Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Appraisal certification, Appraisal Factors that affect loan approval, 1. The sum of the energy used during the life cycle of a product. PDF Champions school of real estate principles 1 quizlet 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. issued in the amount of the loan. 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. & \text{g. An information system that measures,}\\ 9. background information about the appraiser gradual loss of land near border of stream or river. Earn or renew your Loan Originator license. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. tenant pays rent, plus taxes utlities ect. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Champions School of Real Estate Principles 2 Test Review September 2018 If Market is flooded values will be flat. 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. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Financingactivities5. 9. respa applicable. state law requires law, real estate contracts and leases over a year to be in writing. only legal for personal property. & \text{$\quad$whether actions are right or wrong}\\ Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. & \text{$\quad$form of financial statements to decision}\\ Financialaccounting8. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. specifies requirements found in regulation z. Real Estate Salesperson National Prep Exam 1.docx. 1. amount of down payment. purchase title insurance either by grantor or grantee. 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. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. no obligation o extend credit. right of govt to take private land for public use. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. \end{array} estimate of value based on current construction costs. a type of appraisal review. The Act was passed to protect consumers from fraud in the sale or lease of land. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . 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. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. residential property is depreciated over how many years? & \text{$\quad$misleading financial statements}\\ (Most reliable), Reduction in value from deterioration or obsolescence. 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. 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. permits additional borrowing on the same note and mortgage. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. 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. 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). An appraiser must always be aware of these influences and possible changes in them that could affect market value. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! The percentage of value or sales price that a lender is willing to finance. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Earn or renew your Home Inspector license. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. 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. Champions School Principles of Real Estate II - Quizlet d. Supply falls and demand is constant. 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. Money that has value because the government has ordered that it be accepted in payment of debts. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. the value if the property is equal to the sum if the contributory value of each of its component parts. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. 8. & \text{$\quad$processes, and communicates financial}\\ value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. subsequent to adjustment, limits how much a payment can increase or decrease. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. price a wiling seller will sell for & price willing buyer will buy. power of sale under a mortgage in default. qualifies borrower based on proposed home payment and gross monthly income. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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 Income approach Analysis 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. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. & \text{f. The ability to earn enough income to}\\ limits how much a payment can increase/ decrease. Real Estate Principles 1 Flashcards & Quizzes | Brainscape 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. A break in this line would create a cloud on the title. ___________ 14. 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 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. Highly recommended and I will continue to use Champions! Earn or renew your Real Estate Sales Agent or Broker license. 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. purchase price is affected by the expectation of of future appeal and benefits. Managerialaccountingandcontinuingtooperateabusiness9. DUST; demand, utility, scarcity, transferability. ___________ 4. The action of government seizure of land for the good of the public. The role money serves when it is used as a standard measure to set prices and make economic calculations. Married limit is 500k. Principles of Real Estate 2 Champions School of Real Estate STUDY Flashcards Learn Write Spell Test PLAY Match Gravity appraisal Click card to see definition appraisers opinion of value Click again to see term 1/258 Previous Next Flip Space Created by Will77tx TEACHER Tags related to this set Marketing-Real Estate some lenders accept this drive-by type of review for low LTV or low risk loans. (3) The Income Approach. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. Assets that are easily converted to cash. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} 5. PDF Final Exam For Real Estate Principles - annualreport.psg.fr 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. 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. \text{Revenue}&&\$5,000&\$160,000\\ It also offers continuing education courses for. 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. Over 500 million tweets are sent per day. preserves low, existing intrest rate on the original note. 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. 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. 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. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline There is no membership needed. Rural Property <25% built up 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. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. ENERGY STAR program was established in 1992 under this Act. Having enough cash available to pay}\\ & \text{$\quad$information about an identifiable}\\ Texas principles of real estate 2 - YouTube Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. transfer of ownership against the will of owner. Financialaccountingobtainadequatefundsforbeginning8. What is the probability that Bob receives no tweets during his lunch hour? passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. ___________ 8. \text{Other Expenses}&\$36,000&&\$34,500\\ Principles of Real Estate 2. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. 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. 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. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Investingactivities6. prohibits redlining. Theprocessofproducingaccounting2. 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 . Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. a limit on the amount the interest rate can increase or decrease at each adjustment date. 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. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? the percentage of value or sales price that a lender is willing to finance. 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. Title remains with the lender until loan is repaid. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. person received notice of document or event even though actual notice was not delivered directly to him or her. Rental survey 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. 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. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. generally 5-10% range with fees. 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. transfer of ownership against the will of the owner. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). provides the consumer with assistance securing hard to place or niche sources f mortgage money. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Theintentionalpreparationofmisleadingfinancialstatementsi. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Managerialaccounting9. & \text{$\quad$economic entity}\\ underwriter approval. Investing activities} & \text{$\quad$debts when they are due}\\ Theintentionalpreparationofmisleadingfinancialstatementsi. most reasonable price a property should bring in a competitive open market. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. insures most protection, any changes to the ownership of real property. 16 pages. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. tenancy of will equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. & \text{$\quad$achieve its objectives}\\ ___________ 6. It's simple! The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. 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. Let and take agreement The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. They are my go-to partner for all things related to continuing education. Downpayment is the difference between the _____ and the _____. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Operating activities} & \text{c. Activities of management engaged to}\\ What is one of the most important ways through which the behavior becomes integrated? Frequently asked questions value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. % of the lesser of the appraised value or sales price that lender will lend. Champions Principles of Real Estate 2 Flashcards | Quizlet The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). requires an application. Match the terms that follow with the appropriate definitions. Analysis of market data c. Supply rises by more than demand rises. ___________ 1. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ the legal use that gives the greatest return in money or amenities. Passed by Congress in 1980. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. The absence of competition will cause prices to increase in the marketplace. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. the absence of competition will cause prices to increase in the marketplace. 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. deffence against claims which have arisen suring grantor ownership. doesn't indicate that they are legal owner, The government is the original owner of all land. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. usually have a initial cap that is higher than the adjustment cap. Value, Income, Return. 1. Champions School of Real Estate-Principles of Real Estate II - Quizlet exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. The loss in desirability of the style, layout, or function of an element of a property over time. 176 Champions School of Real Estate Reviews - AgentAdvice.com supply is short, prices go up. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. A value for existing properties method for comparing similar properties to the subject property. Take your license further with a Designation or Certification. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). most conveyances are voluntary. Texas Principles 2 Exam Practice Questions - Champions School of Real cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. The staff at Champions School is top notch! Principles of Real Estate 1. The USPS has a monopoly on every type of mail or package. partially amortized loan with final payment substantially larger than the others. this is the best indicator. The right of the government to take an individual's land if he or she dies without a will or heirs. 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. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Reconciliation of values 4. local maps, indicating location of subject and comparables funds the secondary market. Increased competition will bring prices down. Developers are required to provide each purchaser with a disclosure document (Property Report). 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. limits interest rate over the lifetime of a loan. a type of appraisal review. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. responsible for: Bank owns it now. 5. Identify the term that best fits the following description - to force out or push out. seller is willing to take part or all of equity in the form of a note. small investors to invest in larger commercial properties. ___________ 13. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Texas Real Estate License Exam Prep | Champions School
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