all consumers are given a equal chance to obtain credit. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Anything that is widely accepted in exchange for goods and services. 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. \end{array} permanent and absolute tenure of an estate in land w freedom to dispose at will. 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. 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. Neighborhood description Identify and explain the structures of language. January 1, 2005, launching its Mold Mission Program. homeowners who are at least 62 years of age can borrow against the equity in their property. the only limitations to title are those listed in the deed. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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 Title remains with the lender until loan is repaid. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. protection up to purchase price, norm paid by seller (buyers benefit). The exchange of goods or services for other goods or services without the use of money. (1) The Sales Comparison Approach Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? history or list of all owners back to the sovereignty of the soil. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. no obligation o extend credit. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? 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! very vulnerable to being contested. ___________ 14. Having enough cash available to pay}\\ An appraiser must always be aware of these influences and possible changes in them that could affect market value. partially amortized loan with final payment substantially larger than the others. 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 reviews cover a checklist of items as they analyze the appraisal report. many lenders, especially high LTV loans, will order a field review of the appraisal. transferring real estate to the state when a person dies without heirs. 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. transfer of ownership against the will of owner. tenancy of will \text{Travel Expenses}&&\$600&\$19,000\\ 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) c. Supply rises by more than demand rises. ___________ 12. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ based on the assessed value of the property and the existing tax rate. Havingenoughcashavailabletopay5. addition or amendment to an existing will. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. low emissive gas coated with metallic oxide layer. (PETE) police power, escheat, taxation, eminent domanin. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. Accountinga. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? offers the greatest protection of any deed. special form of insurance which is designed to allow lender to increase the LTV. Certified Residential Appraiser deffence against claims which have arisen suring grantor ownership. Profitability3. in depth process. How do I get a Texas Real Estate License? they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. respa applicable. Consumer Financial Protection Bureau (CFPB) enforces what Acts? Copy of most recent property survey Earn or renew your Loan Originator license. the value if the property is equal to the sum if the contributory value of each of its component parts. 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. The loan becomes due upon the sale of the property or the death of the owner. Independent third-party appraiser will review the report, then verify the information. percentage of value or sales price that a lender is willing to finance. | 4 years | |. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Managerialaccountingandcontinuingtooperateabusiness9. Managerialaccounting9. 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. 10. 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. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. 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. Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. The right of the government to take an individual's land if he or she dies without a will or heirs. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? some lenders accept this drive-by type of review for low LTV or low risk loans. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. ___________ 8. & \text{$\quad$whether actions are right or wrong}\\ The percentage of value or sales price that a lender is willing to finance. A lower interest rate is offered by the lender during the first year or more of the loan. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. The USPS has a monopoly on every type of mail or package. Match the following terms to the correct definitions. The reduction in value of property from causes such as deterioration or obsolescence. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. requires an application. quiz 14.docx. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. minimum 100 investors. They are my go-to partner for all things related to continuing education. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. grantor fully warrants good clear title to the property. Frequently asked questions Investing activities} & \text{$\quad$debts when they are due}\\ \text{8. Earn or renew your Real Estate Sales Agent or Broker license. 4. examining of the public records and constructed a chain of title and an abstract of title. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. largest investor in home mortgages. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. 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. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. 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. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. & \text{f. The ability to earn enough income to}\\ legal. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. type of insurance required when the LTV exceeds 80%. 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. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. decreases over time, norm paid by buyer. Acodeofconductthataddresseswhetheractionsarerightorwrong. DUST; demand, utility, scarcity, transferability. \text{4. Financing activities} & \text{b. tenant pays rent, plus taxes utlities ect. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. The loss in value of a property caused by factors outside of the property itself. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Highly recommended and I will continue to use Champions! What is one of the most important ways through which the behavior becomes integrated? d. Supply falls and demand is constant. less depreciation, plus land value. combination of two or more properties into one. Began in 1938 federal agency. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Flood maps Investingactivities6. Operating income and expense statements 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Principles of Real Estate 2. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 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 Salesperson National Prep Exam 1.docx. 40 pages. 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. Fraudulentfinancialreportinga. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. a type of appraisal review. 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. Examine the summary section of a monthly credit card statement. Appraisal certification, Appraisal Factors that affect loan approval, 1. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. He is really good. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. The Act was passed to protect consumers from fraud in the sale or lease of land. 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. & \text{$\quad$achieve its objectives}\\ secured property may be sold ti satisfy the unpaid promissory note. These are non conforming loans. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. purchases "pools" or mortgages. residential property is depreciated over how many years? |---|---| Once the loan is closed it is sold to another lender. & \text{$\quad$economic entity}\\ ___________ 5. a. 2. 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). generally 5-10% range with fees. \text{10. 3. Accounting2. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Identify the term that best fits the following description - to force out or push out. 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. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. The program offers 100% financing (no down payment) for qualified borrowers. 5. set by state of texas dept of insurance, based on properties value using sliding scale. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. allows funding of the repairs through a series of draws. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation ___________ 6. oral/ deathbed will. Champions makes sure you are ready to take your State and National exam. Assets that are easily converted to cash. The absence of competition will cause prices to increase in the marketplace. added to the index to calculate interest rates, teaser rate- lower rate offered initially. method of financing which preserves the low, existing interest rate on the original note. Liquidity4. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). 5. Ethics} & \text{d. The process of generating and communicating}\\ subsequent to adjustment, limits how much a payment can increase or decrease. consumers are given equal chance to obtain credit. small investors to invest in larger commercial properties. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? funds the secondary market. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. a. A Rare 150 /- Acre Parcel in the . 8. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. Additional support documents, 1. 3. number of payments or period of repayment flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. 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. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. The sum of the energy used during the life cycle of a product. prepared by an attorney, least likely to be contested. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. & \text{e. Activities of management engaged}\\ Money that has value apart from its use as money. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 4. local maps, indicating location of subject and comparables closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. underwriter approval. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. 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. Rural Property <25% built up seller is willing to take part or all of equity in the form of a note. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Demand falls by more than supply rises. ese are non-conforming loans. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. The most probable price a property should bring in a competitive and open market. 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. no guarantee for approval, property must fit criteria . RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. + result to numerator It was signed into law by President Barack Obama in May 2009. limits interest rate over the lifetime of a loan. Cost approach Analysis gradual loss of land near border of stream or river. 16 pages. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property.
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