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 ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Began in 1938 federal agency. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. Permits additional borrowing on the same note and mortgage. Having enough cash available to pay}\\ 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. 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. qualifies borrower based on proposed home payment and gross monthly income. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. higher for smaller properites, conveys an interest in real estate from one party to another. Financialaccountingobtainadequatefundsforbeginning8. 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. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . a type of appraisal review. Here is what they had to say! Achieve success through Business Etiquette. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Passed by Congress in 1968. 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 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. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. 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. allows funding of the repairs through a series of draws. Economic obsolescence Homeowners who are least 62 years of age can borrow against the equity in their property. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. transfer of ownership against the will of the owner. & \text{$\quad$operate the business}\\ \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline This type of deed most often used to clear up a cloud on the title and also used to grant an easement. 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. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. insures most protection, any changes to the ownership of real property. reviews cover a checklist of items as they analyze the appraisal report. grantor does not even claim to own the property. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. tenant pays rent, plus taxes utlities ect. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. 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} Developers are required to provide each purchaser with a disclosure document (Property Report). Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. certified commercial investment member (part of NAR). 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. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. Operating income and expense statements October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. \text{2. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). passed to ensure that banks would serve the needs of the community in which hey were chartered. 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. Site description 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 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. Eminent Domain 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. less depreciation, plus land value. Real Estate Salesperson National Prep Exam 1.docx. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. the value if the property is equal to the sum if the contributory value of each of its component parts. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Investingactivities6. 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. Downpayment is the difference between the _____ and the _____. a mortgage is an actual transfer of ownership from the borrower to the lender. Learning the principles and laws of real estate is Champions focus. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. \text{9. initial truth in lending disclosure. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Profitability} & \text{$\quad$information for the internal use of a}\\ Investingactivitiesdebtswhentheyaredue6. 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. 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. 9. A Rare 150 /- Acre Parcel in the . His opportunity cost is 7 percent. 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. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. 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. Managerialaccounting9. a. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. 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. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. Ethics} & \text{d. The process of generating and communicating}\\ Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. 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. 7. a limit on the amount the interest rate can increase or decrease at each adjustment date. a. 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. The evidence an individual has of his or her right to possess land. the value of a property is equal to the sum of the contributory value of each of its component parts. Money that has value because the government has ordered that it be accepted in payment of debts. This ensures you quickly get to the core! ie. 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. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. 3. 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. Match the following terms to the correct definitions. The process of producing accounting}\\ a. They prepare you for life as a Realtor. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. Principles of Real Estate 2. interest rate a reserve bank charges eligible financial institutions to borrow money short term. some lenders accept this drive-by type of review for low LTV or low risk loans. Money that has no value of its own but can be exchanged for something of value. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. type of insurance required when the LTV exceeds 80%. Payments are guaranteed, and they would be made at the end of each year. Highly recommended and I will continue to use Champions! Suppose that the battery life in both cases follows an exponential distribution. Activitiesofmanagementengagedtooperatethebusinessj. What is the probability that Bob receives no tweets during his lunch hour? Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. used to clear up cloud on title, no protection, no ownership claimed by grantor. most conveyances are voluntary. 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. * whole # by denominator Income approach Analysis (Zoning example). transfer of title that is a free act of the grantor. \text{7. Principle of Increasing/or decreasing returns. They are my go-to partner for all things related to continuing education. ___________ 12. Once the loan is closed it is sold to another lender. no guarantee for approval, property must fit criteria . Liquidity4. Reconciliation of values set by state of texas dept of insurance, based on properties value using sliding scale. 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 ! These are the 4 rights of land. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Champions makes sure you are ready to take your State and National exam. Money that has value apart from its use as money. \text{8. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! The loss in a property's value due to daily wear and tear. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. . 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) The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Legal purpose What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Accounting2. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. 16 pages. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. lender has evaluated the borrower in the underwriting process. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. Examine the summary section of a monthly credit card statement. seller is willing to take part or all of equity in the form of a note. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. this is the best indicator. transferring funds to a title co for disbursement when loan is approved. You can do it, we can help! 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. A value for existing properties method for comparing similar properties to the subject property. ___________ 13. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. The loss in desirability of the style, layout, or function of an element of a property over time. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 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. 6. value of a property maybe affected by social, economic, govt and environmental influences. can be voluntary or involuntary. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. examining of the public records and constructed a chain of title and an abstract of title. 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. 8. risk based pricing, no published rates. c. Supply rises by more than demand rises. 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! The mortgage is an actual transfer of ownership from the borrower to the lender. Exam-Federal 1-A2. Consumer Financial Protection Bureau (CFPB) enforces what Acts? ratio of borrowers total recurring monthly debts. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. The percentage of value or sales price that a lender is willing to finance. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). 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. 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. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. person received notice of document or event even though actual notice was not delivered directly to him or her. A code of conduct that addresses}\\ 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. Borrowers are rated A-F with a prime borrower having an A rating. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. Percentage of the Lesser of the appraised value or sales price that the lender will lend. 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. ARMS that offer fixed rate period during 1st years of the loan. a deed is considered to be delivered and accepted when it is delivered into escrow. buying the market pools. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. 2. major functional obsolescence | Life | Annual Rate | helpful info about the cost pr mortgage settlement charges caused by abusive practices. Married limit is 500k. Operatingactivitiesc. 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. How do I get a Texas Real Estate License? up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. She has one son, Tyler, who lives in Maine. The sum of the energy used during the life cycle of a product. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. \end{array} Profitabilityinformationfortheinternaluseofa3. 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. 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. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. promotes energy efficient products and buildings. \end{array} Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. There is no membership needed. Accounting} & \text{a. 40 pages. 5. \end{array} ___________ 3. 21 pages. The amount of money available for the purchase of goods and services. Accountinga. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Value, Income, Return. legal procedure where secured property is sold to pay unpaid note. Activities of management engaged to}\\ provides the consumer with assistance securing hard to place or niche sources f mortgage money. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. ( Champions School Of. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, 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, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties.
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