all consumers are given a equal chance to obtain credit. 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. 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. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Appraisal certification, Appraisal Factors that affect loan approval, 1. (1) The Sales Comparison Approach value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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. \text{3. gradual loss of land near border of stream or river. Items that affect the marketability or livability of the property in depth process. If Market is flooded values will be flat. 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. & \text{$\quad$whether actions are right or wrong}\\ Buildings are not typical of the area ___________ 6. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? 2. major functional obsolescence 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). The percentage of value or sales price that a lender is willing to finance. The government's right to tax real estate. Independent third-party appraiser will review the report, then verify the information. & \text{$\quad$makers outside the organization}\\ ___________ 4. CFPB implemented. limited appraisal report Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. 10. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Accountinga. Earn or renew your Real Estate Sales Agent or Broker license. addition or amendment to an existing will. Downpayment is the difference between the _____ and the _____. Get your Real Estate License Education on a Mobile Web App. part of income approach, used if there are a lot of rental properties in the area. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. used in most real estate transactions. Profitability3. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . 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. The legal use that gives the greatest return in money and/or amenities. Theintentionalpreparationofmisleadingfinancialstatementsi. 3. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. \text{9. The Act was passed to protect consumers from fraud in the sale or lease of land. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. & \text{$\quad$productive and will help a business}\\ | Life | Annual Rate | (PETE) police power, escheat, taxation, eminent domanin. value set on the property for tax purposes. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Achieve success through Business Etiquette. 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. addition or amendment to an existing will. used to clear up cloud on title, no protection, no ownership claimed by grantor. the percentage of value or sales price that a lender is willing to finance. 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. homeowners who are at least 62 years of age can borrow against the equity in their property. (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. 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. deffence against claims which have arisen suring grantor ownership. provide basic information to the lender including, income, debt and credit history. ENERGY STAR program was established in 1992 under this Act. 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. 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. 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 Assets that are easily converted to cash. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Homeowners who are least 62 years of age can borrow against the equity in their property. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. based on the assessed value of the property and the existing tax rate. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. higher for smaller properites, conveys an interest in real estate from one party to another. A value for existing properties method for comparing similar properties to the subject property. Title remains with the lender until loan is repaid. Examine the summary section of a monthly credit card statement. exterior only/drive by inspection. The loss in value of a property caused by factors outside of the property itself. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. looks like a deed. & \text{$\quad$processes, and communicates financial}\\ From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Havingenoughcashavailabletopaydebtswhentheyareduec. respa applicable. estimate of value based on current construction costs. Unlimited number of times. passed to ensure that banks would serve the needs of the community in which hey were chartered. and no unpaid claims against the property. Under what conditions would the traditional yield spread be close to the static spread? Principle of Increasing and Decreasing Returns. Texas State Portion Real Estate Exam part 2.docx. Sketch of floor plan Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Passed by Congress in 1980. Financialaccounting8. & \text{$\quad$information about an identifiable}\\ \text{10. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. The loss in desirability of the style, layout, or function of an element of a property over time. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 2. They prepare you for life as a Realtor. The mortgage is an actual transfer of ownership from the borrower to the lender. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . The staff at Champions School is top notch! (Zoning example). Theintentionalpreparationofmisleadingfinancialstatementsi. can be voluntary or involuntary. \text{5. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ grantor fully warrants good clear title to the property. Financingactivitiesb. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Exam-Federal 1-A2. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. The process of transferring funds to a title or escrow company for disbursement. 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. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Liquidity4. Highly recommended and I will continue to use Champions! 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 Texas Principles 2 Q & A - Champions School of Real Estate 1. a type of appraisal review. \end{array} 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. 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. history or list of all owners back to the sovereignty of the soil, you want this one. Rural Property <25% built up It also offers continuing education courses for. 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. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 7. consumers are given equal chance to obtain credit. Economic obsolescence property owner obtains a certificate much like an automobile that is recorded in the public records. many lenders, especially high LTV loans, will order a field review of the appraisal. a. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. loss in a property's value due to daily wear and tear. The role money serves when it is used as a standard measure to set prices and make economic calculations. limits how much a payment can increase/ decrease. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. d. Supply falls and demand is constant. Operating income and expense statements Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Earn or renew your Loan Originator license. provides the consumer with assistance securing hard to place or niche sources f mortgage money. She has one son, Tyler, who lives in Maine. offers the greatest protection of any deed. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. 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. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. ___________ 11. Over 500 million tweets are sent per day. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ Investingactivitiesdebtswhentheyaredue6. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Eminent Domain 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. b. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located.
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