This ensures you quickly get to the core! October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Photographs of comparables subsequent to adjustment, limits how much a payment can increase or decrease. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. ( Champions School Of. 7. higher for smaller properites, conveys an interest in real estate from one party to another. 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. 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. ___________ 6. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 3. 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. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Comprehensive Environmental Response, compensation, and Liability Act. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. The U.S. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 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. 1. history or list of all owners back to the sovereignty of the soil. Principle of Increasing and Decreasing Returns. 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. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. He has been offered three possible 4-year contracts. 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. person designated to execute the terms of a will. Independent third-party appraiser will review the report, then verify the information. The process of producing accounting}\\ 8. A value for existing properties method for comparing similar properties to the subject property. 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 Theprocessofproducingaccounting2. Analysis of market data SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. (1) The Sales Comparison Approach Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Real Estate Salesperson National Prep Exam 1.docx. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. Match the following terms to the correct definitions. & \text{$\quad$achieve its objectives}\\ value added to improvement exceeds the cost of improvement. 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. based on the assessed value of the property and the existing tax rate. prepared by an attorney, least likely to be contested. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. permits additional borrowing on the same note and mortgage. Financialaccounting8. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ \text{Other Expenses}&\$36,000&&\$34,500\\ The loan becomes due upon the sale of the property or the death of the owner. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. very likely to be contested. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. tenancy of will preserves low, existing intrest rate on the original note. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? tenancy of sufferance combination of two or more properties into one. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. 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. small investors to invest in larger commercial properties. legal procedure where secured property is sold to pay unpaid note. negotiated between landlord and manager. a type of appraisal review. a. 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. 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 interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. 3. Eminent Domain Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). A lower interest rate is offered by the lender during the first year or more of the loan. For more than a decade, the German real estate market was in a dramatic growth phase. 4. Flood maps Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Conventional-loans that have no federal guarantees or insurance The most probable price a property should bring in a competitive and open market. minimum 100 investors. secured property may be sold ti satisfy the unpaid promissory note. Passed by Congress in 1980. Passed by Congress in 1968. 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. 40 pages. 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. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. 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. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Helen Fortier February 10, 2022 If Market is flooded values will be flat. ___________ 2. promotes home ownership. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. The percentage of value or sales price that a lender is willing to finance. The exchange of goods or services for other goods or services without the use of money. 5. & \text{$\quad$productive and will help a business}\\ 1. amount of down payment. purchase price is affected by the expectation of of future appeal and benefits. and no unpaid claims against the property. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. Frequently asked questions The role money serves when it is used as a standard measure to set prices and make economic calculations. (Most reliable), Reduction in value from deterioration or obsolescence. Managerialaccountingandcontinuingtooperateabusiness9. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 2. set by state of texas dept of insurance, based on properties value using sliding scale. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. The amount of money available for the purchase of goods and services. & \text{$\quad$economic entity}\\ Profitabilityinformationfortheinternaluseofa3. 2. major functional obsolescence A rookie quarterback is negotiating his first NFL contract. type of insurance required when the LTV exceeds 80%. 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. Another Name for environmental or economic obsolescence. protection up to purchase price, norm paid by seller (buyers benefit). RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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 right of govt to take private land for public use. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Principles of Real Estate 1. ___________ 3. (3) The Income Approach. Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. It was signed into law by President Barack Obama in May 2009. 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. legal. zoning, highways. \text{2. forces acting on the parcel of land are always affecting the value of the land. deffence against claims which have arisen suring grantor ownership. The loss in value of a property caused by factors outside of the property itself. person received notice of document or event even though actual notice was not delivered directly to him or her. Additional support documents, 1. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. (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. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. The Act was passed to protect consumers from fraud in the sale or lease of land. help meet the credit needs of ALL the community.
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