champions school of real estate principles 2 quizlet

The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. 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 ! Escheat, right of government to regulate and control land. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. looks like a deed. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 3. 7. history or list of all owners back to the sovereignty of the soil, you want this one. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? 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. 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. 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. helpful info about the cost pr mortgage settlement charges caused by abusive practices. right of govt to take private land for public use. Activitiesofmanagementengagedtooperatethebusinessj. 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. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 2. major functional obsolescence 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. 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$34,500\begin{array}{lrrr} transfer of ownership against the will of owner. (1) The Sales Comparison Approach The U.S. 16 pages. The evidence an individual has of his or her right to possess land. person designated to execute the terms of a will. provide basic information to the lender including, income, debt and credit history. based on the assessed value of the property and the existing tax rate. & \text{$\quad$attract and hold investment capital}\\ generally 5-10% range with fees. \text{1. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Helen Fortier February 10, 2022 Theintentionalpreparationofmisleadingfinancialstatementsi. 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. 9. background information about the appraiser Income approach Analysis funds the secondary market. 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. CFPB implemented. the legal use that gives the greatest return in money or amenities. \text{7. Rental survey Havingenoughcashavailabletopaydebtswhentheyareduec. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. the legal use that gives the greatest return in money or amenities. certified commercial investment member (part of NAR). 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 Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. ___________ 8. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. 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. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. b. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. 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. rate doesn't change between offer and closing. ENERGY STAR program was established in 1992 under this Act. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline \text{10. 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. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. & \text{h. The intentional preparation of}\\ Site description various equations can calculate what investor is looking for. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. 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. \end{array} \text{6. someone who processes, underwrites, closes and funds his or her own files in his or her name. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 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. What is the probability that Bob receives no tweets during his lunch hour? the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. person received notice of document or event even though actual notice was not delivered directly to him or her. Copy of most recent property survey original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Identify and explain the structures of language. Value, Income, Return. His opportunity cost is 7 percent. Bank owns it now. & \text{$\quad$misleading financial statements}\\ & \text{$\quad$processes, and communicates financial}\\ Calculate the new balance. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Improvements to site many lenders, especially high LTV loans, will order a field review of the appraisal. Theintentionalpreparationofmisleadingfinancialstatementsi. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. negotiated between landlord and manager. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. 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. The amount of money available for the purchase of goods and services. 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers prepared by an attorney, least likely to be contested. Buildings are not typical of the area The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. 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) 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. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Gross Rent Multiplier. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 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. The government's right to tax real estate. tenant pays rent, plus taxes utlities ect. 2. decreases over time, norm paid by buyer. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. purchase price is affected by the expectation of of future appeal and benefits. Payments are guaranteed, and they would be made at the end of each year. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). 40 pages. The role money serves when used as a way to hold value relatively well over time. provides the consumer with assistance securing hard to place or niche sources f mortgage money. commercial property is depreciated over how many years? a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. Operatingactivitiesc. 1. 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. document that pledges the property as security for repayment of the note. less depreciation, plus land value. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. 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. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 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. Neighborhood description 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. 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. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Accounting} & \text{a. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. underwriter approval. 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. Financingactivitiesb. A value for existing properties method for comparing similar properties to the subject property. If Market is flooded values will be flat. 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. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. buying the market pools. 9. Theprocessofproducingaccounting2. promotes energy efficient products and buildings. Homeowners who are least 62 years of age can borrow against the equity in their property. Unlimited number of times. estate for years Began in 1938 federal agency. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. 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. According to this principle, the value of Match the terms that follow with the appropriate definitions.

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