champions school of real estate principles 2 quizlet
Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. Liquidity} & \text{$\quad$companys management}\\ Adequate consideration & \text{$\quad$makers outside the organization}\\ Havingenoughcashavailabletopay5. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Create flashcards for FREE and quiz yourself with an interactive flipper. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. The Act was passed to protect consumers from fraud in the sale or lease of land. 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. examining of the public records and constructed a chain of title and an abstract of title. minimum 100 investors. The process by which the government exercises its right of eminent domain. 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. Unlimited number of times. this is the best indicator. document that pledges the property as security for repayment of the note. 6. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year The lender transfers title back to the borrower when the loan is repaid. ___________ 14. They prepare you for life as a Realtor. transfer of ownership against the will of the owner. Texas Principles 2 Q & A - Champions School of Real Estate 1. Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act Managerialaccounting9. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} 1. & \text{$\quad$whether actions are right or wrong}\\ the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. reviews cover a checklist of items as they analyze the appraisal report. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. only legal for personal property. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. borrowers provide basic information like income, debt, and credit history. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. specifies requirements found in regulation z. preserves low, existing intrest rate on the original note. We make it easy and convenient! Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. Investingactivitiesdebtswhentheyaredue6. Profitability} & \text{$\quad$information for the internal use of a}\\ 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. a. covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. ___________ 4. Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. 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. grantor does not even claim to own the property. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 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. Property and lender information A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. The U.S. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 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. ___________ 11. designed to clean up sites contaminated with hazardous substance. most conveyances are voluntary. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. It's simple! 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! Take your license further with a Designation or Certification. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! all consumers are given a equal chance to obtain credit. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. The process of producing accounting}\\ a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. You can do it, we can help! The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. & \text{i. It is would suggest that an owner should not "over improve" a property. quiz 14.docx. 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. Once the loan is closed it is sold to another lender. passed to ensure that banks would serve the needs of the community in which hey were chartered. tenancy of will Activities of management engaged to}\\ Texas Real Estate Education | Champions School Demand rises and supply is constant. Downpayment is the difference between the _____ and the _____. deffence against claims which have arisen suring grantor ownership. 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. The loss in desirability of the style, layout, or function of an element of a property over time. Escheat, right of government to regulate and control land. title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. Began in 1938 federal agency. responsible for: 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. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. + result to numerator transfer of ownership against the will of owner. Theprocessofgeneratingandcommunicating10. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 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. Match the terms that follow with the appropriate definitions. promotes energy efficient products and buildings. The right of the government to take an individual's land if he or she dies without a will or heirs. Improvements to site 6. 5. combination of two or more properties into one. a type of appraisal review. Investingactivities6. Texas State Portion Real Estate Exam part 2.docx. 4. local maps, indicating location of subject and comparables special form of insurance which is designed to allow lender to increase the LTV. He has been offered three possible 4-year contracts. 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. 2. oral/ deathbed will. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Purchases "pools" of mortgages. These are non conforming loans. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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. 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. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) a type of appraisal review. 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. \end{array} The Board goes on to say that the margin of error for this poll was 3%3 \%3%. transfer of title that is a free act of the grantor. secured property may be sold ti satisfy the unpaid promissory note. The USPS has a monopoly on every type of mail or package. Financingactivitiesb. 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.