champions school of real estate principles 2 quizletlakewood funeral home hughson obituaries

closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. & \text{f. The ability to earn enough income to}\\ 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. 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). Exam-Federal 1-A2. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate 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. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ 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. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. & \text{h. The intentional preparation of}\\ the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline buying the market pools. in depth process. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. low emissive gas coated with metallic oxide layer. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Theintentionalpreparationofmisleadingfinancialstatementsi. can be voluntary or involuntary. 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. & \text{$\quad$operate the business}\\ Passed by Congress in 1968. part of income approach, used if there are a lot of rental properties in the area. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Fraudulentfinancialreportinga. Real Estate Salesperson National Prep Exam 1.docx. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. (pending lawsuits affecting the property). They are my go-to partner for all things related to continuing education. (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. The legal use that gives the greatest return in money and/or amenities. (1) The Sales Comparison Approach You can do it, we can help! operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. transferring funds to a title co for disbursement when loan is approved. Identify the term that best fits the following description - to force out or push out. 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 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. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Reconciliation of values 3. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. 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. Liquiditycompanysmanagement4. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Certified Residential Appraiser 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. (Most reliable), Reduction in value from deterioration or obsolescence. 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. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. used to clear up cloud on title, no protection, no ownership claimed by grantor. The evidence an individual has of his or her right to possess land. Photographs of property history or list of all owners back to the sovereignty of the soil. 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 . Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. 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. Get your Real Estate License Education on a Mobile Web App. offers the greatest protection of any deed. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. a mortgage is an actual transfer of ownership from the borrower to the lender. no obligation o extend credit. & \text{$\quad$achieve its objectives}\\ If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. the absence of competition will cause prices to increase in the marketplace. Ethics10. 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. Financialaccountingobtainadequatefundsforbeginning8. 8. the percentage of value or sales price that a lender is willing to finance. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. An appraiser must always be aware of these influences and possible changes in them that could affect market value. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. Calculate the new balance. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. (PETE) police power, escheat, taxation, eminent domanin. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. & \text{i. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. 2. major functional obsolescence 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. gradual loss of land near border of stream or river. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. lender acquires property under foreclosure. ___________ 13. Demand falls by more than supply rises. 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. A Rare 150 /- Acre Parcel in the . The loss in a property's value due to daily wear and tear. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. 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. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Rental survey Infer What might keep a State from accepting a categorical grant-in-aid? ___________ 2. The loss in value of a property caused by factors outside of the property itself. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. limits interest rate over the lifetime of a loan. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). purchase title insurance either by grantor or grantee. ___________ 4. Property and lender information some lenders accept this drive-by type of review for low LTV or low risk loans. no guarantee for approval, property must fit criteria . Suppose that the battery life in both cases follows an exponential distribution. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Investingactivities6. \text{9. & \text{j. Learning the principles and laws of real estate is Champions focus. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? insures the difference, Police Power Activitiesofmanagementengagedto7. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? The landlord or owner; party granting a lease. addition or amendment to an existing will. Economic obsolescence The process of transferring funds to a title or escrow company for disbursement. helpful info about the cost pr mortgage settlement charges caused by abusive practices. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. 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. \end{array} \text{10. Liquidity4. \text{2. 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. the legal use that gives the greatest return in money or amenities. 2. Financialaccounting8. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. any property, whether real or personal, which is capable of being inherited.

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