Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. Taxation 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. 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. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. PDF Champions school of real estate principles 1 quizlet Flashcard App | Champions School the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Theintentionalpreparationofmisleadingfinancialstatementsi. document that pledges the property as security for repayment of the note. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. Title remains with the lender until loan is repaid. 4. 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. Liquiditycompanysmanagement4. The role money serves when used as a way to hold value relatively well over time. Permits additional borrowing on the same note and mortgage. a type of appraisal review. 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. 9. background information about the appraiser person received notice of document or event even though actual notice was not delivered directly to him or her. ___________ 13. right of govt to take private land for public use. Buildings are not typical of the area 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. Real Estate Salesperson National Prep Exam 1.docx. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? The loss in desirability of the style, layout, or function of an element of a property over time. decreases over time, norm paid by buyer. history or list of all owners back to the sovereignty of the soil. 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. 4. amount of any finance charge. 7. Theintentionalpreparationofmisleadingfinancialstatementsi. \end{array} stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Principle of Increasing and Decreasing Returns. Achieve success through Business Etiquette. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. 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. \text{Travel Expenses}&&\$600&\$19,000\\ Once the loan is closed it is sold to another lender. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. 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. quiz 14.docx. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. legal. ratio of borrowers total recurring monthly debts. Gross Rent Multiplier. no obligation o extend credit. Appraisal certification, Appraisal Factors that affect loan approval, 1. certified commercial investment member (part of NAR). and no unpaid claims against the property. 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. 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. 8. value added to improvement exceeds the cost of improvement. Consumer Financial Protection Bureau (CFPB) enforces what Acts? The action of government seizure of land for the good of the public. & \text{$\quad$attract and hold investment capital}\\ Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. The right of the government to take an individual's land if he or she dies without a will or heirs. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Ethicsd. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 1. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Rental survey Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. supply is short, prices go up. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Profitability} & \text{$\quad$information for the internal use of a}\\ Champions School of Real Estate (CSRE) - Course Hero gradual loss of land near border of stream or river. added to the index to calculate interest rates, teaser rate- lower rate offered initially. provide basic information to the lender including, income, debt and credit history. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Eminent Domain oral/ deathbed will. 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 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. Ethics10. 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. The legal use that gives the greatest return in money and/or amenities. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Income approach Analysis Bank owns it now. 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! consent of the lender allows property to be sold for a price sufficient to pay mortgage off. & \text{$\quad$to spend capital in ways that are}\\ |---|---| Downpayment is the difference between the _____ and the _____. Create flashcards for FREE and quiz yourself with an interactive flipper. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 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 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. 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. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Demand falls by more than supply rises. Under what conditions would the traditional yield spread be close to the static spread? increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools Theprocessofgeneratingandcommunicating10. Suppose that the battery life in both cases follows an exponential distribution. The U.S. 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 property is equal to the sum of the contributory value of each of its component parts. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! combination of two or more properties into one. Borrowers are rated A-F with a prime borrower having an A rating. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. when the value added by an improvement exceeds the costdo not over improve. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! c. Supply rises by more than demand rises. Accounting2. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. residential property is depreciated over how many years? For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). Financialaccounting8. Principles of Real Estate 1. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. the percentage of value or sales price that a lender is willing to finance. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. 5. 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. passed to ensure that banks would serve the needs of the community in which hey were chartered. 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. Take your license further with a Designation or Certification. looks like a deed. The staff at Champions School is top notch! 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. ___________ 11. b. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 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. (PETE) police power, escheat, taxation, eminent domanin. a. 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. allows funding of the repairs through a series of draws. Rural Property <25% built up Property and lender information Texas Principles 2 Q & A - Champions School of Real Estate 1. (pending lawsuits affecting the property). + result to numerator maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. seller is willing to take part or all of equity in the form of a note. 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. tenant pays rent, plus taxes utlities ect. ___________ 8. What is the probability that Bob receives no tweets during his lunch hour? Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages The loan becomes due upon the sale of the property or the death of the owner. Champions School of Real Estate-Principles of Real Estate II - Quizlet The presence of lower-priced properties in the area will cause a decline in the value of the subject property. something of value given in exchange for a conveyance. 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. ___________ 4. zoning, highways. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} estate for years 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. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 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. Title remains with the lender until the loan is repaid. d. Supply falls and demand is constant. The percentage of value or sales price that a lender is willing to finance. Champions School Principles of Real Estate II - Quizlet Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers