champions school of real estate principles 2 quizlet champions school of real estate principles 2 quizlet

grantee gives to the grantor, most common, best type of deed to have. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 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. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Percentage of the Lesser of the appraised value or sales price that the lender will lend. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. 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. initial truth in lending disclosure. can be voluntary or involuntary. many lenders, especially high LTV loans, will order a field review of the appraisal. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. residential property is depreciated over how many years? An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. less depreciation, plus land value. & \text{e. Activities of management engaged}\\ Economic obsolescence 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. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. no obligation o extend credit. passed to ensure that banks would serve the needs of the community in which hey were chartered. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Buildings are not typical of the area promotes energy efficient products and buildings. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). 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. 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 operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. lender has evaluated the borrower in the underwriting process. \text{Other Expenses}&\$36,000&&\$34,500\\ The percentage of value or sales price that a lender is willing to finance. designed to clean up sites contaminated with hazardous substance. Theprocessofgeneratingandcommunicating10. 1. offers the greatest protection of any deed. 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. 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. 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) title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. 6. The process of transferring funds to a title or escrow company for disbursement. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. allows funding of the repairs through a series of draws. Activities of management engaged to}\\ Principles of real estate II (Champions) Flashcards | Quizlet 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. 21 pages. Principles of Real Estate 1. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 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. Accounting} & \text{a. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. the legal use that gives the greatest return in money or amenities. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. prepared by an attorney, least likely to be contested. ARMS that offer fixed rate period during 1st years of the loan. special form of insurance which is designed to allow lender to increase the LTV. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. (2) The Cost Approach, Downpayment is the difference between the _____ and the _____. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. Analysis of market data 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. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Consumer Financial Protection Bureau (CFPB) enforces what Acts? tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. 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. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. price a wiling seller will sell for & price willing buyer will buy. 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. Unlimited number of times. Profitability} & \text{$\quad$information for the internal use of a}\\ & \text{$\quad$achieve its objectives}\\ Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. TILA, FCRA, RESPA, ECOA. ___________ 12. buying the market pools. set by state of texas dept of insurance, based on properties value using sliding scale. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. \text{Travel Expenses}&&\$600&\$19,000\\ 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. Adequate consideration Ethics} & \text{d. The process of generating and communicating}\\ She has one son, Tyler, who lives in Maine. 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 . Rural Property <25% built up The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). consent of the lender allows property to be sold for a price sufficient to pay mortgage off. 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 Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. b. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. & \text{j. Value, Income, Return. The right of the government to take an individual's land if he or she dies without a will or heirs. Let and take agreement The sum of the energy used during the life cycle of a product. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. \text{3. Havingenoughcashavailabletopaydebtswhentheyareduec. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. & \text{$\quad$operate the business}\\ Champions makes sure you are ready to take your State and National exam. Texas State Portion Real Estate Exam part 2.docx. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Title remains with the lender until loan is repaid. CFPB implemented. never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. 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. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. very likely to be contested. 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. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Champions School of Real Estate Principles 2 Test Review September 2018 If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. decreases over time, norm paid by buyer. 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). Texas Real Estate License Qualifying Education (QE) - Champions School Comprehensive Environmental Response, compensation, and Liability Act. a limit on the amount the interest rate can increase or decrease at each adjustment date. certified commercial investment member (part of NAR). &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Adger Corporation is a service company that measures its output based on the number of customers served. 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. Earn or renew your Real Estate Sales Agent or Broker license. 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 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. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. The value of a property may be affected by social, economic, governmental and environmental influences. (1) The Sales Comparison Approach They prepare you for life as a Realtor. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Income approach Analysis Texas Real Estate Education | Champions School Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Principles of Real Estate 2 Flashcards | Chegg.com 3. respa applicable. Principle of Increasing and Decreasing Returns. Investing activities} & \text{$\quad$debts when they are due}\\ Permits additional borrowing on the same note and mortgage. ___________ 11. funds the secondary market. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 16 pages. ie. 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 ! issued in the amount of the loan. 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. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! a type of appraisal review. gradual loss of land near border of stream or river. It was signed into law by President Barack Obama in May 2009. sets monetary policy. Achieve success through Business Etiquette. generally 5-10% range with fees. Payments are guaranteed, and they would be made at the end of each year. 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. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. PDF Champions school of real estate principles 1 quizlet The loss in desirability of the style, layout, or function of an element of a property over time. Texas Principles 1 Exam Practice Questions With Answers - Champions 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. percentage of value or sales price that a lender is willing to finance. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Identify the term that best fits the following description - to force out or push out. Operatingactivitiesc. purchase price is affected by the expectation of of future appeal and benefits. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! the legal use that gives the greatest return in money or amenities. & \text{$\quad$makers outside the organization}\\ document that pledges the property as security for repayment of the note. grantor fully warrants good clear title to the property. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. Demand falls by more than supply rises. The Act was passed to protect consumers from fraud in the sale or lease of land. \end{array} 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. 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 very vulnerable to being contested. Exam-Federal 1-A2. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. Activitiesofmanagementengagedto7. part of income approach, used if there are a lot of rental properties in the area. legal procedure where secured property is sold to pay unpaid note. \text{10. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. most reasonable price a property should bring in a competitive open market. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Legal purpose Take your license further with a Designation or Certification. 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.