Ethics} & \text{d. The process of generating and communicating}\\ 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. Havingenoughcashavailabletopay5. Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. 2. value added to improvement exceeds the cost of improvement. 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. forces acting on the parcel of land are always affecting the value of the land. exterior only/drive by inspection. any change in the ownership of relationship property. Financialaccounting8. These are non conforming loans. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Eminent Domain The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. The role money serves when used as a way to hold value relatively well over time. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. 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 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. Title remains with the lender until loan is repaid. \text{9. underwriter approval. How do I get a Texas Real Estate License? Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages \text{Travel Expenses}&&\$600&\$19,000\\ There is no membership needed. 9. Activitiesofmanagementengagedtooperatethebusinessj. passed to ensure that banks would serve the needs of the community in which hey were chartered. 5. sets monetary policy. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. 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. consumers are given equal chance to obtain credit. (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. 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. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 7. 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. transferring real estate to the state when a person dies without heirs. residential property is depreciated over how many years? no guarantee for approval, property must fit criteria . The process of producing accounting}\\ The sum of the energy used during the life cycle of a product. Accounting} & \text{a. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. 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. Infer What might keep a State from accepting a categorical grant-in-aid? grantor does not even claim to own the property. (3) The Income Approach. designed to clean up sites contaminated with hazardous substance. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Liquiditycompanysmanagement4. transfer of ownership against the will of the owner. Borrowers are rated A-F with a prime borrower having an A rating. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 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. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. 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. 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. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. right of govt to take private land for public use. What is one of the most important ways through which the behavior becomes integrated? & \text{$\quad$to spend capital in ways that are}\\ Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? & \text{$\quad$processes, and communicates financial}\\ Accounting2. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. & \text{$\quad$attract and hold investment capital}\\ Financingactivities5. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. His opportunity cost is 7 percent. generally 5-10% range with fees. 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) 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. For more than a decade, the German real estate market was in a dramatic growth phase. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. 2. major functional obsolescence PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). transfer of title that is a free act of the grantor. 16 pages. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. preserves low, existing intrest rate on the original note. risk based pricing, no published rates. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion The program offers 100% financing (no down payment) for qualified borrowers. promotes energy efficient products and buildings. Downpayment is the difference between the _____ and the _____. The reduction in value of property from causes such as deterioration or obsolescence. Title remains with the lender until the loan is repaid. history or list of all owners back to the sovereignty of the soil, you want this one. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? ___________ 11. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. You can do it, we can help! The loss in desirability of the style, layout, or function of an element of a property over time. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Real Estate Salesperson National Prep Exam 1.docx. Improvements to site 1. Ethicsd. reviews cover a checklist of items as they analyze the appraisal report. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. ___________ 10. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. & \text{$\quad$whether actions are right or wrong}\\ & \text{$\quad$achieve its objectives}\\ the absence of competition will cause prices to increase in the marketplace. the legal use that gives the greatest return in money or amenities. the legal use that gives the greatest return in money or amenities. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. prepared by an attorney, least likely to be contested. d. Supply falls and demand is constant. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. the percentage of value or sales price that a lender is willing to finance. 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. 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. 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. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline \text{10. limited appraisal report Real estate prices in Germany remain the same, although overall sales are declining. value set on the property for tax purposes. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! Profitability3. \text{5. 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. It was signed into law by President Barack Obama in May 2009. a type of appraisal review. 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. 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. He has been offered three possible 4-year contracts. Site description 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. ARMS that offer fixed rate period during 1st years of the loan. zoning, highways. Here is what they had to say! the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. history or list of all owners back to the sovereignty of the soil. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. whichever one is lower LTV Loan-to-Value Ratio ___________ 2. value of a property maybe affected by social, economic, govt and environmental influences. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. The evidence an individual has of his or her right to possess land. initial truth in lending disclosure. 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). Let and take agreement Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Demand falls by more than supply rises. & \text{$\quad$operate the business}\\ Photographs of comparables Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. 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. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. offers the greatest protection of any deed. help meet the credit needs of ALL the community. 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. part of income approach, used if there are a lot of rental properties in the area. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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.
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