champions school of real estate principles 2 quizlet

Activitiesofmanagementengagedto7. secured property may be sold ti satisfy the unpaid promissory note. Texas State Portion Real Estate Exam part 2.docx. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Accounting} & \text{a. 3. number of payments or period of repayment A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. limited appraisal report Permits additional borrowing on the same note and mortgage. Frequently asked questions Borrowers are rated A-F with a prime borrower having an A rating. Analysis of market data they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. 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 action of government seizure of land for the good of the public. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. ie. The role money serves when it is used as a standard measure to set prices and make economic calculations. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. 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 most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. set by state of texas dept of insurance, based on properties value using sliding scale. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. Principle of Increasing and Decreasing Returns. Financialaccountingobtainadequatefundsforbeginning8. percentage of value or sales price that a lender is willing to finance. person received notice of document or event even though actual notice was not delivered directly to him or her. & \text{$\quad$economic entity}\\ 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. transferring real estate to the state when a person dies without heirs. and no unpaid claims against the property. (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. Demand falls by more than supply rises. Acodeofconductthataddresseswhetheractionsarerightorwrong. Photographs of comparables The loss in value of a property caused by factors outside of the property itself. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 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. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. 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. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. 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. 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. 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. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. 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. | 4 years | |. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. purchase title insurance either by grantor or grantee. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. \text{2. Money that has value because the government has ordered that it be accepted in payment of debts. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. Real estate prices in Germany remain the same, although overall sales are declining. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. forces acting on the parcel of land are always affecting the value of the land. Financialaccounting8. 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. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. 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. history or list of all owners back to the sovereignty of the soil. The most probable price a property should bring in a competitive and open market. 3. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. 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. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. promotes energy efficient products and buildings. & \text{$\quad$productive and will help a business}\\ value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. 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 housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. 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 U.S. Managerialaccountingandcontinuingtooperateabusiness9. limits interest rate over the lifetime of a loan. 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. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ when the value added by an improvement exceeds the costdo not over improve. Managerialaccounting9. 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 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, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties & \text{$\quad$misleading financial statements}\\ Highly recommended and I will continue to use Champions! Ethics10. borrowers provide basic information like income, debt, and credit history. The staff at Champions School is top notch! only legal for personal property. supply is short, prices go up. ratio of borrowers total recurring monthly debts. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Rural Property <25% built up 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. Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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. c. Supply rises by more than demand rises. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Another Name for environmental or economic obsolescence. What is the probability that Bob receives no tweets during his lunch hour? Investingactivities6. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Profitabilityinformationfortheinternaluseofa3. Demand rises and supply is constant. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Examine the summary section of a monthly credit card statement. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ 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. requires an application. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. transfer of title that is a free act of the grantor. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. \text{7. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. Identify and explain the structures of language. The process by which the government exercises its right of eminent domain. certified commercial investment member (part of NAR). no guarantee for approval, property must fit criteria . The exchange of goods or services for other goods or services without the use of money. qualifies borrower based on proposed home payment and gross monthly income. Flood maps & \text{f. The ability to earn enough income to}\\ Match the following terms to the correct definitions. 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. Value, Income, Return. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. 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. 9. 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). 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. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. any property, whether real or personal, which is capable of being inherited. transferring funds to a title co for disbursement when loan is approved. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. The lender transfers title back to the borrower when the loan is repaid. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 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. buying the market pools. less depreciation, plus land value. \end{array} 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. Liquiditycompanysmanagement4. 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. * whole # by denominator Liquidity4. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. ___________ 13. Let and take agreement interest rate a reserve bank charges eligible financial institutions to borrow money short term. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. 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. exterior only/drive by inspection. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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 ! Theprocessofproducingaccounting2. protection up to purchase price, norm paid by seller (buyers benefit). \text{9. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. insures most protection, any changes to the ownership of real property. Over 500 million tweets are sent per day. limits how much a payment can increase/ decrease. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). 5. 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. d. Supply falls and demand is constant. If Market is flooded values will be flat. ___________ 12. respa applicable. most reasonable price a property should bring in a competitive open market. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. ( Champions School Of. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. very vulnerable to being contested. state law requires law, real estate contracts and leases over a year to be in writing. Comprehensive Environmental Response, compensation, and Liability Act. The program offers 100% financing (no down payment) for qualified borrowers. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. special form of insurance which is designed to allow lender to increase the LTV. allows funding of the repairs through a series of draws. 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! vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. & \text{$\quad$processes, and communicates financial}\\ when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. 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. decreases over time, norm paid by buyer. He has been offered three possible 4-year contracts. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Additional support documents, 1. Under what conditions would the traditional yield spread be close to the static spread?

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