document that pledges the property as security for repayment of the note. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. Photographs of comparables There is no membership needed. 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. addition or amendment to an existing will. 9. background information about the appraiser purchases "pools" or mortgages. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 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. generally 5-10% range with fees. Increased competition will bring prices down. 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. Examine the summary section of a monthly credit card statement. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 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. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. 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. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. 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. 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. Liquidity4. It basically insures the difference between the borrower's down payment and LTV. 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. 3. Adger Corporation is a service company that measures its output based on the number of customers served. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion Champions School of Real Estate - Exam Prep Flashcards | Quizlet The Act was passed to protect consumers from fraud in the sale or lease of land. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. & \text{$\quad$achieve its objectives}\\ decreases over time, norm paid by buyer. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. low emissive gas coated with metallic oxide layer. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Fraudulentfinancialreportinga. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. (3) The Income Approach. 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} Managerialaccountingandcontinuingtooperateabusiness9. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 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 Principles of Real Estate 1. underwriter approval. If the property cannot be transferred, it is of little value. He is really good. the only limitations to title are those listed in the deed. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. 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. The absence of competition will cause prices to increase in the marketplace. interest rate a reserve bank charges eligible financial institutions to borrow money short term. The loss in desirability of the style, layout, or function of an element of a property over time. Profitabilityinformationfortheinternaluseofa3. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. Theintentionalpreparationofmisleadingfinancialstatementsi. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. Accountinga. estate for years Texas Real Estate License Exam Prep | Champions School person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Champions School Principles of Real Estate II - Quizlet Site description 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. 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 most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. funds the secondary market. Cost approach Analysis 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. EXAM PREP - Champions School of Real Estate - Course Hero Theintentionalpreparationofmisleadingfinancialstatementsi. 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. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. a. DUST; demand, utility, scarcity, transferability. negotiated between landlord and manager. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. 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. A rookie quarterback is negotiating his first NFL contract. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. 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. \text{4. Financing activities} & \text{b. How do I get a Texas Real Estate License? 176 Champions School of Real Estate Reviews - AgentAdvice.com Additional support documents, 1. ___________ 6. 40 pages. 9. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. 4. amount of any finance charge. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. Profitability} & \text{$\quad$information for the internal use of a}\\ 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. borrowers provide basic information like income, debt, and credit history. ratio of borrowers total recurring monthly debts. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. lender has evaluated the borrower in the underwriting process. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. Theprocessofproducingaccounting2. The legal use that gives the greatest return in money and/or amenities. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. 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. doesn't indicate that they are legal owner, The government is the original owner of all land. added to the index to calculate interest rates, teaser rate- lower rate offered initially. 1. 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. The most probable price a property should bring in a competitive and open market. 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. The landlord or owner; party granting a lease. offers the greatest protection of any deed. These are the 4 rights of land. Here is what they had to say! Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. % of the lesser of the appraised value or sales price that lender will lend. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \text{7. A lower interest rate is offered by the lender during the first year or more of the loan. ese are non-conforming loans. used in most real estate transactions. deffence against claims which have arisen suring grantor ownership. He has been offered three possible 4-year contracts. prepared by an attorney, least likely to be contested. 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. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. The role money serves when it is used as a form of payment. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. a mortgage is an actual transfer of ownership from the borrower to the lender. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. PDF Final Exam For Real Estate Principles - annualreport.psg.fr Champions School of Real Estate - Licensing Classes and Online Courses Another Name for environmental or economic obsolescence. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. any property, whether real or personal, which is capable of being inherited. a. The percentage of value or sales price that a lender is willing to finance. 1. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. ___________ 8. help meet the credit needs of ALL the community. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Principles of Real Estate 2 Champions School of Real Estate STUDY Flashcards Learn Write Spell Test PLAY Match Gravity appraisal Click card to see definition appraisers opinion of value Click again to see term 1/258 Previous Next Flip Space Created by Will77tx TEACHER Tags related to this set Marketing-Real Estate increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. qualifies borrower based on proposed home payment and gross monthly income. Financingactivities5. 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. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. 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
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