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. A Rare 150 /- Acre Parcel in the . Analysis of market data Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Real estate prices in Germany remain the same, although overall sales are declining. 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. 16 pages. loss in a property's value due to daily wear and tear. + result to numerator ( Champions School Of. & \text{$\quad$attract and hold investment capital}\\ Principle of Increasing and Decreasing Returns. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 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. Financialaccounting8. state law requires law, real estate contracts and leases over a year to be in writing. 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. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. Accounting} & \text{a. A lower interest rate is offered by the lender during the first year or more of the loan. ARMS that offer fixed rate period during 1st years of the loan. \text{9. residential property is depreciated over how many years? Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. 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. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. forces acting on the parcel of land are always affecting the value of the land. The loss in a property's value due to daily wear and tear. Cost approach Analysis Liquidity4. a type of appraisal review. 9. background information about the appraiser What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? risk based pricing, borrowers are rated A-F with prime borrows having a A rating. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. Match the terms that follow with the appropriate definitions. ___________ 7. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. a. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. * whole # by denominator (3) The Income Approach. Principles of Real Estate 2. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ d. Supply falls and demand is constant. ese are non-conforming loans. initial truth in lending disclosure. 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 Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. The percentage of value or sales price that a lender is willing to finance. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. legal procedure where secured property is sold to pay unpaid note. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Profitability3. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Activitiesofmanagementengagedtooperatethebusinessj. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. 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 It's simple! history or list of all owners back to the sovereignty of the soil. He is really good. can be voluntary or involuntary. ___________ 5. 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. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Under what conditions would the traditional yield spread be close to the static spread? percentage of value or sales price that a lender is willing to finance. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. 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. buying the market pools. 8. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. A code of conduct that addresses}\\ 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. Demand falls by more than supply rises. The staff at Champions School is top notch! only legal for personal property. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. looks like a deed. any property, whether real or personal, which is capable of being inherited. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Rental survey Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Theintentionalpreparationofmisleadingfinancialstatementsi. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. lender acquires property under foreclosure. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. The program offers 100% financing (no down payment) for qualified borrowers. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). permanent and absolute tenure of an estate in land w freedom to dispose at will. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. & \text{$\quad$form of financial statements to decision}\\ value added to improvement exceeds the cost of improvement. something of value given in exchange for a conveyance. 9. 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. used to clear up cloud on title, no protection, no ownership claimed by grantor. \text{Travel Expenses}&&\$600&\$19,000\\ 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. Conventional-loans that have no federal guarantees or insurance 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. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. requires an application. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Earn or renew your Home Inspector license. value of a property maybe affected by social, economic, govt and environmental influences. very vulnerable to being contested. Managerialaccounting9. Type of asset-backed security that is secured by a mortgage or collection of mortgages. Unlimited number of times. 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. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. Title remains with the lender until the loan is repaid. & \text{g. An information system that measures,}\\ Liquidity} & \text{$\quad$companys management}\\ 5. The loss in desirability of the style, layout, or function of an element of a property over time. added to the index to calculate interest rates, teaser rate- lower rate offered initially. How do I get a Texas Real Estate License? 1. amount of down payment. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Bank owns it now. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools & \text{j. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Property and lender information oral/ deathbed will. 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 . 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. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ 8. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. There is no membership needed. transfer of ownership against the will of the owner. \text{Other Expenses}&\$36,000&&\$34,500\\ Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. 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. a type of appraisal review. Ethicsd. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. the value of a property is equal to the sum of the contributory value of each of its component parts. Legal purpose 7. Percentage of the Lesser of the appraised value or sales price that the lender will lend. secured property may be sold ti satisfy the unpaid promissory note. Theprocessofgeneratingandcommunicating10. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. purchase title insurance either by grantor or grantee. 6. Theprocessofproducingaccounting2. 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 3. number of payments or period of repayment &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ transferring funds to a title co for disbursement when loan is approved. ___________ 12. 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. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. They prepare you for life as a Realtor. Developers are required to provide each purchaser with a disclosure document (Property Report). If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. power of sale under a mortgage in default. Accountinga. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Learning the principles and laws of real estate is Champions focus. (1) The Sales Comparison Approach maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. The right of the government to take an individual's land if he or she dies without a will or heirs. grantor does not even claim to own the property. 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. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. The amount of money available for the purchase of goods and services. 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.
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