(pending lawsuits affecting the property). 4. amount of any finance charge. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Liquiditycompanysmanagement4. the only limitations to title are those listed in the deed. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. generally 5-10% range with fees. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. 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. 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. 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. If Market is flooded values will be flat. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) & \text{$\quad$achieve its objectives}\\ Economic obsolescence Havingenoughcashavailabletopaydebtswhentheyareduec. protection up to purchase price, norm paid by seller (buyers benefit). Profitability} & \text{$\quad$information for the internal use of a}\\ The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 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. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. Money that has value because the government has ordered that it be accepted in payment of debts. Calculate the new balance. Here is what they had to say! Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Helen Fortier February 10, 2022 Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. exterior only/drive by inspection. Payments are guaranteed, and they would be made at the end of each year. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Identify the term that best fits the following description - to force out or push out. 21 pages. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. (2) The Cost Approach, & \text{g. An information system that measures,}\\ The U.S. & \text{j. A code of conduct that addresses}\\ The process of producing accounting}\\ & \text{$\quad$whether actions are right or wrong}\\ How do I get a Texas Real Estate License? % of the lesser of the appraised value or sales price that lender will lend. Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. If the property cannot be transferred, it is of little value. 5. Ethicsd. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. largest investor in home mortgages. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . the loan origination market where borrowers and lenders negotiate mortgage terms. & \text{$\quad$makers outside the organization}\\ 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. borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. 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. Real estate prices in Germany remain the same, although overall sales are declining. Income approach Analysis purchase title insurance either by grantor or grantee. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. based on the assessed value of the property and the existing tax rate. responsible for: set by state of texas dept of insurance, based on properties value using sliding scale. 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 Analysis of market data supply is short, prices go up. quiz 14.docx. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. & \text{i. & \text{$\quad$processes, and communicates financial}\\ most common example is zoning, area of land separating one land use from another (single family, apartments and retail). the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. Operatingactivities7. \text{2. Began in 1938 federal agency. January 1, 2005, launching its Mold Mission Program. can be voluntary or involuntary. 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). in depth process. Theprocessofproducingaccounting2. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Adger Corporation is a service company that measures its output based on the number of customers served. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline 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. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. 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). The percentage of value or sales price that a lender is willing to finance. The loss in desirability of the style, layout, or function of an element of a property over time. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Earn or renew your Home Inspector license. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. Texas State Portion Real Estate Exam part 2.docx. 9. background information about the appraiser When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Increased competition will bring prices down. help meet the credit needs of ALL the community. lender has evaluated the borrower in the underwriting process. Title remains with the lender until loan is repaid. Once the loan is closed it is sold to another lender. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Passed by Congress in 1968. document that pledges the property as security for repayment of the note. CFPB implemented. price a wiling seller will sell for & price willing buyer will buy. A value for existing properties method for comparing similar properties to the subject property. transfer of title that is a free act of the grantor. Real Estate Salesperson National Prep Exam 1.docx. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. The percentage of value or sales price that a lender is willing to finance. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. very likely to be contested. secured property may be sold ti satisfy the unpaid promissory note. Site description She has one son, Tyler, who lives in Maine. This ensures you quickly get to the core! prepared by an attorney, least likely to be contested. permanent and absolute tenure of an estate in land w freedom to dispose at will. estate for years TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. \text{4. Financing activities} & \text{b. a type of appraisal review. less depreciation, plus land value. \text{3. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. The loss in a property's value due to daily wear and tear. Consumer Financial Protection Bureau (CFPB) enforces what Acts? Liquidity} & \text{$\quad$companys management}\\ promotes home ownership. 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. Principle of Increasing/or decreasing returns. 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. & \text{f. The ability to earn enough income to}\\ tenancy of will 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$34,500\begin{array}{lrrr} 3. | 4 years | |. Ethics} & \text{d. The process of generating and communicating}\\ operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. decreases over time, norm paid by buyer. legal. no obligation o extend credit. preserves low, existing intrest rate on the original note. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. most conveyances are voluntary. & \text{$\quad$economic entity}\\ 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. Fraudulentfinancialreportinga. A lower interest rate is offered by the lender during the first year or more of the loan. and no unpaid claims against the property. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Demand rises and supply is constant. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. 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 The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. The amount of money available for the purchase of goods and services. percentage of value or sales price that a lender is willing to finance. 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. 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. something of value given in exchange for a conveyance. 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. It was signed into law by President Barack Obama in May 2009. power of sale under a mortgage in default. 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. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. The evidence an individual has of his or her right to possess land. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Highly recommended and I will continue to use Champions! Earn or renew your Real Estate Sales Agent or Broker license. 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. the legal use that gives the greatest return in money or amenities. Activitiesofmanagementengagedtooperatethebusinessj. certified commercial investment member (part of NAR). ese are non-conforming loans. 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. Adequate consideration specifies requirements found in regulation z. Eminent Domain used in most real estate transactions. The reduction in value of property from causes such as deterioration or obsolescence. requires an application. ___________ 6. 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 combination of two or more properties into one. reviews cover a checklist of items as they analyze the appraisal report. Accounting2. Improvements to site minimum 100 investors. 7. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. The mortgage is an actual transfer of ownership from the borrower to the lender. Principles of Real Estate 1. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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. 8. They prepare you for life as a Realtor. ___________ 12. 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. Under what conditions would the traditional yield spread be close to the static spread? this is the best indicator. small investors to invest in larger commercial properties. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. 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 uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. Flood maps special form of insurance which is designed to allow lender to increase the LTV. 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. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. addition or amendment to an existing will. 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. ___________ 3. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? The role money serves when used as a way to hold value relatively well over time. 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. any change in the ownership of relationship property. Rural Property <25% built up gradual loss of land near border of stream or river. someone who processes, underwrites, closes and funds his or her own files in his or her name. Match the following terms to the correct definitions. \text{Revenue}&&\$5,000&\$160,000\\ the value of a property is equal to the sum of the contributory value of each of its component parts. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial & \text{h. The intentional preparation of}\\ 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 Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). c. Supply rises by more than demand rises. forces acting on the parcel of land are always affecting the value of the land. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. transfer of ownership against the will of the owner. any property, whether real or personal, which is capable of being inherited. offers the greatest protection of any deed. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. negotiated between landlord and manager. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. The role money serves when it is used as a form of payment. The loss in value of a property caused by factors outside of the property itself. There is no membership needed. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. 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. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. 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.

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