___________ 5. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Unlimited number of times. He is really good. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. 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. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Real estate prices in Germany remain the same, although overall sales are declining. Create flashcards for FREE and quiz yourself with an interactive flipper. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. The evidence an individual has of his or her right to possess land. 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. any change in the ownership of relationship property. 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. tenancy of will 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. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Another Name for environmental or economic obsolescence. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. ___________ 4. 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) 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. c. Supply rises by more than demand rises. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline 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. zoning, highways. estate for years 6. A rookie quarterback is negotiating his first NFL contract. Managerialaccounting9. 3. consumers are given equal chance to obtain credit. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Principle of Increasing and Decreasing Returns. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. The USPS has a monopoly on every type of mail or package. commercial property is depreciated over how many years? Adequate consideration Principles of Real Estate 2 Champions School of Real Estate - Quizlet Began in 1938 federal agency. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. person designated to execute the terms of a will. Legal purpose & \text{$\quad$operate the business}\\ It basically insures the difference between the borrower's down payment and LTV. purchase title insurance either by grantor or grantee. He has been offered three possible 4-year contracts. doesn't indicate that they are legal owner, The government is the original owner of all land. 176 Champions School of Real Estate Reviews - AgentAdvice.com Principles Real Estate II- Practice Exam 2 Flashcards | Quizlet reviews cover a checklist of items as they analyze the appraisal report. the legal use that gives the greatest return in money or amenities. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 4. amount of any finance charge. 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. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. \end{array} Match the terms that follow with the appropriate definitions. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. any property, whether real or personal, which is capable of being inherited. (3) The Income Approach. However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. Flood maps 7. interest rate a reserve bank charges eligible financial institutions to borrow money short term. 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). subsequent to adjustment, limits how much a payment can increase or decrease. Bank owns it now. Rental survey Helen Fortier February 10, 2022 PDF Final Exam For Real Estate Principles - annualreport.psg.fr designed to clean up sites contaminated with hazardous substance. permanent and absolute tenure of an estate in land w freedom to dispose at will. & \text{$\quad$information about an identifiable}\\ risk based pricing, no published rates. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. a mortgage is an actual transfer of ownership from the borrower to the lender. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. 8. 1. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. A value for existing properties method for comparing similar properties to the subject property. ___________ 10. 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. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. combination of two or more properties into one. Once the loan is closed it is sold to another lender. Comprehensive Environmental Response, compensation, and Liability Act. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. The sum of the energy used during the life cycle of a product. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? The government's right to tax real estate. The value of a property may be affected by social, economic, governmental and environmental influences. (pending lawsuits affecting the property). 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) gradual loss of land near border of stream or river. The money that mortgage companies use to make loans comes from the sale of __________. \end{array} the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. Real Estate Principles 1 Flashcards & Quizzes | Brainscape 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. A break in this line would create a cloud on the title. (Most reliable), Reduction in value from deterioration or obsolescence. grantor fully warrants good clear title to the property. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. a type of appraisal review. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ 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 low emissive gas coated with metallic oxide layer. negotiated between landlord and manager. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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. 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 Eminent Domain Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. It is would suggest that an owner should not "over improve" a property. Ethics10. Adger Corporation is a service company that measures its output based on the number of customers served. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. a limit on the amount the interest rate can increase or decrease at each adjustment date. 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. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Texas State Portion Real Estate Exam part 2.docx. Financingactivitiesb. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. 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. Photographs of comparables Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. PDF Champions school of real estate principles 1 quizlet & \text{g. An information system that measures,}\\ tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. 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. & \text{$\quad$processes, and communicates financial}\\ cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Infer What might keep a State from accepting a categorical grant-in-aid? The action of government seizure of land for the good of the public. What is one of the most important ways through which the behavior becomes integrated? Real Estate Salesperson National Prep Exam 1.docx. generally 5-10% range with fees. & \text{$\quad$achieve its objectives}\\ & \text{h. The intentional preparation of}\\ provides the consumer with assistance securing hard to place or niche sources f mortgage money. 2. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. Learning the principles and laws of real estate is Champions focus. Liquidity4. 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 mortgage is an actual transfer of ownership from the borrower to the lender. 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. the value if the property is equal to the sum if the contributory value of each of its component parts. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. decreases over time, norm paid by buyer. Demand rises and supply is constant. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. The exchange of goods or services for other goods or services without the use of money. grantor does not even claim to own the property. purchases "pools" or mortgages. 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. 5. Percentage of the Lesser of the appraised value or sales price that the lender will lend. Texas Real Estate License Exam Prep | Champions School 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. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. certified commercial investment member (part of NAR). It's simple! value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Identify and explain the structures of language. seller is willing to take part or all of equity in the form of a note. We make it easy and convenient! used in most real estate transactions. EXAM PREP - Champions School of Real Estate - Course Hero 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. 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. 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. Theprocessofgeneratingandcommunicating10. 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. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. transferring funds to a title co for disbursement when loan is approved. 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. \text{7. Anything that is widely accepted in exchange for goods and services. ___________ 14. Property for Sale in Hesse | Germany - EW RealEstate Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. Suppose that the battery life in both cases follows an exponential distribution. 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. Economic obsolescence 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 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 Increased competition will bring prices down. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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.
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