grantor fully warrants good clear title to the property. Ethics} & \text{d. The process of generating and communicating}\\ + result to numerator Exam-Federal 1-A2. Independent third-party appraiser will review the report, then verify the information. 7. 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. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools 21 pages. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. 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. deffence against claims which have arisen suring grantor ownership. Passed by Congress in 1980. promotes energy efficient products and buildings. ___________ 7. 2. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. offers the greatest protection of any deed. the value of a property is equal to the sum of the contributory value of each of its component parts. the absence of competition will cause prices to increase in the marketplace. Anything that is widely accepted in exchange for goods and services. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. examining of the public records and constructed a chain of title and an abstract of title. protection up to purchase price, norm paid by seller (buyers benefit). Developers are required to provide each purchaser with a disclosure document (Property Report). Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Activities of management engaged to}\\ most conveyances are voluntary. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Increased competition will bring prices down. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. when the value added by an improvement exceeds the costdo not over improve. Managerialaccounting9. & \text{$\quad$productive and will help a business}\\ original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. ___________ 10. TILA, FCRA, RESPA, ECOA. funds the secondary market. transferring real estate to the state when a person dies without heirs. 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. 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. ___________ 1. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Texas State Portion Real Estate Exam part 2.docx. a mortgage is an actual transfer of ownership from the borrower to the lender. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Here is what they had to say! (Most reliable), Reduction in value from deterioration or obsolescence. 9. background information about the appraiser Theprocessofgeneratingandcommunicating10. According to this principle, the value of 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. risk based pricing, no published rates. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 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. (3) The Income Approach. Accounting2. DUST; demand, utility, scarcity, transferability. ese are non-conforming loans. 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. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Accountinga. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? The action of government seizure of land for the good of the public. Theprocessofproducingaccounting2. Appraisal certification, Appraisal Factors that affect loan approval, 1. 3. number of payments or period of repayment Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. issued in the amount of the loan. 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. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. 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 person designated to execute the terms of a will. Another Name for environmental or economic obsolescence. Title remains with the lender until the loan is repaid. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial 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. 4. \text{Revenue}&&\$5,000&\$160,000\\ grantor does not even claim to own the property. set by state of texas dept of insurance, based on properties value using sliding scale. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. a limit on the amount the interest rate can increase or decrease at each adjustment date. 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. Money that has value apart from its use as money. 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 (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. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 3. & \text{$\quad$information about an identifiable}\\ \text{7. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. 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. Create flashcards for FREE and quiz yourself with an interactive flipper. 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. 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. 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 $1 million. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. Liquidity} & \text{$\quad$companys management}\\ How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? The process by which the government exercises its right of eminent domain. 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) preserves low, existing intrest rate on the original note. He is really good. Operating activities} & \text{c. Activities of management engaged to}\\ 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 . Operatingactivities7. consumers are given equal chance to obtain credit. 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 protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Champions makes sure you are ready to take your State and National exam. Rental survey Calculate the new balance. The percentage of value or sales price that a lender is willing to finance. It was signed into law by President Barack Obama in May 2009. 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. 16 pages. Gross Rent Multiplier. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. 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. \text{10. These are the 4 rights of land. the legal use that gives the greatest return in money or amenities. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. How do I get a Texas Real Estate License? legal procedure where secured property is sold to pay unpaid note. Value, Income, Return. & \text{$\quad$attract and hold investment capital}\\ The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. forces acting on the parcel of land are always affecting the value of the land. a type of appraisal review. 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. any change in the ownership of relationship property. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period.
Paris, Italy, Greece Vacation Packages, Blue Cross Blue Shield Of Louisiana Fee Schedule 2020, Heather Duggan Blasi Wedding, Bring A Trailer Bidding Strategy, Articles C
Paris, Italy, Greece Vacation Packages, Blue Cross Blue Shield Of Louisiana Fee Schedule 2020, Heather Duggan Blasi Wedding, Bring A Trailer Bidding Strategy, Articles C