and I will continue to use Champions! closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Real Estate Salesperson National Prep Exam 1.docx. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. 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 Under what conditions would the traditional yield spread be close to the static spread? 6. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. Over 500 million tweets are sent per day. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. \text{2. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 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. 2. major functional obsolescence passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. addition or amendment to an existing will. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. The action of government seizure of land for the good of the public. Flood maps An appraiser must always be aware of these influences and possible changes in them that could affect market value. Comprehensive Environmental Response, compensation, and Liability Act. 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. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. 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. Operating activities} & \text{c. Activities of management engaged to}\\ very likely to be contested. property owner obtains a certificate much like an automobile that is recorded in the public records. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Examine the summary section of a monthly credit card statement. ENERGY STAR program was established in 1992 under this Act. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. Type of asset-backed security that is secured by a mortgage or collection of mortgages. partially amortized loan with final payment substantially larger than the others. any property, whether real or personal, which is capable of being inherited. and no unpaid claims against the property. ratio of borrowers total recurring monthly debts. 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. supply is short, prices go up. 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. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. 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. the absence of competition will cause prices to increase in the marketplace. purchase title insurance either by grantor or grantee. Get your Real Estate License Education on a Mobile Web App. ie. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. Earn or renew your Home Inspector license. (2) The Cost Approach, 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. homeowners who are at least 62 years of age can borrow against the equity in their property. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ risk based pricing, no published rates. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. These are the 4 rights of land. The loss in desirability of the style, layout, or function of an element of a property over time. less depreciation, plus land value. 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. 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. negotiated between landlord and manager. \text{1. Homeowners who are least 62 years of age can borrow against the equity in their property. history or list of all owners back to the sovereignty of the soil, you want this one. deffence against claims which have arisen suring grantor ownership. The landlord or owner; party granting a lease. The loan becomes due upon the sale of the property or the death of the owner. Eminent Domain Site description Increased competition will bring prices down. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Developers are required to provide each purchaser with a disclosure document (Property Report). Profitability3. secured property may be sold ti satisfy the unpaid promissory note. 16 pages. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. respa applicable. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. prepared by an attorney, least likely to be contested. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. DUST; demand, utility, scarcity, transferability. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). 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. Once the loan is closed it is sold to another lender. 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 in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Helen Fortier February 10, 2022 responsible for: A code of conduct that addresses}\\ The absence of competition will cause prices to increase in the marketplace. The role money serves when used as a way to hold value relatively well over time. 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. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Principles of Real Estate 1. Activitiesofmanagementengagedtooperatethebusinessj. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. estate for years 6. any condition that affects the health or safety of an occupant, Licensed Appraiser all consumers are given a equal chance to obtain credit. 5. ARMS that offer fixed rate period during 1st years of the loan. 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. promotes home ownership. & \text{$\quad$processes, and communicates financial}\\ certified commercial investment member (part of NAR). 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} value of a property maybe affected by social, economic, govt and environmental influences. 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. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. We make it easy and convenient! protection up to purchase price, norm paid by seller (buyers benefit). Passed by Congress in 1968. help meet the credit needs of ALL the community. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) 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. (Zoning example). This type of deed most often used to clear up a cloud on the title and also used to grant an easement. \end{array} 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. 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. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. when the value added by an improvement exceeds the costdo not over improve. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Operatingactivitiesc. permanent and absolute tenure of an estate in land w freedom to dispose at will. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. & \text{$\quad$achieve its objectives}\\ 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. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. ___________ 6. Accounting2. commercial property is depreciated over how many years? Find the annual double-declining-balance (200% method) rate of depreciation. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. Infer What might keep a State from accepting a categorical grant-in-aid? Investingactivities6. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. most reasonable price a property should bring in a competitive open market. His opportunity cost is 7 percent. 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) Permits additional borrowing on the same note and mortgage. 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. limits interest rate over the lifetime of a loan. Ethics10. Taxation requires an application. prohibits redlining. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Liquidity4. 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. Independent third-party appraiser will review the report, then verify the information. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. d. Supply falls and demand is constant. 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. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Managerialaccountingandcontinuingtooperateabusiness9. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. 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. ___________ 5. 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 NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. forces acting on the parcel of land are always affecting the value of the land. Married limit is 500k. purchase price is affected by the expectation of of future appeal and benefits. decreases over time, norm paid by buyer. Payments are guaranteed, and they would be made at the end of each year. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. purchases "pools" or mortgages. a. whichever one is lower LTV Loan-to-Value Ratio tenant pays rent, plus taxes utlities ect. (PETE) police power, escheat, taxation, eminent domanin. Assets that are easily converted to cash. used in most real estate transactions. sets monetary policy. He is really good. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. most conveyances are voluntary. ___________ 7. promotes energy efficient products and buildings. The role money serves when it is used as a standard measure to set prices and make economic calculations. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Calculate the new balance. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? the loan origination market where borrowers and lenders negotiate mortgage terms. some lenders accept this drive-by type of review for low LTV or low risk loans. limits how much a payment can increase/ decrease. only legal for personal property. 7. Investing activities} & \text{$\quad$debts when they are due}\\ The process of producing accounting}\\ Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Financingactivitiesb. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). |---|---| \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 1. amount of down payment. 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. can be voluntary or involuntary. Financialaccounting8. The process of transferring funds to a title or escrow company for disbursement. transfer of ownership against the will of owner. examining of the public records and constructed a chain of title and an abstract of title. Improvements to site Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. the legal use that gives the greatest return in money or amenities. The most probable price a property should bring in a competitive and open market. ___________ 1. Operating income and expense statements Champions makes sure you are ready to take your State and National exam. 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 a mortgage is an actual transfer of ownership from the borrower to the lender. 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. the only limitations to title are those listed in the deed. power of sale under a mortgage in default. 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.