prepared by an attorney, least likely to be contested. 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. The loss in a property's value due to daily wear and tear. purchase title insurance either by grantor or grantee. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline a. Exam-Federal 1-A2. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. transferring real estate to the state when a person dies without heirs. used to clear up cloud on title, no protection, no ownership claimed by grantor. & \text{$\quad$information about an identifiable}\\ Passed by Congress in 1980. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Money that has value apart from its use as money. Copy of most recent property survey 3. & \text{e. Activities of management engaged}\\ supply is short, prices go up. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. many lenders, especially high LTV loans, will order a field review of the appraisal. Get your Real Estate License Education on a Mobile Web App. Liquiditycompanysmanagement4. right of govt to take private land for public use. history or list of all owners back to the sovereignty of the soil. Unlimited number of times. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. the legal use that gives the greatest return in money or amenities. \text{Revenue}&&\$5,000&\$160,000\\ grantor fully warrants good clear title to the property. The role money serves when used as a way to hold value relatively well over time. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 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. 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. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. Let and take agreement Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. issued in the amount of the loan. Activitiesofmanagementengagedtooperatethebusinessj. The staff at Champions School is top notch! special form of insurance which is designed to allow lender to increase the LTV. 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. ie. 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. (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 limit on the amount the interest rate can increase or decrease at each adjustment date. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. & \text{$\quad$makers outside the organization}\\ 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. Examine the summary section of a monthly credit card statement. a mortgage is an actual transfer of ownership from the borrower to the lender. \text{10. Permits additional borrowing on the same note and mortgage. Rural Property <25% built up legal. homeowners who are at least 62 years of age can borrow against the equity in their property. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. It basically insures the difference between the borrower's down payment and LTV. d. Supply falls and demand is constant. minimum 100 investors. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. Money that has value because the government has ordered that it be accepted in payment of debts. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. value set on the property for tax purposes. The loss in desirability of the style, layout, or function of an element of a property over time. zoning, highways. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. certified commercial investment member (part of NAR). residential property is depreciated over how many years? A code of conduct that addresses}\\ & \text{$\quad$attract and hold investment capital}\\ Theprocessofproducingaccounting2. 3. They prepare you for life as a Realtor. Financingactivitiesb. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Downpayment is the difference between the _____ and the _____. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. & \text{$\quad$to spend capital in ways that are}\\ 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Infer What might keep a State from accepting a categorical grant-in-aid? 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. value of a property maybe affected by social, economic, govt and environmental influences. preserves low, existing intrest rate on the original note. Identify and explain the structures of language. 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. 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. 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. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. small investors to invest in larger commercial properties. 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. \text{7. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Additional support documents, 1. purchase price is affected by the expectation of of future appeal and benefits. \end{array} He is really good. loss in a property's value due to daily wear and tear. & \text{$\quad$operate the business}\\ \text{5. combination of two or more properties into one. Purchases "pools" of mortgages. consumers are given equal chance to obtain credit. and no unpaid claims against the property. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. lender acquires property under foreclosure. very vulnerable to being contested. ARMS that offer fixed rate period during 1st years of the loan. Anything that is widely accepted in exchange for goods and services. 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. Passed by Congress in 1968. Independent third-party appraiser will review the report, then verify the information. 5. 40 pages. Under what conditions would the traditional yield spread be close to the static spread? 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. Activitiesofmanagementengagedtooperatethebusinessj. ___________ 2. the value of a property is equal to the sum of the contributory value of each of its component parts. generally 5-10% range with fees. 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. 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. If Market is flooded values will be flat. 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. Rental survey They are my go-to partner for all things related to continuing education. Acodeofconductthataddresseswhetheractionsarerightorwrong. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ limits interest rate over the lifetime of a loan. The percentage of value or sales price that a lender is willing to finance. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. It also offers continuing education courses for. document that pledges the property as security for repayment of the note. promotes energy efficient products and buildings. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 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. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. 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. The legal use that gives the greatest return in money and/or amenities. 7. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. January 1, 2005, launching its Mold Mission Program. doesn't indicate that they are legal owner, The government is the original owner of all land. ___________ 7. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. 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. added to the index to calculate interest rates, teaser rate- lower rate offered initially. 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. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate Borrowers are rated A-F with a prime borrower having an A rating. a type of appraisal review. percentage of value or sales price that a lender is willing to finance. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. 4. amount of any finance charge. 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. Principles of Real Estate 2. (Most reliable), Reduction in value from deterioration or obsolescence. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! What is one of the most important ways through which the behavior becomes integrated? qualifies borrower based on proposed home payment and gross monthly income.
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