Principles of Real Estate 2. A value for existing properties method for comparing similar properties to the subject property. Conventional-loans that have no federal guarantees or insurance Managerialaccountingandcontinuingtooperateabusiness9. Investingactivitiesdebtswhentheyaredue6. The role money serves when it is used as a form of payment. Achieve success through Business Etiquette. addition or amendment to an existing will. 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. 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. 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 . Principle of Increasing and Decreasing Returns. TILA, FCRA, RESPA, ECOA. & \text{$\quad$achieve its objectives}\\ seller is willing to take part or all of equity in the form of a note. the percentage of value or sales price that a lender is willing to finance. \end{array} PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. | 4 years | |. 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 respa applicable. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. prepared by an attorney, least likely to be contested. any change in the ownership of relationship property. 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. 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. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Let and take agreement Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. buying the market pools. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. January 1, 2005, launching its Mold Mission Program. 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. 1. a type of appraisal review. \text{Other Expenses}&\$36,000&&\$34,500\\ in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. 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. 2.amount of any payment examining of the public records and constructed a chain of title and an abstract of title. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. 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 Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! quiz 14.docx. 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). Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. transfer of ownership against the will of the owner. 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. ___________ 12. residential property is depreciated over how many years? Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. The percentage of value or sales price that a lender is willing to finance. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. rate doesn't change between offer and closing. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Accounting} & \text{a. 8. Ethics10. Photographs of comparables Borrowers are rated A-F with a prime borrower having an A rating. & \text{g. An information system that measures,}\\ Investingactivities6. \text{6. the legal use that gives the greatest return in money or amenities. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 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 Began in 1938 federal agency. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. ese are non-conforming loans. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. The legal use that gives the greatest return in money and/or amenities. looks like a deed. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 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. & \text{$\quad$information about an identifiable}\\ \text{5. Property and lender information The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. 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. 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. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. low emissive gas coated with metallic oxide layer. 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. 3. The exchange of goods or services for other goods or services without the use of money. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. A code of conduct that addresses}\\ 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 Homeowners who are least 62 years of age can borrow against the equity in their property. \text{3. 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. ie. 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. Items that affect the marketability or livability of the property 6. ___________ 10. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). (PETE) police power, escheat, taxation, eminent domanin. Comprehensive Environmental Response, compensation, and Liability Act. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Ethics} & \text{d. The process of generating and communicating}\\ The landlord or owner; party granting a lease. The lender transfers title back to the borrower when the loan is repaid. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? a. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. He has been offered three possible 4-year contracts. 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. How do I get a Texas Real Estate License? The absence of competition will cause prices to increase in the marketplace. (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. & \text{$\quad$whether actions are right or wrong}\\ The role money serves when used as a way to hold value relatively well over time. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers Operatingactivities7. addition or amendment to an existing will. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. ___________ 11. & \text{$\quad$productive and will help a business}\\ Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Title remains with the lender until the loan is repaid. can be voluntary or involuntary. . Payments are guaranteed, and they would be made at the end of each year. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. decreases over time, norm paid by buyer. It is would suggest that an owner should not "over improve" a property. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Anything that is widely accepted in exchange for goods and services. 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. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. only legal for personal property. 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} 2. The loss in desirability of the style, layout, or function of an element of a property over time. 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. whichever one is lower LTV Loan-to-Value Ratio prohibits redlining. homeowners who are at least 62 years of age can borrow against the equity in their property. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. used to clear up cloud on title, no protection, no ownership claimed by grantor. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. 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. something of value given in exchange for a conveyance. minimum 100 investors. Accountinga. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. 21 pages. 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. (pending lawsuits affecting 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.

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