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. The role money serves when it is used as a form of payment. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. 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 money that mortgage companies use to make loans comes from the sale of __________. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. added to the index to calculate interest rates, teaser rate- lower rate offered initially. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Calculate the new balance. issued in the amount of the loan. Theprocessofproducingaccounting2. 7. low emissive gas coated with metallic oxide layer. (1) The Sales Comparison Approach (2) The Cost Approach, 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 Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Theintentionalpreparationofmisleadingfinancialstatementsi. can be voluntary or involuntary. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. loss in a property's value due to daily wear and tear. Operatingactivities7. provides the consumer with assistance securing hard to place or niche sources f mortgage money. The Act was passed to protect consumers from fraud in the sale or lease of land. Principle of Increasing and Decreasing Returns. 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. Activitiesofmanagementengagedtooperatethebusinessj. buying the market pools. Liquidity} & \text{$\quad$companys management}\\ October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Passed by Congress in 1980. certified commercial investment member (part of NAR). used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. zoning, highways. limits interest rate over the lifetime of a loan. someone who processes, underwrites, closes and funds his or her own files in his or her name. 2.amount of any payment the absence of competition will cause prices to increase in the marketplace. property owner obtains a certificate much like an automobile that is recorded in the public records. Borrowers are rated A-F with a prime borrower having an A rating. Theintentionalpreparationofmisleadingfinancialstatementsi. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. 3. Identify the term that best fits the following description - to force out or push out. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ 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. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 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. Money that has value because the government has ordered that it be accepted in payment of debts. any change in the ownership of relationship property. 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. (3) The Income Approach. grantee gives to the grantor, most common, best type of deed to have. | Life | Annual Rate | Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. a. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? 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. His opportunity cost is 7 percent. ___________ 3. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} a. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ The lender transfers title back to the borrower when the loan is repaid. ese are non-conforming loans. The value of a property may be affected by social, economic, governmental and environmental influences. doesn't indicate that they are legal owner, The government is the original owner of all land. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. The loss in value of a property caused by factors outside of the property itself. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. 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. Activities of management engaged to}\\ Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! decreases over time, norm paid by buyer. transferring funds to a title co for disbursement when loan is approved. Demand rises and supply is constant. 5. prohibits redlining. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. 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. ___________ 13. Champions makes sure you are ready to take your State and National exam. 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. Title remains with the lender until the loan is repaid. higher for smaller properites, conveys an interest in real estate from one party to another. \text{7. underwriter approval. 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. 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. The loss in a property's value due to daily wear and tear. 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 ! Create flashcards for FREE and quiz yourself with an interactive flipper. allows funding of the repairs through a series of draws. used to clear up cloud on title, no protection, no ownership claimed by grantor. supply is short, prices go up. The process by which the government exercises its right of eminent domain. Activitiesofmanagementengagedto7. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, 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, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. b. preserves low, existing intrest rate on the original note. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. Reconciliation of values Financialaccountingobtainadequatefundsforbeginning8. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. ___________ 11. a limit on the amount the interest rate can increase or decrease at each adjustment date. Taxation Frequently asked questions up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. |---|---| promotes energy efficient products and buildings. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. ___________ 8. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 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. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. quiz 14.docx. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. insures the difference, Police Power Activitiesofmanagementengagedtooperatethebusinessj. power of sale under a mortgage in default. There is no membership needed. 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 only limitations to title are those listed in the deed. purchases "pools" or mortgages. What is the probability that Bob receives no tweets during his lunch hour? Operating income and expense statements many lenders, especially high LTV loans, will order a field review of the appraisal. Escheat, right of government to regulate and control land. Analysis of market data Take your license further with a Designation or Certification. 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 Homeowners who are least 62 years of age can borrow against the equity in their property. The U.S. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. less depreciation, plus land value. the percentage of value or sales price that a lender is willing to finance. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. | 4 years | |. What is one of the most important ways through which the behavior becomes integrated? looks like a deed. 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. Havingenoughcashavailabletopay5. 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 role money serves when it is used as a standard measure to set prices and make economic calculations. This ensures you quickly get to the core! Buildings are not typical of the area 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. Bank owns it now. 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. Profitabilityinformationfortheinternaluseofa3. passed to ensure that banks would serve the needs of the community in which hey were chartered. 4. amount of any finance charge. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. the loan origination market where borrowers and lenders negotiate mortgage terms. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Texas Principles 2 Q & A - Champions School of Real Estate 1. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. \text{Revenue}&&\$5,000&\$160,000\\ lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! legal. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser generally 5-10% range with fees. 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. It's simple! a. Unlimited number of times. person designated to execute the terms of a will. The landlord or owner; party granting a lease. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. 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) The USPS has a monopoly on every type of mail or package. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Money that has value apart from its use as money. 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. borrowers provide basic information like income, debt, and credit history. Eminent Domain 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. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? \text{Other Expenses}&\$36,000&&\$34,500\\ Appraisal certification, Appraisal Factors that affect loan approval, 1. 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. residential property is depreciated over how many years? A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. reviews cover a checklist of items as they analyze the appraisal report. 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. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. 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. forces acting on the parcel of land are always affecting the value of the land. 6. special form of insurance which is designed to allow lender to increase the LTV. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. Developers are required to provide each purchaser with a disclosure document (Property Report). Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. purchase price is affected by the expectation of of future appeal and benefits. Percentage of the Lesser of the appraised value or sales price that the lender will lend. 1. amount of down payment. 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. tenant pays rent, plus taxes utlities ect. 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. Comprehensive Environmental Response, compensation, and Liability Act. (pending lawsuits affecting the property). Photographs of comparables Payments are guaranteed, and they would be made at the end of each year. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). 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. 21 pages. Financialaccounting8. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. ___________ 14. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. (Zoning example). Principles of Real Estate 2. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. Financingactivities5. 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. history or list of all owners back to the sovereignty of the soil, you want this one. value added to improvement exceeds the cost of improvement. secured property may be sold ti satisfy the unpaid promissory note. initial truth in lending disclosure. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. Ethics10. 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. Value, Income, Return. Learning the principles and laws of real estate is Champions focus. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. Managerialaccounting9. 1. Investingactivities6. 3. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Permits additional borrowing on the same note and mortgage. It is would suggest that an owner should not "over improve" a property. A break in this line would create a cloud on the title. & \text{$\quad$to spend capital in ways that are}\\ protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. Investingactivitiesdebtswhentheyaredue6. Once the loan is closed it is sold to another lender. The reduction in value of property from causes such as deterioration or obsolescence. 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. purchase title insurance either by grantor or grantee. interest rate a reserve bank charges eligible financial institutions to borrow money short term. \text{10. Flood maps history or list of all owners back to the sovereignty of the soil. Sketch of floor plan part of income approach, used if there are a lot of rental properties in the area. 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. what are the traits of a sarcastic person,
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