Married limit is 500k. Site description and no unpaid claims against the property. \text{6. exterior only/drive by inspection. 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. The exchange of goods or services for other goods or services without the use of money. 1. amount of down payment. The process of producing accounting}\\ Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. insures most protection, any changes to the ownership of real property. They prepare you for life as a Realtor. Investingactivities6. 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. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. Ethicsd. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! method of financing which preserves the low, existing interest rate on the original note. addition or amendment to an existing will. 1. Gross Rent Multiplier. & \text{f. The ability to earn enough income to}\\ charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! \end{array} He is really good. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). The program offers 100% financing (no down payment) for qualified borrowers. How do I get a Texas Real Estate License? the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Ethics10. Assets that are easily converted to cash. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Activitiesofmanagementengagedtooperatethebusinessj. limited appraisal report Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Independent third-party appraiser will review the report, then verify the information. Accounting} & \text{a. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. gradual loss of land near border of stream or river. the legal use that gives the greatest return in money or amenities. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. limits interest rate over the lifetime of a loan. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. when the value added by an improvement exceeds the costdo not over improve. & \text{$\quad$whether actions are right or wrong}\\ they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. designed to clean up sites contaminated with hazardous substance. 8. lender acquires property under foreclosure. Borrowers are rated A-F with a prime borrower having an A rating. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell federal law passed in 1974. doesn't include: gender or immigration status. preserves low, existing intrest rate on the original note. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. initial truth in lending disclosure. promotes energy efficient products and buildings. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Title remains with the lender until the loan is repaid. 3. & \text{$\quad$misleading financial statements}\\ Liquidity} & \text{$\quad$companys management}\\ 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages This ensures you quickly get to the core! not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. & \text{$\quad$economic entity}\\ Profitability} & \text{$\quad$information for the internal use of a}\\ complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. A Rare 150 /- Acre Parcel in the . Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. c. Supply rises by more than demand rises. 2. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). purchase title insurance either by grantor or grantee. These are the 4 rights of land. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ The role money serves when it is used as a form of payment. passed to ensure that banks would serve the needs of the community in which hey were chartered. ___________ 3. ratio of borrowers total recurring monthly debts. any change in the ownership of relationship property. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. Anything that is widely accepted in exchange for goods and services. d. Supply falls and demand is constant. It basically insures the difference between the borrower's down payment and LTV. & \text{$\quad$form of financial statements to decision}\\ The action of government seizure of land for the good of the public. Consumer Financial Protection Bureau (CFPB) enforces what Acts? promotes home ownership. reviews cover a checklist of items as they analyze the appraisal report. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. 2. major functional obsolescence 9. background information about the appraiser \text{Travel Expenses}&&\$600&\$19,000\\ & \text{$\quad$to spend capital in ways that are}\\ 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. 4. amount of any finance charge. Operatingactivities7. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. The process of transferring funds to a title or escrow company for disbursement. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). generally 5-10% range with fees. requires an application. 4. 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. transferring funds to a title co for disbursement when loan is approved. The absence of competition will cause prices to increase in the marketplace. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. Operatingactivitiesc. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. the value if the property is equal to the sum if the contributory value of each of its component parts. Operating activities} & \text{c. Activities of management engaged to}\\ person designated to execute the terms of a will. % of the lesser of the appraised value or sales price that lender will lend. permits additional borrowing on the same note and mortgage. \text{Revenue}&&\$5,000&\$160,000\\ &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. & \text{$\quad$attract and hold investment capital}\\ ___________ 5. Purchases "pools" of mortgages. Exam-Federal 1-A2. 5. residential property is depreciated over how many years? Identify the term that best fits the following description - to force out or push out. Financingactivities5. set by state of texas dept of insurance, based on properties value using sliding scale. Escheat, right of government to regulate and control land. Eminent Domain NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. consumers are given equal chance to obtain credit. underwriter approval. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Earn or renew your Real Estate Sales Agent or Broker license. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. Improvements to site 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. ENERGY STAR program was established in 1992 under this Act. 2. commercial property is depreciated over how many years? It was signed into law by President Barack Obama in May 2009. Principles of Real Estate 1. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? | Life | Annual Rate | Title remains with the lender until loan is repaid. \text{1. The loan becomes due upon the sale of the property or the death of the owner. Ethics} & \text{d. The process of generating and communicating}\\ the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 2.amount of any payment allows funding of the repairs through a series of draws. 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 secured property may be sold ti satisfy the unpaid promissory note. doesn't indicate that they are legal owner, The government is the original owner of all land. power of sale under a mortgage in default. Copy of most recent property survey (pending lawsuits affecting the property). (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. 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. 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. A code of conduct that addresses}\\ homeowners who are at least 62 years of age can borrow against the equity in their property. can be voluntary or involuntary. Additional support documents, 1. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Highly recommended and I will continue to use Champions! sending monthly payment statements, and collecting monthly payments, maintaining records and balances. 3. number of payments or period of repayment &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Managerialaccounting9. qualifies borrower based on proposed home payment and gross monthly income. 16 pages. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Take your license further with a Designation or Certification. Flood maps 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. largest investor in home mortgages. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Money that has value apart from its use as money. 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 . ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. January 1, 2005, launching its Mold Mission Program. & \text{g. An information system that measures,}\\ Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Havingenoughcashavailabletopaydebtswhentheyareduec. Once the loan is closed it is sold to another lender. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. 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 the property cannot be transferred, it is of little value. a mortgage is an actual transfer of ownership from the borrower to the lender. Real estate prices in Germany remain the same, although overall sales are declining. Earn or renew your Home Inspector license. 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). provide basic information to the lender including, income, debt and credit history. Money that has value because the government has ordered that it be accepted in payment of debts. Theintentionalpreparationofmisleadingfinancialstatementsi. rate doesn't change between offer and closing. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. the legal use that gives the greatest return in money or amenities. Acodeofconductthataddresseswhetheractionsarerightorwrong. seller is willing to take part or all of equity in the form of a note. Accountinga. Theprocessofgeneratingandcommunicating10. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. property owner obtains a certificate much like an automobile that is recorded in the public records. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline 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)
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