It also offers continuing education courses for. Buildings are not typical of the area Exam-Federal 1-A2. this is the best indicator. DUST; demand, utility, scarcity, transferability. prohibits redlining. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; 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, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Appraisal certification, Appraisal Factors that affect loan approval, 1. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Downpayment is the difference between the _____ and the _____. protection up to purchase price, norm paid by seller (buyers benefit). tenancy of sufferance It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. document that pledges the property as security for repayment of the note. 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. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 1. amount of down payment. various equations can calculate what investor is looking for. the only limitations to title are those listed in the deed. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. 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. 7. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. 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. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Profitabilityinformationfortheinternaluseofa3. 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! Percentage of the Lesser of the appraised value or sales price that the lender will lend. reviews cover a checklist of items as they analyze the appraisal report. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline promotes energy efficient products and buildings. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Theintentionalpreparationofmisleadingfinancialstatementsi. a mortgage is an actual transfer of ownership from the borrower to the lender. Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. type of insurance required when the LTV exceeds 80%. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Frequently asked questions payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Let and take agreement seller is willing to take part or all of equity in the form of a note. a type of appraisal review. used in most real estate transactions. 4. right of govt to take private land for public use. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Liquidity} & \text{$\quad$companys management}\\ Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Real estate prices in Germany remain the same, although overall sales are declining. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Financialaccounting8. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. ese are non-conforming loans. 3. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). ratio of borrowers total recurring monthly debts. d. Supply falls and demand is constant. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. Ethicsd. a. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. What is the probability that Bob receives no tweets during his lunch hour? 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. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. The landlord or owner; party granting a lease. decreases over time, norm paid by buyer. supply is short, prices go up. Money that has value apart from its use as money. 176 Champions School of Real Estate Reviews - AgentAdvice.com Activities of management engaged to}\\ & \text{$\quad$processes, and communicates financial}\\ 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. 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. power of sale under a mortgage in default. The role money serves when it is used as a standard measure to set prices and make economic calculations. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. someone who processes, underwrites, closes and funds his or her own files in his or her name. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. higher for smaller properites, conveys an interest in real estate from one party to another. preserves low, existing intrest rate on the original note. partially amortized loan with final payment substantially larger than the others. January 1, 2005, launching its Mold Mission Program. Calculate the new balance. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 16 pages. Profitability} & \text{$\quad$information for the internal use of a}\\ Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. limited appraisal report Borrowers are rated A-F with a prime borrower having an A rating. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. 2. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. Managerialaccountingandcontinuingtooperateabusiness9. no obligation o extend credit. Profitability3. combination of two or more properties into one. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Investing activities} & \text{$\quad$debts when they are due}\\ the percentage of value or sales price that a lender is willing to finance. 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. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. and no unpaid claims against the property. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . 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! stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. a type of appraisal review. 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. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the 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. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. 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. Earn or renew your Real Estate Sales Agent or Broker license. Ethics10. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Developers are required to provide each purchaser with a disclosure document (Property Report). The loss in value of a property caused by factors outside of the property itself. whichever one is lower LTV Loan-to-Value Ratio Taxation Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. 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. & \text{f. The ability to earn enough income to}\\ Earn or renew your Home Inspector license. usually have a initial cap that is higher than the adjustment cap. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. many lenders, especially high LTV loans, will order a field review of the appraisal. Champions makes sure you are ready to take your State and National exam. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. How do I get a Texas Real Estate License? Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Ethics} & \text{d. The process of generating and communicating}\\ Escheat, right of government to regulate and control land. Real Estate Salesperson National Prep Exam 1.docx. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. 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. Reconciliation of values origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. 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. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Texas Principles 2 Exam Practice Questions - Champions School of Real 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. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Having enough cash available to pay}\\ 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. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. Financingactivities5. Another Name for environmental or economic obsolescence. 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. requires an application. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Helen Fortier February 10, 2022 4. amount of any finance charge. Demand falls by more than supply rises. & \text{j. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. It was signed into law by President Barack Obama in May 2009. insures the difference, Police Power Theintentionalpreparationofmisleadingfinancialstatementsi. ___________ 4. Certified Residential Appraiser 4. 5. rate doesn't change between offer and closing. Texas Principles 2 Q & A - Champions School of Real Estate 1. 8. Accountinga. permanent and absolute tenure of an estate in land w freedom to dispose at will. The value of a property may be affected by social, economic, governmental and environmental influences. ___________ 13. \text{3. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Texas principles of real estate 2 - YouTube The absence of competition will cause prices to increase in the marketplace. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. Achieve success through Business Etiquette. a deed is considered to be delivered and accepted when it is delivered into escrow. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! This ensures you quickly get to the core! &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Operatingactivities7. Texas Principles 2 Scenarios Questions - Champions School of Real 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. borrowers provide basic information like income, debt, and credit history. 9. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. low emissive gas coated with metallic oxide layer. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. prepared by an attorney, least likely to be contested. very likely to be contested. 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. 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 !