Helen Fortier February 10, 2022 &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ gradual loss of land near border of stream or river. help meet the credit needs of ALL the community. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. history or list of all owners back to the sovereignty of the soil, you want this one. 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. Activitiesofmanagementengagedtooperatethebusinessj. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. estimate of value based on current construction costs. Theprocessofproducingaccounting2. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. \text{10. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. 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 How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? grantee gives to the grantor, most common, best type of deed to have. His opportunity cost is 7 percent. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Examine the summary section of a monthly credit card statement. 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. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. 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. 4. Operatingactivitiesc. Ethics} & \text{d. The process of generating and communicating}\\ 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) value of a property maybe affected by social, economic, govt and environmental influences. 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. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . promotes energy efficient products and buildings. Theintentionalpreparationofmisleadingfinancialstatementsi. The exchange of goods or services for other goods or services without the use of money. Liquidity4. Havingenoughcashavailabletopaydebtswhentheyareduec. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. The legal use that gives the greatest return in money and/or amenities. issued in the amount of the loan. d. Supply falls and demand is constant. 9. background information about the appraiser Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Principles of Real Estate 1. estate for years January 1, 2005, launching its Mold Mission Program. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Learning the principles and laws of real estate is Champions focus. 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. responsible for: sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 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. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. It's simple! \text{2. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. For more than a decade, the German real estate market was in a dramatic growth phase. protection up to purchase price, norm paid by seller (buyers benefit). examining of the public records and constructed a chain of title and an abstract of title. The process by which the government exercises its right of eminent domain. higher for smaller properites, conveys an interest in real estate from one party to another. deffence against claims which have arisen suring grantor ownership. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Improvements to site It basically insures the difference between the borrower's down payment and LTV. 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. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. 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. 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. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. Exam-Federal 1-A2. These are the 4 rights of land. 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. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. Calculate the new balance. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. a. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. The program offers 100% financing (no down payment) for qualified borrowers. Taxation ___________ 12. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. 5. a type of appraisal review. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. a type of appraisal review. Financingactivities5. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? 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. 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. 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. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. 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). ratio of borrowers total recurring monthly debts. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. & \text{$\quad$productive and will help a business}\\ 2. 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. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Financialaccountingobtainadequatefundsforbeginning8. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. 4. amount of any finance charge. 1. Suppose that the battery life in both cases follows an exponential distribution. 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. These are non conforming loans. limits interest rate over the lifetime of a loan. Match the terms that follow with the appropriate definitions. 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 loss in a property's value due to daily wear and tear. Managerialaccounting9. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. sets monetary policy. 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. The process of transferring funds to a title or escrow company for disbursement. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. Consumer Financial Protection Bureau (CFPB) enforces what Acts? increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. \end{array} person received notice of document or event even though actual notice was not delivered directly to him or her. 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. Neighborhood description seller is willing to take part or all of equity in the form of a note. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. set by state of texas dept of insurance, based on properties value using sliding scale. ( Champions School Of. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. 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. buying the market pools. Real estate prices in Germany remain the same, although overall sales are declining. Let and take agreement Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. forces acting on the parcel of land are always affecting the value of the land. 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. The value of a property may be affected by social, economic, governmental and environmental influences. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Principle of Increasing/or decreasing returns. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. the value if the property is equal to the sum if the contributory value of each of its component parts. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. \text{9. % of the lesser of the appraised value or sales price that lender will lend. Profitability3. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. 40 pages. Money that has value apart from its use as money. borrowers provide basic information like income, debt, and credit history. ie. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. the only limitations to title are those listed in the deed. small investors to invest in larger commercial properties. 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. A rookie quarterback is negotiating his first NFL contract. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. 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. less depreciation, plus land value. The evidence an individual has of his or her right to possess land. 2. rate doesn't change between offer and closing. transferring real estate to the state when a person dies without heirs. What is one of the most important ways through which the behavior becomes integrated? A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. She has one son, Tyler, who lives in Maine. very likely to be contested. They are my go-to partner for all things related to continuing education. residential property is depreciated over how many years? 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. Title remains with the lender until loan is repaid. tenant pays rent, plus taxes utlities ect. 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.
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