___________ 6. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. 2. Principles of real estate II (Champions) Flashcards | Quizlet preserves low, existing intrest rate on the original note. Married limit is 500k. the loan origination market where borrowers and lenders negotiate mortgage terms. 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. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. (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. a deed is considered to be delivered and accepted when it is delivered into escrow. largest investor in home mortgages. The loan becomes due upon the sale of the property or the death of the owner. Principle of Increasing/or decreasing returns. Identify and explain the structures of language. \end{array} 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. The money that mortgage companies use to make loans comes from the sale of __________. Demand falls by more than supply rises. responsible for: partially amortized loan with final payment substantially larger than the others. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. no guarantee for approval, property must fit criteria . & \text{$\quad$makers outside the organization}\\ The right of the government to take an individual's land if he or she dies without a will or heirs. 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 . limits how much a payment can increase/ decrease. value set on the property for tax purposes. \text{1. Adger Corporation is a service company that measures its output based on the number of customers served. Passed by Congress in 1968. These are the 4 rights of land. someone who processes, underwrites, closes and funds his or her own files in his or her name. ENERGY STAR program was established in 1992 under this Act. The process of transferring funds to a title or escrow company for disbursement. The government's right to tax real estate. A rookie quarterback is negotiating his first NFL contract. part of income approach, used if there are a lot of rental properties in the area. c. Supply rises by more than demand rises. supply is short, prices go up. Items that affect the marketability or livability of the property \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 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. 176 Champions School of Real Estate Reviews - AgentAdvice.com ese are non-conforming loans. right of govt to take private land for public use. federal law passed in 1974. doesn't include: gender or immigration status. & \text{$\quad$achieve its objectives}\\ The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 7. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. 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. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Principles of Real Estate 1 - Term flashcards - Champions School of We make it easy and convenient! the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Texas Principles 2 Exam Practice Questions - Champions School of Real + result to numerator 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. Texas principles of real estate 2 - YouTube What is the probability that Bob receives no tweets during his lunch hour? sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Fraudulentfinancialreportinga. Unlimited number of times. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. Value, Income, Return. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Find the annual double-declining-balance (200% method) rate of depreciation. (1) The Sales Comparison Approach type of insurance required when the LTV exceeds 80%. 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. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Site description some lenders accept this drive-by type of review for low LTV or low risk loans. Managerialaccounting9. in depth process. A value for existing properties method for comparing similar properties to the subject property. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? Ethics10. Money that has no value of its own but can be exchanged for something of value. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. The process of producing accounting}\\ allows funding of the repairs through a series of draws. The exchange of goods or services for other goods or services without the use of money. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. . deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. The value of a property may be affected by social, economic, governmental and environmental influences. looks like a deed. How do I get a Texas Real Estate License? grantee gives to the grantor, most common, best type of deed to have. estate for years 8. You can do it, we can help! 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. Texas Principles 2 Scenarios Questions - Champions School of Real legal procedure where secured property is sold to pay unpaid note. a. \text{7. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. respa applicable. & \text{$\quad$productive and will help a business}\\ Activities of management engaged to}\\ The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 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. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Sketch of floor plan The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. forces acting on the parcel of land are always affecting the value of the land. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Having enough cash available to pay}\\ consumers are given equal chance to obtain credit. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. help meet the credit needs of ALL the community. Helen Fortier February 10, 2022 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. lender has evaluated the borrower in the underwriting process. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. According to this principle, the value of 4. amount of any finance charge. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Managerialaccountingandcontinuingtooperateabusiness9. This ensures you quickly get to the core! & \text{$\quad$information about an identifiable}\\ Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation An appraiser must always be aware of these influences and possible changes in them that could affect market value. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Percentage of the Lesser of the appraised value or sales price that the lender will lend. Over 500 million tweets are sent per day. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. Accounting2. whichever one is lower LTV Loan-to-Value Ratio 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. Neighborhood description (PETE) police power, escheat, taxation, eminent domanin. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! He is really good. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. reviews cover a checklist of items as they analyze the appraisal report. ___________ 14. legal. Assets that are easily converted to cash. 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. 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. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Theprocessofproducingaccounting2. DUST; demand, utility, scarcity, transferability. history or list of all owners back to the sovereignty of the soil, you want this one. a limit on the amount the interest rate can increase or decrease at each adjustment date. prohibits redlining. 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. Profitability3. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 4. 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. 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. Developers are required to provide each purchaser with a disclosure document (Property Report). & \text{i. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. percentage of value or sales price that a lender is willing to finance. a. 6. Frequently asked questions lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Principles of Real Estate 2 Champions School of Real Estate - Quizlet covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 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. Type of asset-backed security that is secured by a mortgage or collection of mortgages. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Buildings are not typical of the area addition or amendment to an existing will. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. requires an application. used in most real estate transactions. low emissive gas coated with metallic oxide layer. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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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