4. 8. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Once the loan is closed it is sold to another lender. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold.
Flashcard App | Champions School 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. loss in a property's value due to daily wear and tear. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ a deed is considered to be delivered and accepted when it is delivered into escrow. 5. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. 3. number of payments or period of repayment 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 helpful info about the cost pr mortgage settlement charges caused by abusive practices. Increased competition will bring prices down. Passed by Congress in 1980. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. some lenders accept this drive-by type of review for low LTV or low risk loans. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. legal procedure where secured property is sold to pay unpaid note. 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. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. funds the secondary market. 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. | 4 years | |. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in.
Texas Principles 2 Scenarios Questions - Champions School of Real promotes energy efficient products and buildings. Exam-Federal 1-A2. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. Cost approach Analysis purchase title insurance either by grantor or grantee. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. \text{4. Financing activities} & \text{b. 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{j. Ethics} & \text{d. The process of generating and communicating}\\ 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. 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. various equations can calculate what investor is looking for. legal. 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year & \text{$\quad$form of financial statements to decision}\\ consumers are given equal chance to obtain credit. 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 seller is willing to take part or all of equity in the form of a note. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. gradual loss of land near border of stream or river. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. The staff at Champions School is top notch! Financialaccountingobtainadequatefundsforbeginning8. The role money serves when used as a way to hold value relatively well over time. Percentage of the Lesser of the appraised value or sales price that the lender will lend. ie. the percentage of value or sales price that a lender is willing to finance. 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. homeowners who are at least 62 years of age can borrow against the equity in their property. looks like a deed. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. The process of producing accounting}\\ October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Principles of Real Estate 1. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. & \text{f. The ability to earn enough income to}\\ divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Get your Real Estate License Education on a Mobile Web App. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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. secured property may be sold ti satisfy the unpaid promissory note. transferring real estate to the state when a person dies without heirs. 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. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. lender has evaluated the borrower in the underwriting process. grantor does not even claim to own the property. the loan origination market where borrowers and lenders negotiate mortgage terms. 16 pages. respa applicable. Reconciliation of values stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Married limit is 500k. CFPB implemented. tenancy of sufferance transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). the legal use that gives the greatest return in money or amenities. DUST; demand, utility, scarcity, transferability.
Texas Principles 1 Exam Practice Questions With Answers - Champions * whole # by denominator What is the probability that Bob receives no tweets during his lunch hour? a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. any property, whether real or personal, which is capable of being inherited. no obligation o extend credit. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. 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. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. this is the best indicator. \text{8. 2. 2.amount of any payment 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. The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline The presence of lower-priced properties in the area will cause a decline in the value of the subject property.
From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Payments are guaranteed, and they would be made at the end of each year. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. ___________ 3. 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. 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$34,500\begin{array}{lrrr} % of the lesser of the appraised value or sales price that lender will lend. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. The percentage of value or sales price that a lender is willing to finance. estate for years lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. ___________ 6. & \text{$\quad$operate the business}\\ Copy of most recent property survey 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. 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. 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 The process by which the government exercises its right of eminent domain. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Examine the summary section of a monthly credit card statement. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. Learning the principles and laws of real estate is Champions focus. There is no membership needed. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. specifies requirements found in regulation z. Activitiesofmanagementengagedto7. Photographs of property Sketch of floor plan 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 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. 5. 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.
Champions School Principles of Real Estate II - Quizlet \end{array} His opportunity cost is 7 percent. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. Demand rises and supply is constant. 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. 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. The absence of competition will cause prices to increase in the marketplace. Assets that are easily converted to cash. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. Value, Income, Return. Operatingactivities7. \text{Other Expenses}&\$36,000&&\$34,500\\ \text{10. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. certified commercial investment member (part of NAR). 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. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. | Life | Annual Rate | 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. .
Champions Principles of Real Estate 2 Flashcards | Quizlet Theprocessofgeneratingandcommunicating10. The value of a property may be affected by social, economic, governmental and environmental influences. deffence against claims which have arisen suring grantor ownership. 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. insures most protection, any changes to the ownership of real property. A rookie quarterback is negotiating his first NFL contract. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Another Name for environmental or economic obsolescence. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. & \text{i. It is would suggest that an owner should not "over improve" a property. Independent third-party appraiser will review the report, then verify the information. 2. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. 4. local maps, indicating location of subject and comparables
& \text{e. Activities of management engaged}\\ The role money serves when it is used as a form of payment. 5. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. 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. requires an application. Here is what they had to say! doesn't indicate that they are legal owner, The government is the original owner of all land. The loss in a property's value due to daily wear and tear. Theintentionalpreparationofmisleadingfinancialstatementsi. Legal purpose The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. borrowers provide basic information like income, debt, and credit history. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). all consumers are given a equal chance to obtain credit. permanent and absolute tenure of an estate in land w freedom to dispose at will. Demand falls by more than supply rises.
Principles of Real Estate 2 Champions School of Real Estate - Quizlet Fraudulentfinancialreportinga. added to the index to calculate interest rates, teaser rate- lower rate offered initially. ratio of borrowers total recurring monthly debts. insures the difference, Police Power 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 RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500.
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