value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. usually have a initial cap that is higher than the adjustment cap. Analysis of market data RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. We make it easy and convenient! the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. part of income approach, used if there are a lot of rental properties in the area. federal law passed in 1974. doesn't include: gender or immigration status. 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. 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. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ 8. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . The loss in desirability of the style, layout, or function of an element of a property over time. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. The U.S. Eminent Domain 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. Neighborhood description 2. Theprocessofgeneratingandcommunicating10. 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. ___________ 10. 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. \end{array} ___________ 3. 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) Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. prepared by an attorney, least likely to be contested. Havingenoughcashavailabletopaydebtswhentheyareduec. 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. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. \text{Other Expenses}&\$36,000&&\$34,500\\ sets monetary policy. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. used in most real estate transactions. prohibits redlining. and no unpaid claims against the property. % of the lesser of the appraised value or sales price that lender will lend. value added to improvement exceeds the cost of improvement. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. Under what conditions would the traditional yield spread be close to the static spread? price a wiling seller will sell for & price willing buyer will buy. Principles of Real Estate 2. Payments are guaranteed, and they would be made at the end of each year. (Zoning example). + result to numerator ___________ 8. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Liquidity4. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! a. It basically insures the difference between the borrower's down payment and LTV. promotes energy efficient products and buildings. any property, whether real or personal, which is capable of being inherited. special form of insurance which is designed to allow lender to increase the LTV. Frequently asked questions Ethicsd. Real Estate Salesperson National Prep Exam 1.docx. Homeowners who are least 62 years of age can borrow against the equity in their property. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. 2. Financialaccounting8. 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. It also offers continuing education courses for. (PETE) police power, escheat, taxation, eminent domanin. respa applicable. issued in the amount of the loan. 16 pages. 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. Let and take agreement legal. a. permanent and absolute tenure of an estate in land w freedom to dispose at will. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. 9. background information about the appraiser 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. 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. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. 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! The process of transferring funds to a title or escrow company for disbursement. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. 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. DUST; demand, utility, scarcity, transferability. Passed by Congress in 1968. designed to clean up sites contaminated with hazardous substance. title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. 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. Accounting2. The role money serves when it is used as a form of payment. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. The legal use that gives the greatest return in money and/or amenities. The role money serves when it is used as a standard measure to set prices and make economic calculations. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Items that affect the marketability or livability of the property complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. They are my go-to partner for all things related to continuing education. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! . Investing activities} & \text{$\quad$debts when they are due}\\ The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 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. 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). 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. very vulnerable to being contested. Identify the term that best fits the following description - to force out or push out. Economic obsolescence \end{array} method of financing which preserves the low, existing interest rate on the original note. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Additional support documents, 1. value set on the property for tax purposes. reviews cover a checklist of items as they analyze the appraisal report. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Suppose that the battery life in both cases follows an exponential distribution. 8. addition or amendment to an existing will. b) What confidence level did the pollsters use? 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. largest investor in home mortgages. secured property may be sold ti satisfy the unpaid promissory note. \text{1. b. transfer of ownership against the will of the owner. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. & \text{$\quad$attract and hold investment capital}\\ Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. 5. transfer of title that is a free act of the grantor. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. power of sale under a mortgage in default. The percentage of value or sales price that a lender is willing to finance. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. 4. promotes home ownership. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. Percentage of the Lesser of the appraised value or sales price that the lender will lend. 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 Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. requires an application. The absence of competition will cause prices to increase in the marketplace. consumers are given equal chance to obtain credit. 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. added to the index to calculate interest rates, teaser rate- lower rate offered initially. & \text{$\quad$misleading financial statements}\\ Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. The money that mortgage companies use to make loans comes from the sale of __________. You can do it, we can help! Take your license further with a Designation or Certification. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. The right of the government to take an individual's land if he or she dies without a will or heirs. 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 It's simple! ___________ 4. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. \text{5. Another Name for environmental or economic obsolescence. 7. What is one of the most important ways through which the behavior becomes integrated? 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. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. The exchange of goods or services for other goods or services without the use of money. this is the best indicator. 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. \text{6. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. The loss in desirability of the style, layout, or function of an element of a property over time. residential property is depreciated over how many years? Copy of most recent property survey Consumer Financial Protection Bureau (CFPB) enforces what Acts? The lender transfers title back to the borrower when the loan is repaid. 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 ie. Operating income and expense statements secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. provide basic information to the lender including, income, debt and credit history. 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. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 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.
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