Ethics10. The right of the government to take an individual's land if he or she dies without a will or heirs. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. The Act was passed to protect consumers from fraud in the sale or lease of land. Certified Residential Appraiser Conventional-loans that have no federal guarantees or insurance promotes energy efficient products and buildings. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. partially amortized loan with final payment substantially larger than the others. Accountinga. no obligation o extend credit. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. Ethicsd. Increased competition will bring prices down. ie. Principles of Real Estate 1. insures most protection, any changes to the ownership of real property. Ethics} & \text{d. The process of generating and communicating}\\ rate doesn't change between offer and closing. The role money serves when it is used as a form of payment. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. ___________ 1. 10. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. 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. Bank owns it now. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. 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. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. * whole # by denominator 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. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. 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. This ensures you quickly get to the core! 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. deffence against claims which have arisen suring grantor ownership. estate for years loss in a property's value due to daily wear and tear. 21 pages. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ \text{7. The process by which the government exercises its right of eminent domain. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. tenant pays rent, plus taxes utlities ect. 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. A rookie quarterback is negotiating his first NFL contract. Principle of Increasing and Decreasing Returns. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. various equations can calculate what investor is looking for. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. Borrowers are rated A-F with a prime borrower having an A rating. \text{4. Financing activities} & \text{b. person received notice of document or event even though actual notice was not delivered directly to him or her. Type of asset-backed security that is secured by a mortgage or collection of mortgages. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. ___________ 6. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 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. For more than a decade, the German real estate market was in a dramatic growth phase. any property, whether real or personal, which is capable of being inherited. many lenders, especially high LTV loans, will order a field review of the appraisal. gradual loss of land near border of stream or river. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Texas Principles 2 Q & A - Champions School of Real Estate 1. sets monetary policy. addition or amendment to an existing will. & \text{$\quad$productive and will help a business}\\ can be voluntary or involuntary. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Get your Real Estate License Education on a Mobile Web App. a. & \text{$\quad$economic entity}\\ Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. secured property may be sold ti satisfy the unpaid promissory note. \text{2. subsequent to adjustment, limits how much a payment can increase or decrease. ese are non-conforming loans. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. The sum of the energy used during the life cycle of a product. 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. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. residential property is depreciated over how many years? transfer of ownership against the will of owner. right of govt to take private land for public use. Managerialaccountingandcontinuingtooperateabusiness9. ___________ 3. 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). How do I get a Texas Real Estate License? Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. prepared by an attorney, least likely to be contested. preserves low, existing intrest rate on the original note. January 1, 2005, launching its Mold Mission Program. 6. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. ___________ 5. Developers are required to provide each purchaser with a disclosure document (Property Report). cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. supply is short, prices go up. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. and no unpaid claims against the property. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. Champions makes sure you are ready to take your State and National exam. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Gross Rent Multiplier. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} ___________ 10. legal. price a wiling seller will sell for & price willing buyer will buy. Theintentionalpreparationofmisleadingfinancialstatementsi. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. (2) The Cost Approach, 3. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. limits how much a payment can increase/ decrease. 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. 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. 4. 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. Learning the principles and laws of real estate is Champions focus. purchase title insurance either by grantor or grantee. 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) \text{9. | Life | Annual Rate | exterior only/drive by inspection. low emissive gas coated with metallic oxide layer. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. 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. in depth process. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. (1) The Sales Comparison Approach Purchases "pools" of mortgages. Permits additional borrowing on the same note and mortgage. The program offers 100% financing (no down payment) for qualified borrowers. 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. c. Supply rises by more than demand rises. set by state of texas dept of insurance, based on properties value using sliding scale. 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. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. If Market is flooded values will be flat. a type of appraisal review. designed to clean up sites contaminated with hazardous substance. Acodeofconductthataddresseswhetheractionsarerightorwrong. 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. Take your license further with a Designation or Certification. \text{8. & \text{$\quad$misleading financial statements}\\ issued in the amount of the loan. 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 +$10 billion Achieve success through Business Etiquette. a. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Consumer Financial Protection Bureau (CFPB) enforces what Acts? Investing activities} & \text{$\quad$debts when they are due}\\ the value if the property is equal to the sum if the contributory value of each of its component parts. CFPB implemented. You can do it, we can help! SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. The value of a property may be affected by social, economic, governmental and environmental influences. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. ENERGY STAR program was established in 1992 under this Act. & \text{$\quad$to spend capital in ways that are}\\ Accounting} & \text{a. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. . A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 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. & \text{i. 7. Neighborhood description It also offers continuing education courses for. Texas State Portion Real Estate Exam part 2.docx. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. The money that mortgage companies use to make loans comes from the sale of __________. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Here is what they had to say! Analysis of market data The exchange of goods or services for other goods or services without the use of money. Fraudulentfinancialreportinga. Additional support documents, 1. Infer What might keep a State from accepting a categorical grant-in-aid? based on the assessed value of the property and the existing tax rate. The most probable price a property should bring in a competitive and open market. 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. 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. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 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. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! 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. Title remains with the lender until loan is repaid. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Anything that is widely accepted in exchange for goods and services. 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. value of a property maybe affected by social, economic, govt and environmental influences. \end{array} offers the greatest protection of any deed. 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.
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