champions school of real estate principles 2 quizlet
Rural Property <25% built up From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! loss in a property's value due to daily wear and tear. 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. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Improvements to site Adequate consideration Title remains with the lender until loan is repaid. 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. Financingactivitiesb. The loan becomes due upon the sale of the property or the death of the owner. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. estate for years 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. something of value given in exchange for a conveyance. 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. 7. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. Downpayment is the difference between the _____ and the _____. and no unpaid claims against the property. Certified Residential Appraiser Operatingactivitiesc. 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. These are the 4 rights of land. A code of conduct that addresses}\\ Site description Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. A break in this line would create a cloud on the title. Assets that are easily converted to cash. a deed is considered to be delivered and accepted when it is delivered into escrow. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. & \text{$\quad$makers outside the organization}\\ lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Ethics} & \text{d. The process of generating and communicating}\\ c. Supply rises by more than demand rises. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Consumer Financial Protection Bureau (CFPB) enforces what Acts? history or list of all owners back to the sovereignty of the soil, you want this one. Operating income and expense statements only legal for personal property. The process by which the government exercises its right of eminent domain. Frequently asked questions & \text{$\quad$to spend capital in ways that are}\\ the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. specifies requirements found in regulation z. deffence against claims which have arisen suring grantor ownership. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Activities of management engaged to}\\ help meet the credit needs of ALL the community. The evidence an individual has of his or her right to possess land. b) What confidence level did the pollsters use? Real estate prices in Germany remain the same, although overall sales are declining. & \text{f. The ability to earn enough income to}\\ The value of a property may be affected by social, economic, governmental and environmental influences. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. They are my go-to partner for all things related to continuing education. 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. Economic obsolescence a type of appraisal review. ___________ 11. 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. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools The landlord or owner; party granting a lease. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Identify and explain the structures of language. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} The role money serves when used as a way to hold value relatively well over time. 2. percentage of value or sales price that a lender is willing to finance. quiz 14.docx. 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} The percentage of value or sales price that a lender is willing to finance. a limit on the amount the interest rate can increase or decrease at each adjustment date. Cost approach Analysis 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. Purchases "pools" of mortgages. Buildings are not typical of the area 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. the legal use that gives the greatest return in money or amenities. 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) Helen Fortier February 10, 2022 3. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? offers the greatest protection of any deed. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 16 pages. \text{2. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. federal law passed in 1974. doesn't include: gender or immigration status. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. largest investor in home mortgages. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. & \text{h. The intentional preparation of}\\ Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. zoning, highways. many lenders, especially high LTV loans, will order a field review of the appraisal. initial truth in lending disclosure. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? The exchange of goods or services for other goods or services without the use of money. Conventional-loans that have no federal guarantees or insurance This type of deed most often used to clear up a cloud on the title and also used to grant an easement. provide basic information to the lender including, income, debt and credit history. special form of insurance which is designed to allow lender to increase the LTV. 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 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. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. 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. 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 loss in desirability of the style, layout, or function of an element of a property over time. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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. negotiated between landlord and manager. preserves low, existing intrest rate on the original note. Take your license further with a Designation or Certification. 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. Match the terms that follow with the appropriate definitions. 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. lender acquires property under foreclosure. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ helpful info about the cost pr mortgage settlement charges caused by abusive practices. promotes home ownership. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. Principles of Real Estate 2. 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 ! DUST; demand, utility, scarcity, transferability. 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. He is really good. These are non conforming loans. \text{9. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Unlimited number of times. 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. funds the secondary market. Reconciliation of values Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Demand falls by more than supply rises. transfer of ownership against the will of the owner. 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 absence of competition will cause prices to increase in the marketplace. Examine the summary section of a monthly credit card statement. this is the best indicator. ___________ 5. the only limitations to title are those listed in the deed. A value for existing properties method for comparing similar properties to the subject property. Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. Havingenoughcashavailabletopaydebtswhentheyareduec. January 1, 2005, launching its Mold Mission Program. history or list of all owners back to the sovereignty of the soil. Texas State Portion Real Estate Exam part 2.docx. exterior only/drive by inspection. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. small investors to invest in larger commercial properties. The right of the government to take an individual's land if he or she dies without a will or heirs. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will.
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