champions school of real estate principles 2 quizlet

___________ 5. 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 ! An appraiser must always be aware of these influences and possible changes in them that could affect market value. permits additional borrowing on the same note and mortgage. a type of appraisal review. a. 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. Economic obsolescence Providing Top Quality Real Estate License Education in Texas for Over 30 Years! the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. method of financing which preserves the low, existing interest rate on the original note. no guarantee for approval, property must fit criteria . & \text{h. The intentional preparation of}\\ 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. Permits additional borrowing on the same note and mortgage. help meet the credit needs of ALL the community. 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. \text{5. (Zoning example). most reasonable price a property should bring in a competitive open market. designed to clean up sites contaminated with hazardous substance. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year c. Supply rises by more than demand rises. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. & \text{$\quad$makers outside the organization}\\ prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. Title remains with the lender until loan is repaid. ratio of borrowers total recurring monthly debts. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. ___________ 2. residential property is depreciated over how many years? The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 3. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. less depreciation, plus land value. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. whichever one is lower LTV Loan-to-Value Ratio Liquidity} & \text{$\quad$companys management}\\ \text{7. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Here is what they had to say! (Most reliable), Reduction in value from deterioration or obsolescence. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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. all consumers are given a equal chance to obtain credit. 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. limits interest rate over the lifetime of a loan. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Once the loan is closed it is sold to another lender. the percentage of value or sales price that a lender is willing to finance. 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. no obligation o extend credit. Flood maps 10. Infer What might keep a State from accepting a categorical grant-in-aid? ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. A rookie quarterback is negotiating his first NFL contract. Theprocessofproducingaccounting2. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. Suppose that the battery life in both cases follows an exponential distribution. initial truth in lending disclosure. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Activitiesofmanagementengagedtooperatethebusinessj. The program offers 100% financing (no down payment) for qualified borrowers. price a wiling seller will sell for & price willing buyer will buy. The percentage of value or sales price that a lender is willing to finance. How do I get a Texas Real Estate License? He is really good. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. \end{array} (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. the legal use that gives the greatest return in money or amenities. Value, Income, Return. 1. Anything that is widely accepted in exchange for goods and services. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. (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. 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) Investing activities} & \text{$\quad$debts when they are due}\\ up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. Managerialaccounting9. ENERGY STAR program was established in 1992 under this Act. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. 16 pages. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. transfer of ownership against the will of the owner. Escheat, right of government to regulate and control land. & \text{$\quad$achieve its objectives}\\ Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. 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. 8. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. 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. (PETE) police power, escheat, taxation, eminent domanin. Increased competition will bring prices down. ___________ 8. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . promotes energy efficient products and buildings. ___________ 13. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. \text{2. 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. grantee gives to the grantor, most common, best type of deed to have. 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. some lenders accept this drive-by type of review for low LTV or low risk loans. Operatingactivities7. the value if the property is equal to the sum if the contributory value of each of its component parts. used in most real estate transactions. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 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. Calculate the new balance. Acodeofconductthataddresseswhetheractionsarerightorwrong. 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. 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. limits how much a payment can increase/ decrease. 3. The role money serves when it is used as a form of payment. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser \text{8. 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. Activitiesofmanagementengagedtooperatethebusinessj. Principles of Real Estate 2. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. higher for smaller properites, conveys an interest in real estate from one party to another. 2. generally 5-10% range with fees. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? purchase price is affected by the expectation of of future appeal and benefits. 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. insures the difference, Police Power 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. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. decreases over time, norm paid by buyer. Helen Fortier February 10, 2022 She has one son, Tyler, who lives in Maine. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. can be voluntary or involuntary. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. 8. Additional support documents, 1. Reconciliation of values Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. Certified Residential Appraiser allows funding of the repairs through a series of draws. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. legal. Property and lender information period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 4. local maps, indicating location of subject and comparables Managerialaccountingandcontinuingtooperateabusiness9. person designated to execute the terms of a will. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. Analysis of market data The amount of money available for the purchase of goods and services. Site description Unlimited number of times. lender has evaluated the borrower in the underwriting process. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. risk based pricing, no published rates. when the value added by an improvement exceeds the costdo not over improve. the value of a property is equal to the sum of the contributory value of each of its component parts. 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 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 Married limit is 500k. Consumer Financial Protection Bureau (CFPB) enforces what Acts? 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 any change in the ownership of relationship property. interest rate a reserve bank charges eligible financial institutions to borrow money short term. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 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! purchases "pools" or mortgages. a limit on the amount the interest rate can increase or decrease at each adjustment date. 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 & \text{f. The ability to earn enough income to}\\ 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. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. loss in a property's value due to daily wear and tear. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. transfer of title that is a free act of the grantor. transferring funds to a title co for disbursement when loan is approved. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Get your Real Estate License Education on a Mobile Web App. examining of the public records and constructed a chain of title and an abstract of title. Principle of Increasing/or decreasing returns. The role money serves when it is used as a standard measure to set prices and make economic calculations. the legal use that gives the greatest return in money or amenities. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Type of asset-backed security that is secured by a mortgage or collection of mortgages. small investors to invest in larger commercial properties. based on the assessed value of the property and the existing tax rate. 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 Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Havingenoughcashavailabletopaydebtswhentheyareduec. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property.

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