The right of the government to take an individual's land if he or she dies without a will or heirs. Financialaccounting8. allows funding of the repairs through a series of draws. There is no membership needed. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 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. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 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. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. Borrowers are rated A-F with a prime borrower having an A rating. Title remains with the lender until loan is repaid. Comprehensive Environmental Response, compensation, and Liability Act. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Get your Real Estate License Education on a Mobile Web App. 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. Operating income and expense statements Create flashcards for FREE and quiz yourself with an interactive flipper. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. ___________ 1. gradual loss of land near border of stream or river. federal law passed in 1974. doesn't include: gender or immigration status. Theprocessofgeneratingandcommunicating10. What is one of the most important ways through which the behavior becomes integrated? Real Estate Salesperson National Prep Exam 1.docx. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . (2) The Cost Approach, 6. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ & \text{e. Activities of management engaged}\\ Married limit is 500k. Activities of management engaged to}\\ It is would suggest that an owner should not "over improve" a property. DUST; demand, utility, scarcity, transferability. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. 2. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 9. background information about the appraiser How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? used to clear up cloud on title, no protection, no ownership claimed by grantor. The most probable price a property should bring in a competitive and open market. requires an application. estate for years passed to ensure that banks would serve the needs of the community in which hey were chartered. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. whichever one is lower LTV Loan-to-Value Ratio Certified Residential Appraiser operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). 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. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. promotes energy efficient products and buildings. 21 pages. 4. \text{9. Ethics10. |---|---| & \text{$\quad$to spend capital in ways that are}\\ Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? ___________ 2. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. 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. \text{2. Taxation 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. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Gross Rent Multiplier. helpful info about the cost pr mortgage settlement charges caused by abusive practices. 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. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. 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. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Rural Property <25% built up 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. 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. 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. Principle of Increasing/or decreasing returns. Demand rises and supply is constant. respa applicable. history or list of all owners back to the sovereignty of the soil, you want this one. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. specifies requirements found in regulation z. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. Value, Income, Return. Profitabilityinformationfortheinternaluseofa3. 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 The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Profitability3. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Acodeofconductthataddresseswhetheractionsarerightorwrong. Site description Operating activities} & \text{c. Activities of management engaged to}\\ purchases "pools" or mortgages. Rental survey 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. The USPS has a monopoly on every type of mail or package. Identify and explain the structures of language. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \end{array} generally 5-10% range with fees. 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. Match the terms that follow with the appropriate definitions. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. The reduction in value of property from causes such as deterioration or obsolescence. (Zoning example). limited appraisal report 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. Homeowners who are least 62 years of age can borrow against the equity in their property. Money that has value because the government has ordered that it be accepted in payment of debts. . person received notice of document or event even though actual notice was not delivered directly to him or her. 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 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 Achieve success through Business Etiquette. initial truth in lending disclosure. tenancy of sufferance ___________ 6. A Rare 150 /- Acre Parcel in the . Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. + result to numerator designed to clean up sites contaminated with hazardous substance. price a wiling seller will sell for & price willing buyer will buy. (3) The Income Approach. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. 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. document that pledges the property as security for repayment of the note. sets monetary policy. The process by which the government exercises its right of eminent domain. A break in this line would create a cloud on the title. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. 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. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Exam-Federal 1-A2. b) What confidence level did the pollsters use? ___________ 10. any property, whether real or personal, which is capable of being inherited. transfer of title that is a free act of the grantor. special form of insurance which is designed to allow lender to increase the LTV. grantor fully warrants good clear title to the property. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 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. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. \text{Other Expenses}&\$36,000&&\$34,500\\ the percentage of value or sales price that a lender is willing to finance. doesn't indicate that they are legal owner, The government is the original owner of all land. According to this principle, the value of Cost approach Analysis Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. funds the secondary market. 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! \text{5. These are the 4 rights of land. 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. deffence against claims which have arisen suring grantor ownership. transferring funds to a title co for disbursement when loan is approved. 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 $1 million. the legal use that gives the greatest return in money or amenities. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. ARMS that offer fixed rate period during 1st years of the loan. ie. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). & \text{i. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. & \text{$\quad$whether actions are right or wrong}\\ Accounting} & \text{a. Liquidity} & \text{$\quad$companys management}\\ RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500.