Another Name for environmental or economic obsolescence. According to this principle, the value of Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Principles of Real Estate 2 Flashcards | Chegg.com grantee gives to the grantor, most common, best type of deed to have. ___________ 14. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. The loss in desirability of the style, layout, or function of an element of a property over time. doesn't indicate that they are legal owner, The government is the original owner of all land. Here is what they had to say! real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. promotes home ownership. Adequate consideration 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. 7. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. 3. 3. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. largest investor in home mortgages. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. The loss in a property's value due to daily wear and tear. & \text{$\quad$information about an identifiable}\\ 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. ___________ 13. If the property cannot be transferred, it is of little value. gradual loss of land near border of stream or river. Demand rises and supply is constant. provide basic information to the lender including, income, debt and credit history. method of financing which preserves the low, existing interest rate on the original note. less depreciation, plus land value. ___________ 3. decreases over time, norm paid by buyer. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Unlimited number of times. \text{Travel Expenses}&&\$600&\$19,000\\ 40 pages. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Havingenoughcashavailabletopaydebtswhentheyareduec. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. 1. transferring funds to a title co for disbursement when loan is approved. Champions Principles of Real Estate 2 Flashcards | Quizlet The process of transferring funds to a title or escrow company for disbursement. Accounting} & \text{a. ratio of borrowers total recurring monthly debts. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). PDF Final Exam For Real Estate Principles - annualreport.psg.fr 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. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. 7. 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. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Anything that is widely accepted in exchange for goods and services. Profitability3. Texas principles of real estate 2 - YouTube generally 5-10% range with fees. Ethicsd. Cost approach Analysis The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Income approach Analysis the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. His opportunity cost is 7 percent. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser power of sale under a mortgage in default. 4. TILA, FCRA, RESPA, ECOA. no obligation o extend credit. Flood maps Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. The lender transfers title back to the borrower when the loan is repaid. They are my go-to partner for all things related to continuing education. 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. ___________ 6. the loan origination market where borrowers and lenders negotiate mortgage terms. Texas Principles 2 Exam Practice Questions - Champions School of Real legal. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. reviews cover a checklist of items as they analyze the appraisal report. Photographs of property loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. buying the market pools. added to the index to calculate interest rates, teaser rate- lower rate offered initially. transferring real estate to the state when a person dies without heirs. \text{Revenue}&&\$5,000&\$160,000\\ person received notice of document or event even though actual notice was not delivered directly to him or her. limits how much a payment can increase/ decrease. value added to improvement exceeds the cost of improvement. Developers are required to provide each purchaser with a disclosure document (Property Report). The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. 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. & \text{$\quad$achieve its objectives}\\ Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. subsequent to adjustment, limits how much a payment can increase or decrease. 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. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. The exchange of goods or services for other goods or services without the use of money. Principles of Real Estate 1. specifies requirements found in regulation z. estimate of value based on current construction costs. 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. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. transfer of title that is a free act of the grantor. ___________ 4. any change in the ownership of relationship property. & \text{f. The ability to earn enough income to}\\ He has been offered three possible 4-year contracts. What is the probability that Bob receives no tweets during his lunch hour? Property for Sale in Hesse | Germany - EW RealEstate 3. If Market is flooded values will be flat. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Liquiditycompanysmanagement4. These are non conforming loans. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). & \text{$\quad$misleading financial statements}\\ It basically insures the difference between the borrower's down payment and LTV. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. Champions School of Real Estate-Principles of Real Estate II - Quizlet allows funding of the repairs through a series of draws. The money that mortgage companies use to make loans comes from the sale of __________. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject 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. \text{8. The reduction in value of property from causes such as deterioration or obsolescence. Money that has value because the government has ordered that it be accepted in payment of debts. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Type of asset-backed security that is secured by a mortgage or collection of mortgages. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. seller is willing to take part or all of equity in the form of a note. federal law passed in 1974. doesn't include: gender or immigration status. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. lender acquires property under foreclosure. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. It also offers continuing education courses for. The landlord or owner; party granting a lease. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Photographs of comparables The absence of competition will cause prices to increase in the marketplace. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. ___________ 8. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. 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. The USPS has a monopoly on every type of mail or package. \end{array} 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. 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. Flashcard App | Champions School January 1, 2005, launching its Mold Mission Program. 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. used in most real estate transactions. 9. background information about the appraiser tenancy of sufferance The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. insures most protection, any changes to the ownership of real property. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. Identify the term that best fits the following description - to force out or push out. Learning the principles and laws of real estate is Champions focus. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. respa applicable. partially amortized loan with final payment substantially larger than the others. Earn or renew your Home Inspector license. Increased competition will bring prices down. The program offers 100% financing (no down payment) for qualified borrowers. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. Theprocessofgeneratingandcommunicating10. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. (Zoning example). offers the greatest protection of any deed. The most probable price a property should bring in a competitive and open market. Find the annual double-declining-balance (200% method) rate of depreciation. Neighborhood description Activitiesofmanagementengagedtooperatethebusinessj. The process by which the government exercises its right of eminent domain. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. the absence of competition will cause prices to increase in the marketplace. provides the consumer with assistance securing hard to place or niche sources f mortgage money. & \text{$\quad$whether actions are right or wrong}\\ & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Investingactivities6. Suppose that the battery life in both cases follows an exponential distribution. 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. 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. 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.
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