champions school of real estate principles 2 quizlet

part of income approach, used if there are a lot of rental properties in the area. Texas Principles 2 Q & A - Champions School of Real Estate 1. Real estate prices in Germany remain the same, although overall sales are declining. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Buildings are not typical of the area 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. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. doesn't indicate that they are legal owner, The government is the original owner of all land. Rental survey His opportunity cost is 7 percent. 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. Property and lender information 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. 9. initial truth in lending disclosure. 5. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Activitiesofmanagementengagedto7. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. Champions School of Real Estate.docx - Course Hero & \text{$\quad$economic entity}\\ Certified Residential Appraiser a. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. \text{Travel Expenses}&&\$600&\$19,000\\ The role money serves when it is used as a standard measure to set prices and make economic calculations. borrowers provide basic information like income, debt, and credit history. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline 8. grantor fully warrants good clear title to the property. Appraisal certification, Appraisal Factors that affect loan approval, 1. 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. Achieve success through Business Etiquette. 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. PDF Final Exam For Real Estate Principles - annualreport.psg.fr The mortgage is an actual transfer of ownership from the borrower to the lender. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Accountinga. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. Activitiesofmanagementengagedtooperatethebusinessj. What is one of the most important ways through which the behavior becomes integrated? real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. when the value added by an improvement exceeds the costdo not over improve. Operatingactivitiesc. 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! Under what conditions would the traditional yield spread be close to the static spread? secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. 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. 2. major functional obsolescence (Zoning example). 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. 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. & \text{$\quad$achieve its objectives}\\ The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. Flashcard App | Champions School 5. purchase price is affected by the expectation of of future appeal and benefits. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. Ethics} & \text{d. The process of generating and communicating}\\ the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. (2) The Cost Approach, 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 . FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. 3. legal procedure where secured property is sold to pay unpaid note. Identify the term that best fits the following description - to force out or push out. various equations can calculate what investor is looking for. The program offers 100% financing (no down payment) for qualified borrowers. provide basic information to the lender including, income, debt and credit history. We make it easy and convenient! The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Texas Principles 1 Exam Practice Questions With Answers - Champions 21 pages. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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) Items that affect the marketability or livability of the property | Life | Annual Rate | a limit on the amount the interest rate can increase or decrease at each adjustment date. The absence of competition will cause prices to increase in the marketplace. Married limit is 500k. 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. Payments are guaranteed, and they would be made at the end of each year. The U.S. 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. 9. background information about the appraiser The value of a property may be affected by social, economic, governmental and environmental influences. 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 \text{2. Demand rises and supply is constant. estimate of value based on current construction costs. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 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. 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. lender acquires property under foreclosure. Principles of Real Estate Exam 1 Study Guide - Principles Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ \end{array} 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). 16 pages. Having enough cash available to pay}\\ 4. local maps, indicating location of subject and comparables Photographs of property zoning, highways. only legal for personal property. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. 3. number of payments or period of repayment protection up to purchase price, norm paid by seller (buyers benefit). no guarantee for approval, property must fit criteria . 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 Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. 1. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Principles of real estate II (Champions) Flashcards | Quizlet Increased competition will bring prices down. If Market is flooded values will be flat. The amount of money available for the purchase of goods and services. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Helen Fortier February 10, 2022 very vulnerable to being contested. 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 the value of a property is equal to the sum of the contributory value of each of its component parts. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? ___________ 11. looks like a deed. 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. negotiated between landlord and manager. Texas State Portion Real Estate Exam part 2.docx. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. 7. Improvements to site The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. ___________ 12. 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. Operatingactivities7. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Champions School of Real Estate Principles 2 Test Review September 2018 oral/ deathbed will. 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. exterior only/drive by inspection. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. Permits additional borrowing on the same note and mortgage. 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. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Independent third-party appraiser will review the report, then verify the information. 16 pages. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! Theprocessofproducingaccounting2. Eminent Domain Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. ___________ 7. commercial property is depreciated over how many years? & \text{h. The intentional preparation of}\\ original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. any change in the ownership of relationship property. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. % of the lesser of the appraised value or sales price that lender will lend. (3) The Income Approach. You can do it, we can help! passed to ensure that banks would serve the needs of the community in which hey were chartered. this is the best indicator. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. 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. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. quiz 14.docx. 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. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. minimum 100 investors. Profitability3. 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.

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