various equations can calculate what investor is looking for. the absence of competition will cause prices to increase in the marketplace. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. DUST; demand, utility, scarcity, transferability. Principles of Real Estate 1 - Term flashcards - Champions School of Buildings are not typical of the area 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. Gross Rent Multiplier. addition or amendment to an existing will. Assets that are easily converted to cash. Activitiesofmanagementengagedtooperatethebusinessj. Downpayment is the difference between the _____ and the _____. consumers are given equal chance to obtain credit. 2. January 1, 2005, launching its Mold Mission Program. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ 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. Purchases "pools" of mortgages. Principles of real estate II (Champions) Flashcards | Quizlet Over 500 million tweets are sent per day. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. residential property is depreciated over how many years? & \text{$\quad$to spend capital in ways that are}\\ seller is willing to take part or all of equity in the form of a note. \text{4. Financing activities} & \text{b. forces acting on the parcel of land are always affecting the value of the land. 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! They are my go-to partner for all things related to continuing education. \text{1. 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. Texas Principles 2 Exam Practice Questions - Champions School of Real Operating income and expense statements 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. 4. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. Champions In Real Estate offer real estate for sale in Kanimbla , Earlville , Mooroobool and surrounding areas. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. You can do it, we can help! Money that has value apart from its use as money. a type of appraisal review. Real Estate Salesperson National Prep Exam 1.docx. Operatingactivities7. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. ___________ 3. \text{7. Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. \text{10. Ethicsd. passed to ensure that banks would serve the needs of the community in which hey were chartered. ___________ 11. Demand falls by more than supply rises. % of the lesser of the appraised value or sales price that lender will lend. His opportunity cost is 7 percent. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). responsible for: maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion 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. 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. a type of appraisal review. Earn or renew your Real Estate Sales Agent or Broker license. 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. 5. 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. limits how much a payment can increase/ decrease. He has been offered three possible 4-year contracts. supply is short, prices go up. examining of the public records and constructed a chain of title and an abstract of title. Additional support documents, 1. Principle of Increasing/or decreasing returns. Champions School of Real Estate-Principles of Real Estate II - Quizlet maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. permits additional borrowing on the same note and mortgage. secured property may be sold ti satisfy the unpaid promissory note. Highly recommended and I will continue to use Champions! homeowners who are at least 62 years of age can borrow against the equity in their property. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Sketch of floor plan The lender transfers title back to the borrower when the loan is repaid. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. whichever one is lower LTV Loan-to-Value Ratio A code of conduct that addresses}\\ Money that has value because the government has ordered that it be accepted in payment of debts. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) & \text{$\quad$achieve its objectives}\\ Financingactivities5. Neighborhood description (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. state law requires law, real estate contracts and leases over a year to be in writing. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. the legal use that gives the greatest return in money or amenities. Economic obsolescence Theintentionalpreparationofmisleadingfinancialstatementsi. Match the terms that follow with the appropriate definitions. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Developers are required to provide each purchaser with a disclosure document (Property Report).
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