the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. Borrowers are rated A-F with a prime borrower having an A rating. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. 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. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). 5. According to this principle, the value of Match the terms that follow with the appropriate definitions. 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. no obligation o extend credit. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. The money that mortgage companies use to make loans comes from the sale of __________. 2.amount of any payment The sum of the energy used during the life cycle of a product. addition or amendment to an existing will. 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. limited appraisal report exterior only/drive by inspection. Accounting2. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. Adequate consideration Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Taxation Suppose that the battery life in both cases follows an exponential distribution. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. the legal use that gives the greatest return in money or amenities. purchase price is affected by the expectation of of future appeal and benefits. risk based pricing, no published rates. 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. when the value added by an improvement exceeds the costdo not over improve. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. all consumers are given a equal chance to obtain credit. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Over 500 million tweets are sent per day. & \text{$\quad$productive and will help a business}\\ tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. a deed is considered to be delivered and accepted when it is delivered into escrow. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) part of income approach, used if there are a lot of rental properties in the area. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. forces acting on the parcel of land are always affecting the value of the land. 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 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. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. ___________ 13. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. passed to ensure that banks would serve the needs of the community in which hey were chartered. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. They prepare you for life as a Realtor. based on the assessed value of the property and the existing tax rate. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. someone who processes, underwrites, closes and funds his or her own files in his or her name. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. Investing activities} & \text{$\quad$debts when they are due}\\ in depth process. & \text{$\quad$achieve its objectives}\\ 9. background information about the appraiser 2. 3. Increased competition will bring prices down. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Items that affect the marketability or livability of the property We feel that we provide an unparalleled Real Estate education in Texas and our students agree! set by state of texas dept of insurance, based on properties value using sliding scale. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. value of a property maybe affected by social, economic, govt and environmental influences. Adger Corporation is a service company that measures its output based on the number of customers served. Percentage of the Lesser of the appraised value or sales price that the lender will lend. Acodeofconductthataddresseswhetheractionsarerightorwrong. a. very likely to be contested. The process of producing accounting}\\ Money that has value because the government has ordered that it be accepted in payment of debts. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Accountinga. Permits additional borrowing on the same note and mortgage. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. & \text{f. The ability to earn enough income to}\\ Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. The value of a property may be affected by social, economic, governmental and environmental influences. Additional support documents, 1. Ethics10. 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. ___________ 12. What is the probability that Bob receives no tweets during his lunch hour? Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Exam-Federal 1-A2. allows funding of the repairs through a series of draws. 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. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. 16 pages. There is no membership needed. Principle of Increasing/or decreasing returns. (Most reliable), Reduction in value from deterioration or obsolescence. used to clear up cloud on title, no protection, no ownership claimed by grantor. 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 $1 million. limits how much a payment can increase/ decrease. subsequent to adjustment, limits how much a payment can increase or decrease. Appraisal certification, Appraisal Factors that affect loan approval, 1. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. & \text{$\quad$attract and hold investment capital}\\ TILA, FCRA, RESPA, ECOA. deffence against claims which have arisen suring grantor ownership. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! . Activitiesofmanagementengagedtooperatethebusinessj. & \text{g. An information system that measures,}\\ \text{2. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. Theintentionalpreparationofmisleadingfinancialstatementsi. % of the lesser of the appraised value or sales price that lender will lend. The process of transferring funds to a title or escrow company for disbursement. The program offers 100% financing (no down payment) for qualified borrowers. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). ratio of borrowers total recurring monthly debts. transferring funds to a title co for disbursement when loan is approved. & \text{$\quad$form of financial statements to decision}\\ equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Theprocessofgeneratingandcommunicating10. The most probable price a property should bring in a competitive and open market. & \text{i. 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. Cost approach Analysis The reduction in value of property from causes such as deterioration or obsolescence. The legal use that gives the greatest return in money and/or amenities. only legal for personal property. Theprocessofproducingaccounting2. Type of asset-backed security that is secured by a mortgage or collection of mortgages. Fraudulentfinancialreportinga. percentage of value or sales price that a lender is willing to finance. 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 If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Payments are guaranteed, and they would be made at the end of each year. 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. 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. 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. ese are non-conforming loans. & \text{$\quad$processes, and communicates financial}\\ Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. legal. 1. amount of down payment. Assets that are easily converted to cash. 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. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 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. estimate of value based on current construction costs. property owner obtains a certificate much like an automobile that is recorded in the public records. 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. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate They are my go-to partner for all things related to continuing education. borrowers provide basic information like income, debt, and credit history. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). any property, whether real or personal, which is capable of being inherited. 5. responsible for: ___________ 8. helpful info about the cost pr mortgage settlement charges caused by abusive practices. 7. a type of appraisal review. \text{5. The loss in a property's value due to daily wear and tear. DUST; demand, utility, scarcity, transferability. The role money serves when it is used as a form of payment. Texas State Portion Real Estate Exam part 2.docx. tenant pays rent, plus taxes utlities ect. a. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. \text{8. 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. 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. 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. A rookie quarterback is negotiating his first NFL contract. Find the annual double-declining-balance (200% method) rate of depreciation. 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. 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. 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. purchases "pools" or mortgages. 6. 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 Take your license further with a Designation or Certification. Flood maps 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. 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. 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. Activitiesofmanagementengagedtooperatethebusinessj. Real Estate Salesperson National Prep Exam 1.docx. low emissive gas coated with metallic oxide layer. 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. Demand falls by more than supply rises. Rental survey Economic obsolescence &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. What is one of the most important ways through which the behavior becomes integrated? founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. & \text{e. Activities of management engaged}\\ transfer of title that is a free act of the grantor. 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. 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 The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. type of insurance required when the LTV exceeds 80%. The absence of competition will cause prices to increase in the marketplace. transfer of ownership against the will of owner. Value, Income, Return. A lower interest rate is offered by the lender during the first year or more of the loan. Eminent Domain \text{4. Financing activities} & \text{b. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. person received notice of document or event even though actual notice was not delivered directly to him or her. prepared by an attorney, least likely to be contested. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 1. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Operatingactivities7. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser It was signed into law by President Barack Obama in May 2009. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee.
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