champions school of real estate principles 2 quizlet

champions school of real estate principles 2 quizlet

the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. used to clear up cloud on title, no protection, no ownership claimed by grantor. \text{Other Expenses}&\$36,000&&\$34,500\\ & \text{$\quad$processes, and communicates financial}\\ Sketch of floor plan Demand falls by more than supply rises. 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. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. 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. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. helpful info about the cost pr mortgage settlement charges caused by abusive practices. The loss in a property's value due to daily wear and tear. | 4 years | |. (1) The Sales Comparison Approach Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 4. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? legal. 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. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. It was signed into law by President Barack Obama in May 2009. a mortgage is an actual transfer of ownership from the borrower to the lender. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. 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, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties A value for existing properties method for comparing similar properties to the subject property. & \text{$\quad$information about an identifiable}\\ Ethics10. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. help meet the credit needs of ALL the community. 40 pages. ie. Liquidity4. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. partially amortized loan with final payment substantially larger than the others. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. Activities of management engaged to}\\ Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. The lender transfers title back to the borrower when the loan is repaid. (pending lawsuits affecting the property). underwriter approval. & \text{$\quad$operate the business}\\ when the value added by an improvement exceeds the costdo not over improve. Rental survey The U.S. 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. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. can be voluntary or involuntary. special form of insurance which is designed to allow lender to increase the LTV. Havingenoughcashavailabletopaydebtswhentheyareduec. It also offers continuing education courses for. 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 Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. limits how much a payment can increase/ decrease. insures the difference, Police Power An appraiser must always be aware of these influences and possible changes in them that could affect market value. 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. tenant pays rent, plus taxes utlities ect. Theprocessofproducingaccounting2. transfer of ownership against the will of the owner. Real estate prices in Germany remain the same, although overall sales are declining. certified commercial investment member (part of NAR). TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. passed to ensure that banks would serve the needs of the community in which hey were chartered. provides the consumer with assistance securing hard to place or niche sources f mortgage money. 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. tenancy of will 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. Liquidity} & \text{$\quad$companys management}\\ type of insurance required when the LTV exceeds 80%. 1. amount of down payment. ( Champions School Of. Cost approach Analysis federal law passed in 1974. doesn't include: gender or immigration status. this is the best indicator. Appraisal certification, Appraisal Factors that affect loan approval, 1. subsequent to adjustment, limits how much a payment can increase or decrease. The process by which the government exercises its right of eminent domain. 2. What is the probability that Bob receives no tweets during his lunch hour? &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ ENERGY STAR program was established in 1992 under this Act. Frequently asked questions 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. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. 8. 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. tenancy of sufferance The loss in desirability of the style, layout, or function of an element of a property over time. 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 Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Buildings are not typical of the area 6. any condition that affects the health or safety of an occupant, Licensed Appraiser flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). estate for years Under what conditions would the traditional yield spread be close to the static spread? ___________ 14. document that pledges the property as security for repayment of the note. There is no membership needed. Accounting} & \text{a. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. transfer of ownership against the will of owner. interest rate a reserve bank charges eligible financial institutions to borrow money short term. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. (Zoning example). grantee gives to the grantor, most common, best type of deed to have. 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. some lenders accept this drive-by type of review for low LTV or low risk loans. examining of the public records and constructed a chain of title and an abstract of title. 5. Financialaccounting8. Activitiesofmanagementengagedto7. The percentage of value or sales price that a lender is willing to finance. The landlord or owner; party granting a lease. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. promotes home ownership. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. promotes energy efficient products and buildings. You can do it, we can help! Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). + result to numerator Earn or renew your Loan Originator license. Increased competition will bring prices down. 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. purchases "pools" or mortgages. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. 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. 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. \text{4. Financing activities} & \text{b. Money that has no value of its own but can be exchanged for something of value. qualifies borrower based on proposed home payment and gross monthly income. 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 process of transferring funds to a title or escrow company for disbursement. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. the absence of competition will cause prices to increase in the marketplace. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. The value of a property may be affected by social, economic, governmental and environmental influences. supply is short, prices go up. 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. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Independent third-party appraiser will review the report, then verify the information. Financingactivitiesb. a type of appraisal review. Adequate consideration Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! zoning, highways. addition or amendment to an existing will. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. b) What confidence level did the pollsters use? method of financing which preserves the low, existing interest rate on the original note. 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. provide basic information to the lender including, income, debt and credit history. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour.

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