Flood maps . Married limit is 500k. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. ___________ 3. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. & \text{g. An information system that measures,}\\ 5. addition or amendment to an existing will. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. 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. & \text{$\quad$attract and hold investment capital}\\ ___________ 5. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). allows funding of the repairs through a series of draws. Reconciliation of values 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. this is the best indicator. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. gradual loss of land near border of stream or river. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Earn or renew your Real Estate Sales Agent or Broker license. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. ___________ 2. ARMS that offer fixed rate period during 1st years of the loan. 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. 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. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} 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 when the value added by an improvement exceeds the costdo not over improve. Financingactivities5. 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. & \text{$\quad$whether actions are right or wrong}\\ 4. local maps, indicating location of subject and comparables looks like a deed. * whole # by denominator The percentage of value or sales price that a lender is willing to finance. generally 5-10% range with fees. prepared by an attorney, least likely to be contested. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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. Acodeofconductthataddresseswhetheractionsarerightorwrong. Managerialaccountingandcontinuingtooperateabusiness9. initial truth in lending disclosure. most conveyances are voluntary. ___________ 10. \text{Other Expenses}&\$36,000&&\$34,500\\ Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. 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. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. This ensures you quickly get to the core! 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. 9. background information about the appraiser no guarantee for approval, property must fit criteria . They prepare you for life as a Realtor. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. sets monetary policy. \text{4. Financing activities} & \text{b. most reasonable price a property should bring in a competitive open market. Ethics} & \text{d. The process of generating and communicating}\\ At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. A lower interest rate is offered by the lender during the first year or more of the loan. 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. + result to numerator Financialaccountingobtainadequatefundsforbeginning8. 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. Another Name for environmental or economic obsolescence. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. Identify the term that best fits the following description - to force out or push out. combination of two or more properties into one. Over 500 million tweets are sent per day. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \text{10. 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. Identify and explain the structures of language. used to clear up cloud on title, no protection, no ownership claimed by grantor. 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. 4. amount of any finance charge. the percentage of value or sales price that a lender is willing to finance. Champions makes sure you are ready to take your State and National exam. grantee gives to the grantor, most common, best type of deed to have. many lenders, especially high LTV loans, will order a field review of the appraisal. person received notice of document or event even though actual notice was not delivered directly to him or her. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. Exam-Federal 1-A2. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. What is the probability that Bob receives no tweets during his lunch hour? Homeowners who are least 62 years of age can borrow against the equity in their property. Here is what they had to say! b) What confidence level did the pollsters use? His opportunity cost is 7 percent. 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) loss in a property's value due to daily wear and tear. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Rural Property <25% built up The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. oral/ deathbed will. legal. lender has evaluated the borrower in the underwriting process. 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. tenant pays rent, plus taxes utlities ect. partially amortized loan with final payment substantially larger than the others. Title remains with the lender until the loan is repaid. Financingactivitiesb. 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. TILA, FCRA, RESPA, ECOA. transferring real estate to the state when a person dies without heirs. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. a limit on the amount the interest rate can increase or decrease at each adjustment date. ___________ 1. Create flashcards for FREE and quiz yourself with an interactive flipper. Liquidity} & \text{$\quad$companys management}\\ ___________ 7. Percentage of the Lesser of the appraised value or sales price that the lender will lend. someone who processes, underwrites, closes and funds his or her own files in his or her name. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. 8. 2. major functional obsolescence 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. Once the loan is closed it is sold to another lender. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 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. consumers are given equal chance to obtain credit. right of govt to take private land for public use. Operating activities} & \text{c. Activities of management engaged to}\\ consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Economic obsolescence 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. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. power of sale under a mortgage in default. \text{9. Real Estate Salesperson National Prep Exam 1.docx. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. less depreciation, plus land value. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. buying the market pools. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 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. According to this principle, the value of The loan becomes due upon the sale of the property or the death of the owner. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. Suppose that the battery life in both cases follows an exponential distribution. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. & \text{$\quad$form of financial statements to decision}\\ The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. largest investor in home mortgages. Analysis of market data It also offers continuing education courses for. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. 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. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! 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. federal law passed in 1974. doesn't include: gender or immigration status. all consumers are given a equal chance to obtain credit. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. 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. The amount of money available for the purchase of goods and services. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. The loss in desirability of the style, layout, or function of an element of a property over time. & \text{$\quad$productive and will help a business}\\ Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. \text{Travel Expenses}&&\$600&\$19,000\\ examining of the public records and constructed a chain of title and an abstract of title. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Infer What might keep a State from accepting a categorical grant-in-aid? final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Investingactivities6. deffence against claims which have arisen suring grantor ownership. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. various equations can calculate what investor is looking for. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! commercial property is depreciated over how many years? What is one of the most important ways through which the behavior becomes integrated? protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Find the annual double-declining-balance (200% method) rate of depreciation. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Texas Principles 2 Q & A - Champions School of Real Estate 1. Liquidity4. a. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. \text{7. ___________ 8. 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. 10. Buildings are not typical of the area (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. a. He is really good. 3. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. 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. 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. 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} original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. decreases over time, norm paid by buyer. The evidence an individual has of his or her right to possess land. addition or amendment to an existing will. Investingactivitiesdebtswhentheyaredue6. 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 (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. Frequently asked questions Appraisal certification, Appraisal Factors that affect loan approval, 1. 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 It is would suggest that an owner should not "over improve" a property. & \text{$\quad$operate the business}\\ 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. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation it gives notice of moving in, the passive increase of the value of a parcel due to market forces. issued in the amount of the loan. the only limitations to title are those listed in the deed. Copy of most recent property survey Learning the principles and laws of real estate is Champions focus. Texas State Portion Real Estate Exam part 2.docx. Examine the summary section of a monthly credit card statement. zoning, highways. rate doesn't change between offer and closing. permanent and absolute tenure of an estate in land w freedom to dispose at will.
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champions school of real estate principles 2 quizlet