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 What is the probability that Bob receives no tweets during his lunch hour? Title remains with the lender until loan is repaid. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. TILA, FCRA, RESPA, ECOA. Champions School of Real Estate.docx - Course Hero The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Activitiesofmanagementengagedtooperatethebusinessj. Theintentionalpreparationofmisleadingfinancialstatementsi. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. value set on the property for tax purposes. He has been offered three possible 4-year contracts. 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 . 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. power of sale under a mortgage in default. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Liquidity4. 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. Money that has no value of its own but can be exchanged for something of value. 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. 1. Flashcard App | Champions School 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. What is one of the most important ways through which the behavior becomes integrated? It's simple! property owner obtains a certificate much like an automobile that is recorded in the public records. 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 Accounting2. 6. 10. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Havingenoughcashavailabletopay5. A lower interest rate is offered by the lender during the first year or more of the loan. January 1, 2005, launching its Mold Mission Program. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 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. 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. 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. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 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). a. 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. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. Rural Property <25% built up 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. zoning, highways. & \text{$\quad$form of financial statements to decision}\\ low emissive gas coated with metallic oxide layer. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. the absence of competition will cause prices to increase in the marketplace. person designated to execute the terms of a will. Theprocessofproducingaccounting2. Calculate the new balance. 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. ( Champions School Of. & \text{f. The ability to earn enough income to}\\ the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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 lender acquires property under foreclosure. The role money serves when it is used as a standard measure to set prices and make economic calculations. 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. estate for years funds the secondary market. 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 Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. help meet the credit needs of ALL the community. ie. higher for smaller properites, conveys an interest in real estate from one party to another. Permits additional borrowing on the same note and mortgage. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. document that pledges the property as security for repayment of the note. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. The U.S. The landlord or owner; party granting a lease. 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. 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. 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. transfer of ownership against the will of the owner. 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. She has one son, Tyler, who lives in Maine. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. 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. price a wiling seller will sell for & price willing buyer will buy. 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). & \text{i. exterior only/drive by inspection. Improvements to site (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. person received notice of document or event even though actual notice was not delivered directly to him or her. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser any change in the ownership of relationship property. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? in depth process. 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. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. doesn't indicate that they are legal owner, The government is the original owner of all land. 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. underwriter approval. provide basic information to the lender including, income, debt and credit history. The value of a property may be affected by social, economic, governmental and environmental influences. 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 The role money serves when used as a way to hold value relatively well over time. Texas State Portion Real Estate Exam part 2.docx. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Texas Principles 1 Exam Practice Questions With Answers - Champions Payments are guaranteed, and they would be made at the end of each year. The reduction in value of property from causes such as deterioration or obsolescence. | 4 years | |. Ethics} & \text{d. The process of generating and communicating}\\ 4. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. c. Supply rises by more than demand rises. 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. If the property cannot be transferred, it is of little value. Principles of Real Estate 2 Champions School of Real Estate - Quizlet \end{array} Champions makes sure you are ready to take your State and National exam. A Rare 150 /- Acre Parcel in the . homeowners who are at least 62 years of age can borrow against the equity in their property. Real Estate Principles 1 Flashcards & Quizzes | Brainscape responsible for: state law requires law, real estate contracts and leases over a year to be in writing. Accountinga. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. the percentage of value or sales price that a lender is willing to finance. 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. 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. a. rate doesn't change between offer and closing. Principles Real Estate II- Practice Exam 2 Flashcards | Quizlet . Texas Real Estate License Qualifying Education (QE) - Champions School The role money serves when it is used as a form of payment. 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 insures most protection, any changes to the ownership of real property. 9. & \text{$\quad$economic entity}\\ 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. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. percentage of value or sales price that a lender is willing to finance. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Operating activities} & \text{c. Activities of management engaged to}\\ 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. 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. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. Ethics10. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) \text{4. Financing activities} & \text{b. b. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. 2. Legal purpose 21 pages. permits additional borrowing on the same note and mortgage. Managerialaccountingandcontinuingtooperateabusiness9. 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. Financialaccounting8. The process by which the government exercises its right of eminent domain. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. Fraudulentfinancialreportinga. The most probable price a property should bring in a competitive and open market. 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. 9. background information about the appraiser 3. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \text{9. 4. amount of any finance charge. The USPS has a monopoly on every type of mail or package. & \text{j. Champions School of Real Estate (CSRE) - Course Hero Earn or renew your Real Estate Sales Agent or Broker license. 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. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. 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. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. 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. issued in the amount of the loan. (3) The Income Approach. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. examining of the public records and constructed a chain of title and an abstract of title. Accounting} & \text{a. \text{3. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Texas principles of real estate 2 - YouTube authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. 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! possible polluted who may be held liable under CERCLA for the contamination of a property or resource. His opportunity cost is 7 percent. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. something of value given in exchange for a conveyance. & \text{$\quad$to spend capital in ways that are}\\ purchase price is affected by the expectation of of future appeal and benefits. d. Supply falls and demand is constant. PDF Final Exam For Real Estate Principles - annualreport.psg.fr Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Theprocessofgeneratingandcommunicating10. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. DUST; demand, utility, scarcity, transferability. 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. (2) The Cost Approach, grantor does not even claim to own the property. secured property may be sold ti satisfy the unpaid promissory note. Champions Real Estate School Review - Investopedia 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. Helen Fortier February 10, 2022 5. Items that affect the marketability or livability of the property ___________ 6. 16 pages. quiz 14.docx. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. The money that mortgage companies use to make loans comes from the sale of __________. The action of government seizure of land for the good of the public. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. An appraiser must always be aware of these influences and possible changes in them that could affect market value. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ The percentage of value or sales price that a lender is willing to finance. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Money that has value apart from its use as money. prepared by an attorney, least likely to be contested. & \text{$\quad$attract and hold investment capital}\\ Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. 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. respa applicable. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. Havingenoughcashavailabletopaydebtswhentheyareduec. 2.amount of any payment Anything that is widely accepted in exchange for goods and services. 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. (Zoning example). a deed is considered to be delivered and accepted when it is delivered into escrow. (pending lawsuits affecting the property). Over 500 million tweets are sent per day. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Copy of most recent property survey 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. 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. \text{Revenue}&&\$5,000&\$160,000\\ % of the lesser of the appraised value or sales price that lender will lend. ___________ 1. 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. insures the difference, Police Power very vulnerable to being contested. Title remains with the lender until the loan is repaid. Reconciliation of values Ethicsd.
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