champions school of real estate principles 2 quizlet

\text{10. respa applicable. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. | Life | Annual Rate | TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. in depth process. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 10. most reasonable price a property should bring in a competitive open market. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. & \text{$\quad$processes, and communicates financial}\\ the legal use that gives the greatest return in money or amenities. Appraisal certification, Appraisal Factors that affect loan approval, 1. 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. various equations can calculate what investor is looking for. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Activitiesofmanagementengagedto7. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 4. amount of any finance charge. Investingactivitiesdebtswhentheyaredue6. ENERGY STAR program was established in 1992 under this Act. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. \text{8. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 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. legal. only legal for personal property. \text{4. Financing activities} & \text{b. \text{1. She has one son, Tyler, who lives in Maine. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. 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 Financingactivities5. 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. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 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. 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. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ It is would suggest that an owner should not "over improve" a property. used in most real estate transactions. 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. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . \text{9. price a wiling seller will sell for & price willing buyer will buy. the value of a property is equal to the sum of the contributory value of each of its component parts. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. The most probable price a property should bring in a competitive and open market. 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. 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. Liquidity} & \text{$\quad$companys management}\\ The Act was passed to protect consumers from fraud in the sale or lease of land. interest rate a reserve bank charges eligible financial institutions to borrow money short term. help meet the credit needs of ALL the community. The loss in a property's value due to daily wear and tear. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. 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. DUST; demand, utility, scarcity, transferability. |---|---| authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Buildings are not typical of the area Sketch of floor plan Analysis of market data Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. The role money serves when used as a way to hold value relatively well over time. 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. Exam-Federal 1-A2. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? 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. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. The percentage of value or sales price that a lender is willing to finance. It was signed into law by President Barack Obama in May 2009. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. 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. a. Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. Earn or renew your Loan Originator license. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline some lenders accept this drive-by type of review for low LTV or low risk loans. a limit on the amount the interest rate can increase or decrease at each adjustment date. Escheat, right of government to regulate and control land. b) What confidence level did the pollsters use? grantor fully warrants good clear title to the property. \text{Travel Expenses}&&\$600&\$19,000\\ 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. 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. 3. the value if the property is equal to the sum if the contributory value of each of its component parts. 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. Ethicsd. gradual loss of land near border of stream or river. 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. 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. addition or amendment to an existing will. Calculate the new balance. Let and take agreement permits additional borrowing on the same note and mortgage. the only limitations to title are those listed in the deed. The reduction in value of property from causes such as deterioration or obsolescence. Find the annual double-declining-balance (200% method) rate of depreciation. (Zoning example). The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Eminent Domain Money that has value because the government has ordered that it be accepted in payment of debts. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 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. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\