Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. price a wiling seller will sell for & price willing buyer will buy. only legal for personal property. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Profitability} & \text{$\quad$information for the internal use of a}\\ It was signed into law by President Barack Obama in May 2009. most conveyances are voluntary. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Independent third-party appraiser will review the report, then verify the information. \text{8. The evidence an individual has of his or her right to possess land. & \text{i. Site description sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. 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. can be voluntary or involuntary. 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. 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. 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 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. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. Champions makes sure you are ready to take your State and National exam. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. 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. homeowners who are at least 62 years of age can borrow against the equity in their property. |---|---| Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. & \text{f. The ability to earn enough income to}\\ However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. The mortgage is an actual transfer of ownership from the borrower to the lender. allows funding of the repairs through a series of draws. zoning, highways. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Copy of most recent property survey \text{10. 4. local maps, indicating location of subject and comparables various equations can calculate what investor is looking for. The reduction in value of property from causes such as deterioration or obsolescence. 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. 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. \end{array} subsequent to adjustment, limits how much a payment can increase or decrease. Gross Rent Multiplier. some lenders accept this drive-by type of review for low LTV or low risk loans. responsible for: tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. type of insurance required when the LTV exceeds 80%. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. It is would suggest that an owner should not "over improve" a property. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. prohibits redlining. & \text{$\quad$misleading financial statements}\\ * whole # by denominator original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. | Life | Annual Rate | Operating income and expense statements ___________ 7. grantor does not even claim to own the property. 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. The loss in desirability of the style, layout, or function of an element of a property over time. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. ___________ 14. | 4 years | |. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. 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. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. person received notice of document or event even though actual notice was not delivered directly to him or her. Eminent Domain Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). 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. ___________ 10. Activities of management engaged to}\\ Analysis of market data \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 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. Theprocessofproducingaccounting2. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. and no unpaid claims against the property. legal procedure where secured property is sold to pay unpaid note. used to clear up cloud on title, no protection, no ownership claimed by grantor. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. The lender transfers title back to the borrower when the loan is repaid. Consumer Financial Protection Bureau (CFPB) enforces what Acts? Ethicsd. Financialaccounting8. value added to improvement exceeds the cost of improvement. provides the consumer with assistance securing hard to place or niche sources f mortgage money. a mortgage is an actual transfer of ownership from the borrower to the lender. prepared by an attorney, least likely to be contested. Reconciliation of values 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. Exam-Federal 1-A2. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. purchases "pools" or mortgages. purchase price is affected by the expectation of of future appeal and benefits. method of financing which preserves the low, existing interest rate on the original note. 7. Accounting2. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. Havingenoughcashavailabletopay5. in depth process. Financingactivities5. Escheat, right of government to regulate and control land. The sum of the energy used during the life cycle of a product. whichever one is lower LTV Loan-to-Value Ratio Economic obsolescence Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} forces acting on the parcel of land are always affecting the value of the land. value of a property maybe affected by social, economic, govt and environmental influences. Calculate the new balance. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. buying the market pools. His opportunity cost is 7 percent. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. The money that mortgage companies use to make loans comes from the sale of __________. Frequently asked questions 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. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties Homeowners who are least 62 years of age can borrow against the equity in their property. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! & \text{g. An information system that measures,}\\ 21 pages. Activitiesofmanagementengagedtooperatethebusinessj. combination of two or more properties into one. 2.amount of any payment funds the secondary market. These are the 4 rights of land. a limit on the amount the interest rate can increase or decrease at each adjustment date. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. & \text{$\quad$information about an identifiable}\\ Began in 1938 federal agency. Income approach Analysis Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. a type of appraisal review. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. the value of a property is equal to the sum of the contributory value of each of its component parts. preserves low, existing intrest rate on the original note. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. Activitiesofmanagementengagedtooperatethebusinessj. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. & \text{$\quad$achieve its objectives}\\ PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. 16 pages. used in most real estate transactions. specifies requirements found in regulation z. 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. Real Estate Salesperson National Prep Exam 1.docx. Identify the term that best fits the following description - to force out or push out. What is the probability that Bob receives no tweets during his lunch hour? tenancy of will loss in a property's value due to daily wear and tear. Theprocessofgeneratingandcommunicating10. transfer of title that is a free act of the grantor.