The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. A code of conduct that addresses}\\ Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. 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. 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. % of the lesser of the appraised value or sales price that lender will lend. 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. Another Name for environmental or economic obsolescence. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 8. Gross Rent Multiplier. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. Began in 1938 federal agency. & \text{$\quad$misleading financial statements}\\ \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline & \text{$\quad$information about an identifiable}\\ 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). 4. Adger Corporation is a service company that measures its output based on the number of customers served. The money that mortgage companies use to make loans comes from the sale of __________. Certified Residential Appraiser There is no membership needed. Independent third-party appraiser will review the report, then verify the information. buying the market pools. Permits additional borrowing on the same note and mortgage. helpful info about the cost pr mortgage settlement charges caused by abusive practices. limits interest rate over the lifetime of a loan. The USPS has a monopoly on every type of mail or package. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. 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. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. \text{Revenue}&&\$5,000&\$160,000\\ 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. What is the probability that Bob receives no tweets during his lunch hour? Texas Principles 2 Q & A - Champions School of Real Estate 1. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. permits additional borrowing on the same note and mortgage. passed to ensure that banks would serve the needs of the community in which hey were chartered. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion property owner obtains a certificate much like an automobile that is recorded in the public records. 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. residential property is depreciated over how many years? The exchange of goods or services for other goods or services without the use of money. 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. ese are non-conforming loans. promotes energy efficient products and buildings. 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. Bank owns it now. 3. number of payments or period of repayment consent of the lender allows property to be sold for a price sufficient to pay mortgage off. ratio of borrowers total recurring monthly debts. negotiated between landlord and manager. Assets that are easily converted to cash. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \text{7. Principles of Real Estate 2 Champions School of Real Estate STUDY Flashcards Learn Write Spell Test PLAY Match Gravity appraisal Click card to see definition appraisers opinion of value Click again to see term 1/258 Previous Next Flip Space Created by Will77tx TEACHER Tags related to this set Marketing-Real Estate 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. c. Supply rises by more than demand rises. Appraisal certification, Appraisal Factors that affect loan approval, 1. According to this principle, the value of 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Helen Fortier February 10, 2022 Profitabilityinformationfortheinternaluseofa3. 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. insures the difference, Police Power ___________ 11. The amount of money available for the purchase of goods and services. b) What confidence level did the pollsters use? a type of appraisal review. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. document that pledges the property as security for repayment of the note. Rural Property <25% built up Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. A rookie quarterback is negotiating his first NFL contract. \text{9. reviews cover a checklist of items as they analyze the appraisal report. (PETE) police power, escheat, taxation, eminent domanin. Match the terms that follow with the appropriate definitions. Comprehensive Environmental Response, compensation, and Liability Act. limits how much a payment can increase/ decrease. combination of two or more properties into one. 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. offers the greatest protection of any deed. 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. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Find the annual double-declining-balance (200% method) rate of depreciation. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? the loan origination market where borrowers and lenders negotiate mortgage terms. Suppose that the battery life in both cases follows an exponential distribution. price a wiling seller will sell for & price willing buyer will buy. Operating income and expense statements Financialaccountingobtainadequatefundsforbeginning8. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Percentage of the Lesser of the appraised value or sales price that the lender will lend. ___________ 7. oral/ deathbed will. Principles of Real Estate 1. 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 ! A Rare 150 /- Acre Parcel in the . 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. For more than a decade, the German real estate market was in a dramatic growth phase. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ Havingenoughcashavailabletopay5. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Investingactivitiesdebtswhentheyaredue6. | 4 years | |. 4. amount of any finance charge. & \text{j. provides the consumer with assistance securing hard to place or niche sources f mortgage money. protection up to purchase price, norm paid by seller (buyers benefit). the only limitations to title are those listed in the deed. The landlord or owner; party granting a lease. & \text{$\quad$form of financial statements to decision}\\ Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Principles of Real Estate 2. Additional support documents, 1. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} prohibits redlining. a mortgage is an actual transfer of ownership from the borrower to the lender. 3. 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. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. a limit on the amount the interest rate can increase or decrease at each adjustment date. a. \text{8. The action of government seizure of land for the good of the public. Match the following terms to the correct definitions. set by state of texas dept of insurance, based on properties value using sliding scale. something of value given in exchange for a conveyance. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. 1. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. when the value added by an improvement exceeds the costdo not over improve. The loan becomes due upon the sale of the property or the death of the owner. Eminent Domain passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. 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. Theprocessofproducingaccounting2. 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. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. & \text{h. The intentional preparation of}\\ Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. transferring real estate to the state when a person dies without heirs. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. no guarantee for approval, property must fit criteria . Operating activities} & \text{c. Activities of management engaged to}\\ 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. risk based pricing, no published rates. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Analysis of market data a type of appraisal review. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. TILA, FCRA, RESPA, ECOA. 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. Escheat, right of government to regulate and control land. Money that has value because the government has ordered that it be accepted in payment of debts. Increased competition will bring prices down. tenancy of will The legal use that gives the greatest return in money and/or amenities. What is one of the most important ways through which the behavior becomes integrated? Let and take agreement permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. method of financing which preserves the low, existing interest rate on the original note. Managerialaccountingandcontinuingtooperateabusiness9. 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$34,500\begin{array}{lrrr} Theintentionalpreparationofmisleadingfinancialstatementsi. decreases over time, norm paid by buyer. Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. & \text{$\quad$operate the business}\\ Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. underwriter approval. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ The Act was passed to protect consumers from fraud in the sale or lease of land. \text{Travel Expenses}&&\$600&\$19,000\\ no obligation o extend credit. Conventional-loans that have no federal guarantees or insurance enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. & \text{$\quad$productive and will help a business}\\ A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. zoning, highways. Principle of Increasing/or decreasing returns. 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. 9. background information about the appraiser value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. & \text{i. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. . 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 Purchases "pools" of mortgages. * whole # by denominator preserves low, existing intrest rate on the original note. The reduction in value of property from causes such as deterioration or obsolescence. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. 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. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. 10. 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. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. qualifies borrower based on proposed home payment and gross monthly income. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. 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. Economic obsolescence protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Once the loan is closed it is sold to another lender. (Most reliable), Reduction in value from deterioration or obsolescence. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ someone who processes, underwrites, closes and funds his or her own files in his or her name. \end{array} 9. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? \text{2. Demand falls by more than supply rises. deffence against claims which have arisen suring grantor ownership. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Real Estate Salesperson National Prep Exam 1.docx.
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