2.amount of any payment A break in this line would create a cloud on the title. b) What confidence level did the pollsters use? Frequently asked questions 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. Sketch of floor plan Create flashcards for FREE and quiz yourself with an interactive flipper. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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. 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. looks like a deed. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. a. residential property is depreciated over how many years? An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Value, Income, Return. subsequent to adjustment, limits how much a payment can increase or decrease. Earn or renew your Real Estate Sales Agent or Broker license. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. 5. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. There is no membership needed. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. value added to improvement exceeds the cost of improvement. limits interest rate over the lifetime of a loan. 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. Additional support documents, 1. The Act was passed to protect consumers from fraud in the sale or lease of land. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? purchase price is affected by the expectation of of future appeal and benefits. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. 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. document that pledges the property as security for repayment of the note. 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. limits how much a payment can increase/ decrease. Copy of most recent property survey If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. A value for existing properties method for comparing similar properties to the subject property. percentage of value or sales price that a lender is willing to finance. zoning, highways. purchases "pools" or mortgages. combination of two or more properties into one. Find the annual double-declining-balance (200% method) rate of depreciation. 16 pages. 1. ___________ 3. 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. The lender transfers title back to the borrower when the loan is repaid. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. 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 possible polluted who may be held liable under CERCLA for the contamination of a property or resource. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). 3. These are the 4 rights of land. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. & \text{$\quad$makers outside the organization}\\ Accounting} & \text{a. 7. 40 pages. Independent third-party appraiser will review the report, then verify the information. Property and lender information 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. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! Examine the summary section of a monthly credit card statement. 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. 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. Activitiesofmanagementengagedtooperatethebusinessj. % of the lesser of the appraised value or sales price that lender will lend. 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. The process of producing accounting}\\ Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? What is one of the most important ways through which the behavior becomes integrated? Eminent Domain Passed by Congress in 1968. used to clear up cloud on title, no protection, no ownership claimed by grantor. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). The sum of the energy used during the life cycle of a product. 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. 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. used in most real estate transactions. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. only legal for personal property. 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. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. 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. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. Texas State Portion Real Estate Exam part 2.docx. Principle of Increasing/or decreasing returns. 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. secured property may be sold ti satisfy the unpaid promissory note. Financingactivitiesb. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Investing activities} & \text{$\quad$debts when they are due}\\ Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. 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 ___________ 4. 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 . 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. Improvements to site Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. & \text{i. The loan becomes due upon the sale of the property or the death of the owner. Havingenoughcashavailabletopay5. He has been offered three possible 4-year contracts. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. 4. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 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. initial truth in lending disclosure. 2. federal law passed in 1974. doesn't include: gender or immigration status. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. the loan origination market where borrowers and lenders negotiate mortgage terms. \text{1. 6. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. a deed is considered to be delivered and accepted when it is delivered into escrow. Havingenoughcashavailabletopaydebtswhentheyareduec. Payments are guaranteed, and they would be made at the end of each year. exterior only/drive by inspection. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 2. major functional obsolescence many lenders, especially high LTV loans, will order a field review of the appraisal. ___________ 1. ENERGY STAR program was established in 1992 under this Act. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Calculate the new balance. 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. \text{5. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Borrowers are rated A-F with a prime borrower having an A rating. 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 special form of insurance which is designed to allow lender to increase the LTV. a type of appraisal review. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. ___________ 13. Principles of Real Estate 1. right of govt to take private land for public use. 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. It's simple! 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. 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. 1. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ generally 5-10% range with fees. 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.
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