EXAM PREP - Champions School of Real Estate - Course Hero borrowers provide basic information like income, debt, and credit history. Flood maps TILA, FCRA, RESPA, ECOA. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. history or list of all owners back to the sovereignty of the soil, you want this one. Photographs of comparables oral/ deathbed will. responsible for: Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. issued in the amount of the loan. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. \text{Other Expenses}&\$36,000&&\$34,500\\ (Most reliable), Reduction in value from deterioration or obsolescence. Married limit is 500k. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Activitiesofmanagementengagedtooperatethebusinessj. ___________ 14. He is really good. a. very vulnerable to being contested. 2. Accounting2. 7. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. A Rare 150 /- Acre Parcel in the . 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. 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. Income approach Analysis Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. | Life | Annual Rate | grantor does not even claim to own the property. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Value, Income, Return. \text{6. 5. % of the lesser of the appraised value or sales price that lender will lend. many lenders, especially high LTV loans, will order a field review of the appraisal. Learning the principles and laws of real estate is Champions focus. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. decreases over time, norm paid by buyer. Profitabilityinformationfortheinternaluseofa3. Flashcard App | Champions School Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. 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. 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. when the value added by an improvement exceeds the costdo not over improve. ___________ 4. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Property for Sale in Hesse | Germany - EW RealEstate Exam-Federal 1-A2. power of sale under a mortgage in default. \text{4. Financing activities} & \text{b. & \text{$\quad$whether actions are right or wrong}\\ Passed by Congress in 1968. \text{3. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. 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. 16 pages. subsequent to adjustment, limits how much a payment can increase or decrease. underwriter approval. 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. If the property cannot be transferred, it is of little value. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! Havingenoughcashavailabletopay5. transfer of ownership against the will of the owner. the legal use that gives the greatest return in money or amenities. 8. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. seller is willing to take part or all of equity in the form of a note. 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. limits interest rate over the lifetime of a loan. a deed is considered to be delivered and accepted when it is delivered into escrow. partially amortized loan with final payment substantially larger than the others. Operating activities} & \text{c. Activities of management engaged to}\\ The absence of competition will cause prices to increase in the marketplace. ___________ 8. Financialaccountingobtainadequatefundsforbeginning8. c. Supply rises by more than demand rises. Comprehensive Environmental Response, compensation, and Liability Act. The government's right to tax real estate. b) What confidence level did the pollsters use? Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Operatingactivities7. 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. . Let and take agreement 176 Champions School of Real Estate Reviews - AgentAdvice.com Theintentionalpreparationofmisleadingfinancialstatementsi. 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 ! What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? The role money serves when it is used as a standard measure to set prices and make economic calculations. Property and lender information 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. 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} Fraudulentfinancialreportinga. 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. Sketch of floor plan 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 9. used to clear up cloud on title, no protection, no ownership claimed by grantor. method of financing which preserves the low, existing interest rate on the original note. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties some lenders accept this drive-by type of review for low LTV or low risk loans. ___________ 13. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. 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. 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. 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 The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. all consumers are given a equal chance to obtain credit. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 6. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. | 4 years | |. The U.S. the loan origination market where borrowers and lenders negotiate mortgage terms. A break in this line would create a cloud on the title. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). 3. Champions School of Real Estate (CSRE) - Course Hero |---|---| original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. 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. If Market is flooded values will be flat. & \text{j. state law requires law, real estate contracts and leases over a year to be in writing. They prepare you for life as a Realtor. largest investor in home mortgages. 40 pages. Principles of Real Estate 2 Flashcards | Chegg.com ___________ 5. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. the only limitations to title are those listed in the deed. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. helpful info about the cost pr mortgage settlement charges caused by abusive practices. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. January 1, 2005, launching its Mold Mission Program. 9. background information about the appraiser Copy of most recent property survey \text{9. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ It's simple! 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. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Champions School of Real Estate - Exam Prep Flashcards | Quizlet 1. 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. 21 pages. Calculate the new balance. This ensures you quickly get to the core! 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. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. (2) The Cost Approach, The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 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 no guarantee for approval, property must fit criteria . Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial These are non conforming loans. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline transferring real estate to the state when a person dies without heirs. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. ___________ 11. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. The loss in value of a property caused by factors outside of the property itself. 8. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Certified Residential Appraiser Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! & \text{$\quad$misleading financial statements}\\ Earn or renew your Home Inspector license. Financingactivitiesb. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. Liquidity} & \text{$\quad$companys management}\\ You can do it, we can help! and no unpaid claims against the property. various equations can calculate what investor is looking for. 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. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. Demand falls by more than supply rises. 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. transfer of ownership against the will of owner. 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. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. It was signed into law by President Barack Obama in May 2009. Ethics} & \text{d. The process of generating and communicating}\\ Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. 5. low emissive gas coated with metallic oxide layer. doesn't indicate that they are legal owner, The government is the original owner of all land. 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. legal procedure where secured property is sold to pay unpaid note. 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. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. 7. 10. ratio of borrowers total recurring monthly debts. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} insures most protection, any changes to the ownership of real property. The lender transfers title back to the borrower when the loan is repaid. small investors to invest in larger commercial properties. 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) help meet the credit needs of ALL the community. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. a type of appraisal review. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 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). sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. & \text{$\quad$economic entity}\\ Escheat, right of government to regulate and control land. A lower interest rate is offered by the lender during the first year or more of the loan. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Theintentionalpreparationofmisleadingfinancialstatementsi. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Investing activities} & \text{$\quad$debts when they are due}\\ ___________ 10. The exchange of goods or services for other goods or services without the use of money. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. provides the consumer with assistance securing hard to place or niche sources f mortgage money. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. It basically insures the difference between the borrower's down payment and LTV. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. An appraiser must always be aware of these influences and possible changes in them that could affect market value. Demand rises and supply is constant. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Principle of Increasing and Decreasing Returns. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. Title remains with the lender until the loan is repaid. Ethicsd. (1) The Sales Comparison Approach & \text{$\quad$attract and hold investment capital}\\ A rookie quarterback is negotiating his first NFL contract. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. 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 The Act was passed to protect consumers from fraud in the sale or lease of land. 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. The landlord or owner; party granting a lease. permits additional borrowing on the same note and mortgage.