champions school of real estate principles 2 quizlet

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The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 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. These are non conforming loans. 2. Anything that is widely accepted in exchange for goods and services. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} The legal use that gives the greatest return in money and/or amenities. The Act was passed to protect consumers from fraud in the sale or lease of land. 4. local maps, indicating location of subject and comparables 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$34,500\begin{array}{lrrr} many lenders, especially high LTV loans, will order a field review of the appraisal. Profitability} & \text{$\quad$information for the internal use of a}\\ 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. His opportunity cost is 7 percent. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. 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. The program offers 100% financing (no down payment) for qualified borrowers. 9. The role money serves when it is used as a standard measure to set prices and make economic calculations. Financialaccounting8. ratio of borrowers total recurring monthly debts. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. some lenders accept this drive-by type of review for low LTV or low risk loans. the percentage of value or sales price that a lender is willing to finance. January 1, 2005, launching its Mold Mission Program. Accountinga. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. \end{array} | Life | Annual Rate | Flashcard App | Champions School Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Acodeofconductthataddresseswhetheractionsarerightorwrong. seller is willing to take part or all of equity in the form of a note. Cost approach Analysis 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. 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. Ethicsd. \text{9. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. limits how much a payment can increase/ decrease. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 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. very likely to be contested. Earn or renew your Real Estate Sales Agent or Broker license. 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. EXAM PREP - Champions School of Real Estate - Course Hero The loan becomes due upon the sale of the property or the death of the owner. 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. The value of a property may be affected by social, economic, governmental and environmental influences. the value of a property is equal to the sum of the contributory value of each of its component parts. Learning the principles and laws of real estate is Champions focus. Let and take agreement The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Downpayment is the difference between the _____ and the _____. price a wiling seller will sell for & price willing buyer will buy. Calculate the new balance. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Champions Principles of Real Estate 2 Flashcards | Quizlet looks like a deed. The U.S. based on the assessed value of the property and the existing tax rate. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. & \text{$\quad$economic entity}\\ most conveyances are voluntary. Under what conditions would the traditional yield spread be close to the static spread? Increased competition will bring prices down. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. c. Supply rises by more than demand rises. Match the following terms to the correct definitions. Texas Real Estate Education | Champions School deffence against claims which have arisen suring grantor ownership. oral/ deathbed will. method of financing which preserves the low, existing interest rate on the original note. & \text{$\quad$makers outside the organization}\\ 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. 8. estimate of value based on current construction costs. 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 \text{Other Expenses}&\$36,000&&\$34,500\\ a. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. limits interest rate over the lifetime of a loan. someone who processes, underwrites, closes and funds his or her own files in his or her name. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ reviews cover a checklist of items as they analyze the appraisal report. Match the terms that follow with the appropriate definitions. Champions School of Real Estate-Principles of Real Estate II - Quizlet The money that mortgage companies use to make loans comes from the sale of __________. 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. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Principles of Real Estate 1 - Term flashcards - Champions School of Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. The percentage of value or sales price that a lender is willing to finance. Texas Real Estate License Exam Prep | Champions School The exchange of goods or services for other goods or services without the use of money. addition or amendment to an existing will. Principles of Real Estate 2 Champions School of Real Estate - Quizlet Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. Create flashcards for FREE and quiz yourself with an interactive flipper. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. responsible for: Operating income and expense statements The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Financingactivitiesb. Money that has value apart from its use as money. & \text{$\quad$whether actions are right or wrong}\\ Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Find the annual double-declining-balance (200% method) rate of depreciation. value set on the property for tax purposes. & \text{$\quad$processes, and communicates financial}\\ ___________ 5. 21 pages. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. & \text{$\quad$attract and hold investment capital}\\ PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). \text{5. 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. The reduction in value of property from causes such as deterioration or obsolescence. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. consumers are given equal chance to obtain credit. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. (2) The Cost Approach, a type of appraisal review. & \text{$\quad$achieve its objectives}\\ state law requires law, real estate contracts and leases over a year to be in writing. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. 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 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. 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 history or list of all owners back to the sovereignty of the soil, you want this one. ___________ 14. Taxation quiz 14.docx. ( Champions School Of. decreases over time, norm paid by buyer. 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. PDF Champions school of real estate principles 1 quizlet \text{10. \text{1. various equations can calculate what investor is looking for. insures the difference, Police Power A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell 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. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 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. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 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! value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. A lower interest rate is offered by the lender during the first year or more of the loan. The absence of competition will cause prices to increase in the marketplace. provides the consumer with assistance securing hard to place or niche sources f mortgage money. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Havingenoughcashavailabletopay5. Bank owns it now. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Earn or renew your Home Inspector license. can be voluntary or involuntary. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force.

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