4. 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. Principles of Real Estate 1 - Term flashcards - Champions School of 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. 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. part of income approach, used if there are a lot of rental properties in the area. Unlimited number of times. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. ___________ 11. The loss in desirability of the style, layout, or function of an element of a property over time. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. minimum 100 investors. 4. amount of any finance charge. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. 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. subsequent to adjustment, limits how much a payment can increase or decrease. all consumers are given a equal chance to obtain credit. Find the annual double-declining-balance (200% method) rate of depreciation. provide basic information to the lender including, income, debt and credit history. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. looks like a deed. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year used to clear up cloud on title, no protection, no ownership claimed by grantor. Money that has no value of its own but can be exchanged for something of value. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. The reduction in value of property from causes such as deterioration or obsolescence. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 1. amount of down payment. person designated to execute the terms of a will. Passed by Congress in 1968. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) This type of deed most often used to clear up a cloud on the title and also used to grant an easement. quiz 14.docx. & \text{$\quad$form of financial statements to decision}\\ Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. transfer of ownership against the will of the owner. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. b) What confidence level did the pollsters use? Identify and explain the structures of language. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. The process of transferring funds to a title or escrow company for disbursement. funds the secondary market. Helen Fortier February 10, 2022 Principles of real estate II (Champions) Flashcards | Quizlet authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Examine the summary section of a monthly credit card statement. help meet the credit needs of ALL the community. oral/ deathbed will. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation grantor fully warrants good clear title to the property. purchases "pools" or mortgages. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. ___________ 6. consumers are given equal chance to obtain 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. \text{Travel Expenses}&&\$600&\$19,000\\ 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. Financialaccountingobtainadequatefundsforbeginning8. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. 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. Conventional-loans that have no federal guarantees or insurance percentage of value or sales price that a lender is willing to finance. Legal purpose Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. 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 ! the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Downpayment is the difference between the _____ and the _____. Increased competition will bring prices down. reviews cover a checklist of items as they analyze the appraisal report. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. 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. 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. Real estate prices in Germany remain the same, although overall sales are declining. a type of appraisal review. 1. based on the assessed value of the property and the existing tax rate. Permits additional borrowing on the same note and mortgage. Under what conditions would the traditional yield spread be close to the static spread? this is the best indicator. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. ratio of borrowers total recurring monthly debts. Match the following terms to the correct definitions. 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. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. The sum of the energy used during the life cycle of a product. only legal for personal property. \text{7. Items that affect the marketability or livability of the property 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. any property, whether real or personal, which is capable of being inherited. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. partially amortized loan with final payment substantially larger than the others. 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. whichever one is lower LTV Loan-to-Value Ratio d. Supply falls and demand is constant. Theprocessofgeneratingandcommunicating10. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. 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 principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell Loss of value of a building from its reproduction cost, resulting from wear and tear over time. c. Supply rises by more than demand rises. Liquidity4. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Operating income and expense statements commercial property is depreciated over how many years? 9. background information about the appraiser CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. 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. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Independent third-party appraiser will review the report, then verify the information. & \text{$\quad$misleading financial statements}\\ A break in this line would create a cloud on the title. 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 sending monthly payment statements, and collecting monthly payments, maintaining records and balances. A Rare 150 /- Acre Parcel in the . Earn or renew your Home Inspector license. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Rural Property <25% built up a type of appraisal review. Flashcard App | Champions School 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 Ethicsd. 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. Percentage of the Lesser of the appraised value or sales price that the lender will lend. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Activitiesofmanagementengagedtooperatethebusinessj. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. Real Estate Principles 1 Flashcards & Quizzes | Brainscape flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. ___________ 14. responsible for: Analysis of market data \text{8. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. 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. 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. 10. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Buildings are not typical of the area Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. 3. number of payments or period of repayment The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. \text{4. Financing activities} & \text{b. Principles of Real Estate 2. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. 8. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. 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. & \text{f. The ability to earn enough income to}\\ The lender transfers title back to the borrower when the loan is repaid. 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) Accounting} & \text{a. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. estate for years it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. Real Estate Salesperson National Prep Exam 1.docx. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. lender acquires property under foreclosure. a mortgage is an actual transfer of ownership from the borrower to the lender. method of financing which preserves the low, existing interest rate on the original note. Champions School Principles of Real Estate II - Quizlet tenancy of will borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. \text{5. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. price a wiling seller will sell for & price willing buyer will buy. used in most real estate transactions. & \text{$\quad$economic entity}\\ 5. She has one son, Tyler, who lives in Maine. The process of producing accounting}\\ The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Let and take agreement Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. 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. 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. 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.
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