champions school of real estate principles 2 quizlet

purchases "pools" or mortgages. Copy of most recent property survey Appraisal certification, Appraisal Factors that affect loan approval, 1. Independent third-party appraiser will review the report, then verify the information. various equations can calculate what investor is looking for. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. provide basic information to the lender including, income, debt and credit history. low emissive gas coated with metallic oxide layer. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. offers the greatest protection of any deed. allows funding of the repairs through a series of draws. How do I get a Texas Real Estate License? 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. promotes energy efficient products and buildings. most reasonable price a property should bring in a competitive open market. deffence against claims which have arisen suring grantor ownership. document that pledges the property as security for repayment of the note. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. added to the index to calculate interest rates, teaser rate- lower rate offered initially. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Financingactivitiesb. ie. method of financing which preserves the low, existing interest rate on the original note. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline ( Champions School Of. Payments are guaranteed, and they would be made at the end of each year. Havingenoughcashavailabletopaydebtswhentheyareduec. 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 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. Identify and explain the structures of language. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. Demand rises and supply is constant. Money that has value because the government has ordered that it be accepted in payment of debts. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. This ensures you quickly get to the core! The Act was passed to protect consumers from fraud in the sale or lease of land. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? The value of a property may be affected by social, economic, governmental and environmental influences. Flood maps 2. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. the legal use that gives the greatest return in money or amenities. Helen Fortier February 10, 2022 risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Analysis of market data Highly recommended and I will continue to use Champions! respa applicable. A code of conduct that addresses}\\ protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. a. 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, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties It also offers continuing education courses for. Rural Property <25% built up However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. ratio of borrowers total recurring monthly debts. grantor does not even claim to own the property. Calculate the new balance. Unlimited number of times. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. Over 500 million tweets are sent per day. & \text{$\quad$form of financial statements to decision}\\ Operating income and expense statements According to this principle, the value of Principles of Real Estate 2. Demand falls by more than supply rises. 3. number of payments or period of repayment closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. The role money serves when it is used as a standard measure to set prices and make economic calculations. 5. Liquidity} & \text{$\quad$companys management}\\ (Most reliable), Reduction in value from deterioration or obsolescence. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 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. | 4 years | |. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. responsible for: transfer of ownership against the will of the owner. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation ___________ 12. January 1, 2005, launching its Mold Mission Program. If Market is flooded values will be flat. Match the following terms to the correct definitions. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. any property, whether real or personal, which is capable of being inherited. ___________ 2. Permits additional borrowing on the same note and mortgage. Real Estate Salesperson National Prep Exam 1.docx. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! 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. 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. Earn or renew your Loan Originator license. in depth process. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. & \text{$\quad$attract and hold investment capital}\\ & \text{$\quad$economic entity}\\ c. Supply rises by more than demand rises. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. specifies requirements found in regulation z. Principle of Increasing/or decreasing returns. promotes home ownership. ___________ 7. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Identify the term that best fits the following description - to force out or push out. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. whichever one is lower LTV Loan-to-Value Ratio estate for years Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 6. For more than a decade, the German real estate market was in a dramatic growth phase. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. \text{4. Financing activities} & \text{b. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 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. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. 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). b) What confidence level did the pollsters use? borrowers provide basic information like income, debt, and credit history. this is the best indicator. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. The amount of money available for the purchase of goods and services. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 9. background information about the appraiser The loss in desirability of the style, layout, or function of an element of a property over time. ___________ 10. purchase title insurance either by grantor or grantee. Under what conditions would the traditional yield spread be close to the static spread? Texas Principles 2 Q & A - Champions School of Real Estate 1. interest rate a reserve bank charges eligible financial institutions to borrow money short term. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! sets monetary policy. \text{2. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. estimate of value based on current construction costs. Purchases "pools" of mortgages. 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) These are non conforming loans. Married limit is 500k. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? You can do it, we can help! 2. looks like a deed. minimum 100 investors. Suppose that the battery life in both cases follows an exponential distribution. 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. a type of appraisal review. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others.

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