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prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. The staff at Champions School is top notch! responsible for: Having enough cash available to pay}\\ any change in the ownership of relationship property. \text{Travel Expenses}&&\$600&\$19,000\\ 2. major functional obsolescence set by state of texas dept of insurance, based on properties value using sliding scale. transfer of title that is a free act of the grantor. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? \end{array} person, corporation or firm, not in banking, that provides its own funds for mortgage financing. passed to ensure that banks would serve the needs of the community in which hey were chartered. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 3. legal procedure where secured property is sold to pay unpaid note. specifies requirements found in regulation z. (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. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. ___________ 2. 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. These are non conforming loans. The role money serves when it is used as a standard measure to set prices and make economic calculations. Downpayment is the difference between the _____ and the _____. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages Operating income and expense statements Copy of most recent property survey You can do it, we can help! Accounting} & \text{a. 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. transferring funds to a title co for disbursement when loan is approved. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. The amount of money available for the purchase of goods and services. Accountinga. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Type of asset-backed security that is secured by a mortgage or collection of mortgages. 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. 3. 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. looks like a deed. various equations can calculate what investor is looking for. b) What confidence level did the pollsters use? 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 . 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. grantor fully warrants good clear title to the property. The exchange of goods or services for other goods or services without the use of money. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. 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. Reconciliation of values Borrowers are rated A-F with a prime borrower having an A rating. 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! limits interest rate over the lifetime of a loan. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. grantor does not even claim to own the property. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. secured property may be sold ti satisfy the unpaid promissory note. These are the 4 rights of land. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Analysis of market data 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. some lenders accept this drive-by type of review for low LTV or low risk loans. 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. ___________ 6. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers 16 pages. It was signed into law by President Barack Obama in May 2009. The loss in a property's value due to daily wear and tear. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial She has one son, Tyler, who lives in Maine. 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. Improvements to site Theprocessofproducingaccounting2. & \text{i. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Purchases "pools" of mortgages. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. initial truth in lending disclosure. Bank owns it now. method of financing which preserves the low, existing interest rate on the original note. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Learning the principles and laws of real estate is Champions focus. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. | Life | Annual Rate | the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. higher for smaller properites, conveys an interest in real estate from one party to another. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. transfer of ownership against the will of the owner. Investingactivities6. Identify and explain the structures of language. Match the terms that follow with the appropriate definitions. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser doesn't indicate that they are legal owner, The government is the original owner of all land. 1. usually have a initial cap that is higher than the adjustment cap. 6. Champions makes sure you are ready to take your State and National exam. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. respa applicable. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. Let and take agreement 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. % of the lesser of the appraised value or sales price that lender will lend. Acodeofconductthataddresseswhetheractionsarerightorwrong. 6. protection up to purchase price, norm paid by seller (buyers benefit). 5. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. 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 limits how much a payment can increase/ decrease. qualifies borrower based on proposed home payment and gross monthly income. 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. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. ___________ 1. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. minimum 100 investors. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Assets that are easily converted to cash. Adequate consideration The money that mortgage companies use to make loans comes from the sale of __________. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. The loss in value of a property caused by factors outside of the property itself. Passed by Congress in 1980. a deed is considered to be delivered and accepted when it is delivered into escrow. small investors to invest in larger commercial properties. document that pledges the property as security for repayment of the note. \end{array} 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. He is really good. 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 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. Title remains with the lender until the loan is repaid. Title remains with the lender until loan is repaid. whichever one is lower LTV Loan-to-Value Ratio Photographs of comparables established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ consumers are given equal chance to obtain credit. Property and lender information most conveyances are voluntary. How do I get a Texas Real Estate License? ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. 8. Consumer Financial Protection Bureau (CFPB) enforces what Acts? Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. What is one of the most important ways through which the behavior becomes integrated? less depreciation, plus land value. Suppose that the battery life in both cases follows an exponential distribution. insures most protection, any changes to the ownership of real property. 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. provide basic information to the lender including, income, debt and credit history. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. why do latent fingerprints stick to smooth surfaces, combat action ribbon verification database,