___________ 8. tenant pays rent, plus taxes utlities ect. Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act deffence against claims which have arisen suring grantor ownership. 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. The evidence an individual has of his or her right to possess land. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. ie. prepared by an attorney, least likely to be contested. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ 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. Additional support documents, 1. 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. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. ___________ 12. permanent and absolute tenure of an estate in land w freedom to dispose at will. permits additional borrowing on the same note and mortgage. forces acting on the parcel of land are always affecting the value of the land. Match the terms that follow with the appropriate definitions. Here is what they had to say! ___________ 3. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? protection up to purchase price, norm paid by seller (buyers benefit). standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Married limit is 500k. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. 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. homeowners who are at least 62 years of age can borrow against the equity in their property. Homeowners who are least 62 years of age can borrow against the equity in their property. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. A value for existing properties method for comparing similar properties to the subject property. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. grantee gives to the grantor, most common, best type of deed to have. 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. 40 pages. Find the annual double-declining-balance (200% method) rate of depreciation. examining of the public records and constructed a chain of title and an abstract of title. a deed is considered to be delivered and accepted when it is delivered into escrow. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. decreases over time, norm paid by buyer. The staff at Champions School is top notch! The most probable price a property should bring in a competitive and open market. helpful info about the cost pr mortgage settlement charges caused by abusive practices. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. help meet the credit needs of ALL the community. 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. 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! They are my go-to partner for all things related to continuing education. Identify and explain the structures of language. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Earn or renew your Home Inspector license. & \text{i. property owner obtains a certificate much like an automobile that is recorded in the public records. For more than a decade, the German real estate market was in a dramatic growth phase. It's simple! When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? A lower interest rate is offered by the lender during the first year or more of the loan. Operatingactivities7. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. many lenders, especially high LTV loans, will order a field review of the appraisal. tenancy of will the value if the property is equal to the sum if the contributory value of each of its component parts. Investing activities} & \text{$\quad$debts when they are due}\\ secured property may be sold ti satisfy the unpaid promissory note. purchase title insurance either by grantor or grantee. 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 It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. Learning the principles and laws of real estate is Champions focus. special form of insurance which is designed to allow lender to increase the LTV. Liquidity} & \text{$\quad$companys management}\\ The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. 21 pages. Rural Property <25% built up & \text{$\quad$whether actions are right or wrong}\\ The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. ___________ 13. Identify the term that best fits the following description - to force out or push out. most reasonable price a property should bring in a competitive open market. Reconciliation of values person, corporation or firm, not in banking, that provides its own funds for mortgage financing. 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. 16 pages. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. 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. Money that has no value of its own but can be exchanged for something of value. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Rental survey risk based pricing, borrowers are rated A-F with prime borrows having a A rating. transferring real estate to the state when a person dies without heirs. The reduction in value of property from causes such as deterioration or obsolescence. Flood maps usually have a initial cap that is higher than the adjustment cap. Improvements to site Activitiesofmanagementengagedtooperatethebusinessj. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. 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). in depth process. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. * whole # by denominator The loss in desirability of the style, layout, or function of an element of a property over time. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Havingenoughcashavailabletopay5. 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. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. A rookie quarterback is negotiating his first NFL contract. Calculate the new balance. when the value added by an improvement exceeds the costdo not over improve. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. set by state of texas dept of insurance, based on properties value using sliding scale. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. & \text{h. The intentional preparation of}\\ the absence of competition will cause prices to increase in the marketplace. Frequently asked questions 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. Real Estate Salesperson National Prep Exam 1.docx. sets monetary policy. Increased competition will bring prices down. grantor fully warrants good clear title to the property. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. a type of appraisal review. 3. looks like a deed. funds the secondary market. An appraiser must always be aware of these influences and possible changes in them that could affect market value. 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 gradual loss of land near border of stream or river. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. 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. Anything that is widely accepted in exchange for goods and services. residential property is depreciated over how many years? commercial property is depreciated over how many years? The presence of lower-priced properties in the area will cause a decline in the value of the subject property. promotes home ownership. whichever one is lower LTV Loan-to-Value Ratio & \text{$\quad$information about an identifiable}\\ 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. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. added to the index to calculate interest rates, teaser rate- lower rate offered initially. Accounting} & \text{a. negotiated between landlord and manager. \text{8. 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. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; 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, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. Purchases "pools" of mortgages. Principles of Real Estate 1. Havingenoughcashavailabletopaydebtswhentheyareduec. 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. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. Appraisal certification, Appraisal Factors that affect loan approval, 1. loss in a property's value due to daily wear and tear. Get your Real Estate License Education on a Mobile Web App. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. \end{array} history or list of all owners back to the sovereignty of the soil, you want this one. The percentage of value or sales price that a lender is willing to finance. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. something of value given in exchange for a conveyance. Accountinga. Value, Income, Return. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. Developers are required to provide each purchaser with a disclosure document (Property Report). CFPB implemented. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. small investors to invest in larger commercial properties. These are non conforming loans. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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 . Fraudulentfinancialreportinga. These are the 4 rights of land. Create flashcards for FREE and quiz yourself with an interactive flipper. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. \text{1. federal law passed in 1974. doesn't include: gender or immigration status. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. Operating activities} & \text{c. Activities of management engaged to}\\ Demand falls by more than supply rises. lender acquires property under foreclosure. 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. responsible for: The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. offers the greatest protection of any deed. very vulnerable to being contested. no obligation o extend credit. She has one son, Tyler, who lives in Maine. 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. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. The USPS has a monopoly on every type of mail or package. quiz 14.docx. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. If the property cannot be transferred, it is of little value. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. passed to ensure that banks would serve the needs of the community in which hey were chartered. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. 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) The Sales Comparison Approach 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. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. (PETE) police power, escheat, taxation, eminent domanin. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. Infer What might keep a State from accepting a categorical grant-in-aid? What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Site description Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. 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. January 1, 2005, launching its Mold Mission Program. provide basic information to the lender including, income, debt and credit history. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. insures most protection, any changes to the ownership of real property. 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. ___________ 2. The landlord or owner; party granting a lease. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. 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. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Title remains with the lender until loan is repaid. a. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis.