champions school of real estate principles 2 quizlet

Investing activities} & \text{$\quad$debts when they are due}\\ ___________ 3. supply is short, prices go up. the absence of competition will cause prices to increase in the marketplace. There is no membership needed. 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. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. subsequent to adjustment, limits how much a payment can increase or decrease. (3) The Income Approach. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. value added to improvement exceeds the cost of improvement. protection up to purchase price, norm paid by seller (buyers benefit). most reasonable price a property should bring in a competitive open market. 1. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. The loan becomes due upon the sale of the property or the death of the owner. & \text{j. & \text{$\quad$operate the business}\\ Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. A value for existing properties method for comparing similar properties to the subject property. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! estimate of value based on current construction costs. Taxation 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. 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. a. Champions School of Real Estate - Licensing Classes and Online Courses 40 pages. ___________ 5. percentage of value or sales price that a lender is willing to finance. transferring funds to a title co for disbursement when loan is approved. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. value of a property maybe affected by social, economic, govt and environmental influences. 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. These are the 4 rights of land. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Photographs of property state law requires law, real estate contracts and leases over a year to be in writing. tenancy of sufferance Ethicsd. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. limits how much a payment can increase/ decrease. estate for years a. consumers are given equal chance to obtain credit. 176 Champions School of Real Estate Reviews - AgentAdvice.com someone who processes, underwrites, closes and funds his or her own files in his or her name. | 4 years | |. transfer of ownership against the will of the owner. 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. Activitiesofmanagementengagedtooperatethebusinessj. The loss in desirability of the style, layout, or function of an element of a property over time. \end{array} type of insurance required when the LTV exceeds 80%. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. usually have a initial cap that is higher than the adjustment cap. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. all consumers are given a equal chance to obtain credit. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. \text{6. 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 market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. history or list of all owners back to the sovereignty of the soil. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. & \text{h. The intentional preparation of}\\ (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. small investors to invest in larger commercial properties. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. The lender transfers title back to the borrower when the loan is repaid. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. 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 4. amount of any finance charge. Photographs of comparables 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. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. something of value given in exchange for a conveyance. Independent third-party appraiser will review the report, then verify the information. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. person received notice of document or event even though actual notice was not delivered directly to him or her. PDF Final Exam For Real Estate Principles - annualreport.psg.fr Bank owns it now. According to this principle, the value of Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. transfer of title that is a free act of the grantor. preserves low, existing intrest rate on the original note. Appraisal certification, Appraisal Factors that affect loan approval, 1. Learning the principles and laws of real estate is Champions focus. Another Name for environmental or economic obsolescence. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Texas Principles 2 Scenarios Questions - Champions School of Real (pending lawsuits affecting the property). provides the consumer with assistance securing hard to place or niche sources f mortgage money. Champions School of Real Estate Principles 2 Test Review September 2018 right of govt to take private land for public use. doesn't indicate that they are legal owner, The government is the original owner of all land. An appraiser must always be aware of these influences and possible changes in them that could affect market value. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. sets monetary policy. 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. tenant pays rent, plus taxes utlities ect. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Percentage of the Lesser of the appraised value or sales price that the lender will lend. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. ___________ 2. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. & \text{$\quad$economic entity}\\ Buildings are not typical of the area 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! tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! secured property may be sold ti satisfy the unpaid promissory note. The loss in a property's value due to daily wear and tear. 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. Highly recommended and I will continue to use Champions! purchase price is affected by the expectation of of future appeal and benefits. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser \text{5. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. A rookie quarterback is negotiating his first NFL contract. & \text{f. The ability to earn enough income to}\\ specifies requirements found in regulation z. 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. If Market is flooded values will be flat. minimum 100 investors. certified commercial investment member (part of NAR). A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. buying the market pools. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. & \text{$\quad$misleading financial statements}\\ Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. addition or amendment to an existing will. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. 9. background information about the appraiser 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. 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. 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. Activitiesofmanagementengagedtooperatethebusinessj. 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 Take your license further with a Designation or Certification. 4. used in most real estate transactions. 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. Adequate consideration 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. 4. local maps, indicating location of subject and comparables 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 Title remains with the lender until the loan is repaid. The Act was passed to protect consumers from fraud in the sale or lease of land. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. ___________ 1. in depth process. Examine the summary section of a monthly credit card statement. transferring real estate to the state when a person dies without heirs. 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. Create flashcards for FREE and quiz yourself with an interactive flipper. 10. Match the terms that follow with the appropriate definitions. Principles of real estate II (Champions) Flashcards | Quizlet The legal use that gives the greatest return in money and/or amenities. ___________ 10. can be voluntary or involuntary. It basically insures the difference between the borrower's down payment and LTV. & \text{$\quad$processes, and communicates financial}\\ used to clear up cloud on title, no protection, no ownership claimed by grantor. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. 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. 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. EXAM PREP - Champions School of Real Estate - Course Hero

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