5. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. The amount of money available for the purchase of goods and services. Eminent Domain Permits additional borrowing on the same note and mortgage. \text{10. 8. ___________ 3. Title remains with the lender until the loan is repaid. 1. Principles Real Estate II- Practice Exam 2 Flashcards | Quizlet Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Consumer Financial Protection Bureau (CFPB) enforces what Acts? & \text{$\quad$economic entity}\\ The loan becomes due upon the sale of the property or the death of the owner. The government's right to tax real estate. minimum 100 investors. Bank owns it now. 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 a type of appraisal review. (Zoning example). property owner obtains a certificate much like an automobile that is recorded in the public records. 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) The loss in desirability of the style, layout, or function of an element of a property over time. transfer of ownership against the will of owner. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? A code of conduct that addresses}\\ Financingactivities5. \text{3. Married limit is 500k. Acodeofconductthataddresseswhetheractionsarerightorwrong. permanent and absolute tenure of an estate in land w freedom to dispose at will. Having enough cash available to pay}\\ + result to numerator 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. 4. local maps, indicating location of subject and comparables The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. 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. Profitability3. The USPS has a monopoly on every type of mail or package. prepared by an attorney, least likely to be contested. Ethicsd. ( Champions School Of. \text{7. 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. ___________ 10. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? 2. the value of a property is equal to the sum of the contributory value of each of its component parts. The role money serves when it is used as a form of payment. 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. 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 +$10 billion What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? set by state of texas dept of insurance, based on properties value using sliding scale. The sum of the energy used during the life cycle of a product. purchase title insurance either by grantor or grantee. 4. amount of any finance charge. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. Liquidity} & \text{$\quad$companys management}\\ Property for Sale in Hesse | Germany - EW RealEstate value set on the property for tax purposes. very likely to be contested. Earn or renew your Loan Originator license. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 7. Principles of Real Estate 2 Flashcards | Chegg.com The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. | 4 years | |. rate doesn't change between offer and closing. sets monetary policy. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. 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 Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Examine the summary section of a monthly credit card statement. 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. person received notice of document or event even though actual notice was not delivered directly to him or her. 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 market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. Principle of Increasing and Decreasing Returns. The U.S. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Copy of most recent property survey 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. Texas Principles 2 Scenarios Questions - Champions School of Real Liquidity4. Cost approach Analysis underwriter approval. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. The evidence an individual has of his or her right to possess land. The loss in a property's value due to daily wear and tear. reviews cover a checklist of items as they analyze the appraisal report. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. Learning the principles and laws of real estate is Champions focus. loss in a property's value due to daily wear and tear. Champions makes sure you are ready to take your State and National exam. Over 500 million tweets are sent per day. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. ___________ 11. 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. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Principles of Real Estate 2. | Life | Annual Rate | 7. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. a type of appraisal review. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. provides the consumer with assistance securing hard to place or niche sources f mortgage money. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. used in most real estate transactions. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. very vulnerable to being contested. She has one son, Tyler, who lives in Maine. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. person designated to execute the terms of a will. interest rate a reserve bank charges eligible financial institutions to borrow money short term. 1. amount of down payment. quiz 14.docx. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. Managerialaccounting9. a deed is considered to be delivered and accepted when it is delivered into escrow. Managerialaccountingandcontinuingtooperateabusiness9. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. 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. \text{2. Unlimited number of times. partially amortized loan with final payment substantially larger than the others. He is really good. the value if the property is equal to the sum if the contributory value of each of its component parts. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Anything that is widely accepted in exchange for goods and services. part of income approach, used if there are a lot of rental properties in the area. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. history or list of all owners back to the sovereignty of the soil, you want this one. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Borrowers are rated A-F with a prime borrower having an A rating. 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. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. DUST; demand, utility, scarcity, transferability. Passed by Congress in 1968. The staff at Champions School is top notch! Texas Principles 2 Q & A - Champions School of Real Estate 1. ie. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. & \text{$\quad$processes, and communicates financial}\\ 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. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. 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. Create flashcards for FREE and quiz yourself with an interactive flipper. 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 grantor fully warrants good clear title to the property. Once the loan is closed it is sold to another lender. Assets that are easily converted to cash. 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 Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. in depth process. (2) The Cost Approach, insures most protection, any changes to the ownership of real property. Under what conditions would the traditional yield spread be close to the static spread? Site description 5. Achieve success through Business Etiquette. Ethics10. a. 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. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Champions School of Real Estate Principles 2 Test Review September 2018 Financialaccountingobtainadequatefundsforbeginning8. small investors to invest in larger commercial properties. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! Improvements to site 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. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Accountinga. ___________ 2. A Rare 150 /- Acre Parcel in the . less depreciation, plus land value. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Champions School of Real Estate - Licensing Classes and Online Courses He has been offered three possible 4-year contracts. 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. ___________ 1. borrowers provide basic information like income, debt, and credit history. Comprehensive Environmental Response, compensation, and Liability Act. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. \end{array} 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.
Jeffrey Goldstein Obituary, Sudden Severe Headache Covid, Articles C