Accounting2. + result to numerator According to this principle, the value of d. Supply falls and demand is constant. 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. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 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 . The relationship between the amount of rent a specific property can command, and the value of the property to the owner. insures the difference, Police Power Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. 4. amount of any finance charge. 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 in a property's value due to daily wear and tear. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Sketch of floor plan Items that affect the marketability or livability of the property consent of the lender allows property to be sold for a price sufficient to pay mortgage off. They prepare you for life as a Realtor. the percentage of value or sales price that a lender is willing to finance. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. \end{array} Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 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 $1 million. underwriter approval. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). federal law passed in 1974. doesn't include: gender or immigration status. (1) The Sales Comparison Approach From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! addition or amendment to an existing will. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ all consumers are given a equal chance to obtain credit. Get your Real Estate License Education on a Mobile Web App. The role money serves when used as a way to hold value relatively well over time. Investing activities} & \text{$\quad$debts when they are due}\\ Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 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. 3. The reduction in value of property from causes such as deterioration or obsolescence. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! issued in the amount of the loan. Theprocessofproducingaccounting2. Real estate prices in Germany remain the same, although overall sales are declining. Consumer Financial Protection Bureau (CFPB) enforces what Acts? secured property may be sold ti satisfy the unpaid promissory note. The money that mortgage companies use to make loans comes from the sale of __________. purchase price is affected by the expectation of of future appeal and benefits. Texas Principles 2 Q & A - Champions School of Real Estate 1. The loss in desirability of the style, layout, or function of an element of a property over time. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. 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. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Additional support documents, 1. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Earn or renew your Loan Originator license. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. The loss in value of a property caused by factors outside of the property itself. largest investor in home mortgages. 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. Copy of most recent property survey What is one of the most important ways through which the behavior becomes integrated? person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Identify and explain the structures of language. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. examining of the public records and constructed a chain of title and an abstract of title. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. a. consumers are given equal chance to obtain credit. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. \text{3. Under what conditions would the traditional yield spread be close to the static spread? Earn or renew your Home Inspector license. 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. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. DUST; demand, utility, scarcity, transferability. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. prepared by an attorney, least likely to be contested. 5. something of value given in exchange for a conveyance. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. ___________ 7. The process of transferring funds to a title or escrow company for disbursement. & \text{j. Analysis of market data 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. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. limited appraisal report divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. ARMS that offer fixed rate period during 1st years of the loan. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. insures most protection, any changes to the ownership of real property. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. 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. ie. The staff at Champions School is top notch! 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Accounting} & \text{a. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Photographs of property negotiated between landlord and manager. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Principles of Real Estate 2 Champions School of Real Estate STUDY Flashcards Learn Write Spell Test PLAY Match Gravity appraisal Click card to see definition appraisers opinion of value Click again to see term 1/258 Previous Next Flip Space Created by Will77tx TEACHER Tags related to this set Marketing-Real Estate 2.amount of any payment \text{9. percentage of value or sales price that a lender is willing to finance. 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. the loan origination market where borrowers and lenders negotiate mortgage terms. specifies requirements found in regulation z. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. He is really good. 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. borrowers provide basic information like income, debt, and credit history. \end{array} process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. 2. major functional obsolescence 2. | Life | Annual Rate | authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. (PETE) police power, escheat, taxation, eminent domanin. \text{Other Expenses}&\$36,000&&\$34,500\\ tenant pays rent, plus taxes utlities ect. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Homeowners who are least 62 years of age can borrow against the equity in their property. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. 3. Borrowers are rated A-F with a prime borrower having an A rating. Ethics10. buying the market pools. 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! PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). used to clear up cloud on title, no protection, no ownership claimed by grantor. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. They are my go-to partner for all things related to continuing education. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. risk based pricing, no published rates. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, 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, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. limits interest rate over the lifetime of a loan. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. power of sale under a mortgage in default. usually have a initial cap that is higher than the adjustment cap. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193)
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