minimum 100 investors. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Accounting2. residential property is depreciated over how many years? % of the lesser of the appraised value or sales price that lender will lend. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. low emissive gas coated with metallic oxide layer. no guarantee for approval, property must fit criteria . Operating income and expense statements insures the difference, Police Power ___________ 10. grantee gives to the grantor, most common, best type of deed to have. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. CFPB implemented. Anything that is widely accepted in exchange for goods and services. 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. \text{Travel Expenses}&&\$600&\$19,000\\ the legal use that gives the greatest return in money or amenities. added to the index to calculate interest rates, teaser rate- lower rate offered initially. in depth process. the loan origination market where borrowers and lenders negotiate mortgage terms. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation a type of appraisal review. used in most real estate transactions. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. ___________ 14. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline 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 The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 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. \end{array} &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. looks like a deed. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? The sum of the energy used during the life cycle of a product. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. legal. The percentage of value or sales price that a lender is willing to finance. Increased competition will bring prices down. Ethics10. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Texas State Portion Real Estate Exam part 2.docx. The role money serves when it is used as a form of payment. 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. 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. 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. Earn or renew your Loan Originator license. something of value given in exchange for a conveyance. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate Loss of value of a building from its reproduction cost, resulting from wear and tear over time. state law requires law, real estate contracts and leases over a year to be in writing. b) What confidence level did the pollsters use? value set on the property for tax purposes. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 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$34,500\begin{array}{lrrr} Money that has value apart from its use as money. Theintentionalpreparationofmisleadingfinancialstatementsi. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Assets that are easily converted to cash. gradual loss of land near border of stream or river. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. The loss in a property's value due to daily wear and tear. January 1, 2005, launching its Mold Mission Program. deffence against claims which have arisen suring grantor ownership. If Market is flooded values will be flat. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. tenant pays rent, plus taxes utlities ect. based on the assessed value of the property and the existing tax rate. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. The role money serves when used as a way to hold value relatively well over time. Liquidity} & \text{$\quad$companys management}\\ period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. zoning, highways. The government's right to tax real estate. examining of the public records and constructed a chain of title and an abstract of title. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. borrowers provide basic information like income, debt, and credit history. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). transferring real estate to the state when a person dies without heirs. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. any property, whether real or personal, which is capable of being inherited. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. underwriter approval. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. Calculate the new balance. Consumer Financial Protection Bureau (CFPB) enforces what Acts? tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. \text{1. sets monetary policy. 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. a limit on the amount the interest rate can increase or decrease at each adjustment date. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. A break in this line would create a cloud on the title. history or list of all owners back to the sovereignty of the soil, you want this one. The U.S. 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. used to clear up cloud on title, no protection, no ownership claimed by grantor. Theintentionalpreparationofmisleadingfinancialstatementsi. Demand rises and supply is constant. & \text{$\quad$makers outside the organization}\\ transfer of ownership against the will of the owner. Highly recommended and I will continue to use Champions! Buildings are not typical of the area 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. (PETE) police power, escheat, taxation, eminent domanin. a mortgage is an actual transfer of ownership from the borrower to the lender. Ethics} & \text{d. The process of generating and communicating}\\ tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. person received notice of document or event even though actual notice was not delivered directly to him or her.
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