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

___________ 3. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. transfer of ownership against the will of the owner. Accounting2. consumers are given equal chance to obtain credit. secured property may be sold ti satisfy the unpaid promissory note. Earn or renew your Real Estate Sales Agent or Broker license. & \text{$\quad$operate the business}\\ 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! 5. value set on the property for tax purposes. 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. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. | 4 years | |. permits additional borrowing on the same note and mortgage. 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 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. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. commercial property is depreciated over how many years? 9. oral/ deathbed will. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. 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. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? ___________ 12. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. 3. number of payments or period of repayment 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$34,500\begin{array}{lrrr} Theintentionalpreparationofmisleadingfinancialstatementsi. \text{1. They prepare you for life as a Realtor. Investing activities} & \text{$\quad$debts when they are due}\\ residential property is depreciated over how many years? respa applicable. You can do it, we can help! 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. 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. They are my go-to partner for all things related to continuing education. 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. 8. 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. lender has evaluated the borrower in the underwriting process. Downpayment is the difference between the _____ and the _____. in depth process. Operating activities} & \text{c. Activities of management engaged to}\\ Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers method of financing which preserves the low, existing interest rate on the original note. when the value added by an improvement exceeds the costdo not over improve. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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. He is really good. Money that has no value of its own but can be exchanged for something of value. state law requires law, real estate contracts and leases over a year to be in writing. 4. local maps, indicating location of subject and comparables Identify the term that best fits the following description - to force out or push out. decreases over time, norm paid by buyer. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ can be voluntary or involuntary. & \text{$\quad$achieve its objectives}\\ prepared by an attorney, least likely to be contested. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. legal procedure where secured property is sold to pay unpaid note. Frequently asked questions permanent and absolute tenure of an estate in land w freedom to dispose at will. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. The lender transfers title back to the borrower when the loan is repaid. all consumers are given a equal chance to obtain credit. 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. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. various equations can calculate what investor is looking for. 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. certified commercial investment member (part of NAR). FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. (Most reliable), Reduction in value from deterioration or obsolescence. Under what conditions would the traditional yield spread be close to the static spread? when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. a. examining of the public records and constructed a chain of title and an abstract of title. percentage of value or sales price that a lender is willing to finance. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. (Zoning example). Highly recommended and I will continue to use Champions! equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Get your Real Estate License Education on a Mobile Web App. Activities of management engaged to}\\ 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. 5. 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. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. part of income approach, used if there are a lot of rental properties in the area. & \text{f. The ability to earn enough income to}\\ . & \text{$\quad$processes, and communicates financial}\\ Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners | Life | Annual Rate | \text{2. It basically insures the difference between the borrower's down payment and LTV. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. most reasonable price a property should bring in a competitive open market. Began in 1938 federal agency. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. a deed is considered to be delivered and accepted when it is delivered into escrow. used in most real estate transactions. Over 500 million tweets are sent per day. Passed by Congress in 1968. The loss in value of a property caused by factors outside of the property itself. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. Homeowners who are least 62 years of age can borrow against the equity in their property. 16 pages. Profitability} & \text{$\quad$information for the internal use of a}\\ very likely to be contested. 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 \text{8. The process by which the government exercises its right of eminent domain. The staff at Champions School is top notch! 1. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Ethicsd. some lenders accept this drive-by type of review for low LTV or low risk loans. The percentage of value or sales price that a lender is willing to finance. person designated to execute the terms of a will. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. 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. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. transferring real estate to the state when a person dies without heirs. Another Name for environmental or economic obsolescence. The U.S. 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. Assets that are easily converted to cash. only legal for personal property. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. lender acquires property under foreclosure. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. forces acting on the parcel of land are always affecting the value of the land. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Suppose that the battery life in both cases follows an exponential distribution. Havingenoughcashavailabletopay5. 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) offers the greatest protection of any deed. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. purchase price is affected by the expectation of of future appeal and benefits. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. 1. Real Estate Salesperson National Prep Exam 1.docx. and no unpaid claims against the property. limits how much a payment can increase/ decrease. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. set by state of texas dept of insurance, based on properties value using sliding scale. The government's right to tax real estate. The amount of money available for the purchase of goods and services. This ensures you quickly get to the core! 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. 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. 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. the only limitations to title are those listed in the deed. legal. 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! 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. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. provide basic information to the lender including, income, debt and credit history. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. The process of transferring funds to a title or escrow company for disbursement. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline estate for years tenant pays rent, plus taxes utlities ect. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. 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. seller is willing to take part or all of equity in the form of a note. 3. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ less depreciation, plus land value. 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. prohibits redlining. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Conventional-loans that have no federal guarantees or insurance Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Money that has value because the government has ordered that it be accepted in payment of debts. Appraisal certification, Appraisal Factors that affect loan approval, 1. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \text{4. Financing activities} & \text{b. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Eminent Domain consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. purchases "pools" or mortgages. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. ___________ 5. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. no obligation o extend credit. Financingactivities5. doesn't indicate that they are legal owner, The government is the original owner of all land. & \text{$\quad$form of financial statements to decision}\\ The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. \text{Revenue}&&\$5,000&\$160,000\\ Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. promotes energy efficient products and buildings. most conveyances are voluntary. The most probable price a property should bring in a competitive and open market. tenancy of will addition or amendment to an existing will. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Married limit is 500k. price a wiling seller will sell for & price willing buyer will buy. 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. a. \text{Other Expenses}&\$36,000&&\$34,500\\ usually have a initial cap that is higher than the adjustment cap. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. Once the loan is closed it is sold to another lender. The money that mortgage companies use to make loans comes from the sale of __________. the legal use that gives the greatest return in money or amenities. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. 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. 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. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. 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. issued in the amount of the loan. 5. a type of appraisal review. Earn or renew your Home Inspector license. Champions makes sure you are ready to take your State and National exam. minimum 100 investors. help meet the credit needs of ALL the community. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Identify and explain the structures of language. Economic obsolescence 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.