Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 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. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. Homeowners who are least 62 years of age can borrow against the equity in their property. ___________ 14. qualifies borrower based on proposed home payment and gross monthly income. state law requires law, real estate contracts and leases over a year to be in writing. 2.amount of any payment 5. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. For more than a decade, the German real estate market was in a dramatic growth phase. low emissive gas coated with metallic oxide layer. person designated to execute the terms of a will. The loan becomes due upon the sale of the property or the death of the owner. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Liquidity4. According to this principle, the value of borrowers provide basic information like income, debt, and credit history. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Rural Property <25% built up residential property is depreciated over how many years? 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 ___________ 3. 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. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. Passed by Congress in 1968. document that pledges the property as security for repayment of the note. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. certified commercial investment member (part of NAR). CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Real Estate Salesperson National Prep Exam 1.docx. 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. something of value given in exchange for a conveyance. the legal use that gives the greatest return in money or amenities. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 7. 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. It was signed into law by President Barack Obama in May 2009. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. the value if the property is equal to the sum if the contributory value of each of its component parts. Having enough cash available to pay}\\ Cost approach Analysis ___________ 6. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Photographs of property The process of transferring funds to a title or escrow company for disbursement. set by state of texas dept of insurance, based on properties value using sliding scale. Downpayment is the difference between the _____ and the _____. Texas Principles 2 Q & A - Champions School of Real Estate 1. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate Value, Income, Return. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Assets that are easily converted to cash. purchase title insurance either by grantor or grantee. The process by which the government exercises its right of eminent domain. history or list of all owners back to the sovereignty of the soil, you want this one. grantor fully warrants good clear title to the property. She has one son, Tyler, who lives in Maine. sets monetary policy. property owner obtains a certificate much like an automobile that is recorded in the public records. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 3. Demand falls by more than supply rises. * whole # by denominator the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. the absence of competition will cause prices to increase in the marketplace. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. offers the greatest protection of any deed. limits interest rate over the lifetime of a loan. Bank owns it now. ___________ 8. The program offers 100% financing (no down payment) for qualified borrowers. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. Exam-Federal 1-A2. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. loss in a property's value due to daily wear and tear. grantor does not even claim to own the property. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. ___________ 11. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. The legal use that gives the greatest return in money and/or amenities. a. 16 pages. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. Additional support documents, 1. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. b) What confidence level did the pollsters use? 2. major functional obsolescence Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Theprocessofproducingaccounting2. negotiated between landlord and manager. Operating income and expense statements 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 . Adger Corporation is a service company that measures its output based on the number of customers served. (Zoning example). Identify and explain the structures of language. Suggests that 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! 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. Here is what they had to say! Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. history or list of all owners back to the sovereignty of the soil. 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. 3. A rookie quarterback is negotiating his first NFL contract. Money that has value because the government has ordered that it be accepted in payment of debts. promotes energy efficient products and buildings. a deed is considered to be delivered and accepted when it is delivered into escrow. insures the difference, Police Power \end{array} A Rare 150 /- Acre Parcel in the . c. Supply rises by more than demand rises. Texas State Portion Real Estate Exam part 2.docx. (2) The Cost Approach, 4. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. promotes home ownership. in depth process. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? 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. 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. Frequently asked questions 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 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. The mortgage is an actual transfer of ownership from the borrower to the lender. any change in the ownership of relationship property. The staff at Champions School is top notch! real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. protection up to purchase price, norm paid by seller (buyers benefit). Ethics10. The evidence an individual has of his or her right to possess land. 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 most probable price a property should bring in a competitive and open market. a type of appraisal review. & \text{$\quad$processes, and communicates financial}\\ respa applicable. no guarantee for approval, property must fit criteria . 10. 4. amount of any finance charge. prohibits redlining. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Copy of most recent property survey gradual loss of land near border of stream or river. Photographs of comparables Improvements to site \text{Revenue}&&\$5,000&\$160,000\\ Reconciliation of values 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. a type of appraisal review. exterior only/drive by inspection. someone who processes, underwrites, closes and funds his or her own files in his or her name. lender has evaluated the borrower in the underwriting process. 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. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? Once the loan is closed it is sold to another lender. | Life | Annual Rate | 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} Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. responsible for: (PETE) police power, escheat, taxation, eminent domanin. most conveyances are voluntary. partially amortized loan with final payment substantially larger than the others. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. 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. Earn or renew your Real Estate Sales Agent or Broker license. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Theintentionalpreparationofmisleadingfinancialstatementsi. \text{8. It's simple! ___________ 10. The right of the government to take an individual's land if he or she dies without a will or heirs. These are the 4 rights of land. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Title remains with the lender until the loan is repaid. 1. amount of down payment. (3) The Income Approach. a. 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. federal law passed in 1974. doesn't include: gender or immigration status. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. transferring real estate to the state when a person dies without heirs. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. 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. transfer of title that is a free act of the grantor. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. person received notice of document or event even though actual notice was not delivered directly to him or her. 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. The role money serves when used as a way to hold value relatively well over time. Married limit is 500k. tenant pays rent, plus taxes utlities ect. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. usually have a initial cap that is higher than the adjustment cap. Take your license further with a Designation or Certification. used in most real estate transactions. The loss in a property's value due to daily wear and tear. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. based on the assessed value of the property and the existing tax rate. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. If Market is flooded values will be flat. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. 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 He is really good. Principles of Real Estate 2. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Activitiesofmanagementengagedtooperatethebusinessj. tenancy of sufferance 1. prepared by an attorney, least likely to be contested. 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) 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. Helen Fortier February 10, 2022 He has been offered three possible 4-year contracts. Operatingactivitiesc. 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). Highly recommended and I will continue to use Champions! 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. 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. permits additional borrowing on the same note and mortgage. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. 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. Managerialaccounting9. helpful info about the cost pr mortgage settlement charges caused by abusive practices. & \text{$\quad$misleading financial statements}\\ 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. lender acquires property under foreclosure. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. the loan origination market where borrowers and lenders negotiate mortgage terms. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Adequate consideration The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. Under what conditions would the traditional yield spread be close to the static spread? Financialaccounting8. 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. Principle of Increasing/or decreasing returns. There is no membership needed. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Legal purpose Havingenoughcashavailabletopay5. Began in 1938 federal agency. 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 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. Passed by Congress in 1980. legal. You can do it, we can help! a mortgage is an actual transfer of ownership from the borrower to the lender. The value of a property may be affected by social, economic, governmental and environmental influences. 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. largest investor in home mortgages. 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. ie. used to clear up cloud on title, no protection, no ownership claimed by grantor.

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