Managerialaccountingandcontinuingtooperateabusiness9. most conveyances are voluntary. Ethics10. The percentage of value or sales price that a lender is willing to finance. Financialaccountingobtainadequatefundsforbeginning8. 1. & \text{f. The ability to earn enough income to}\\ We feel that we provide an unparalleled Real Estate education in Texas and our students agree! prepared by an attorney, least likely to be contested. Assets that are easily converted to cash. any change in the ownership of relationship property. 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. Photographs of property The reduction in value of property from causes such as deterioration or obsolescence. A value for existing properties method for comparing similar properties to the subject property. 3. \text{5. Identify and explain the structures of language. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . & \text{$\quad$whether actions are right or wrong}\\ property owner obtains a certificate much like an automobile that is recorded in the public records. many lenders, especially high LTV loans, will order a field review of the appraisal. 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 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. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. power of sale under a mortgage in default. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! \end{array} quiz 14.docx. ___________ 11. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Financialaccounting8. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. This ensures you quickly get to the core! flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Managerialaccounting9. in depth process. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. very likely to be contested. a. It basically insures the difference between the borrower's down payment and LTV. interest rate a reserve bank charges eligible financial institutions to borrow money short term. sets monetary policy. It also offers continuing education courses for. 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. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Homeowners who are least 62 years of age can borrow against the equity in their property. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. 4. based on the assessed value of the property and the existing tax rate. rate doesn't change between offer and closing. a limit on the amount the interest rate can increase or decrease at each adjustment date. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. & \text{$\quad$operate the business}\\ buying the market pools. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. value added to improvement exceeds the cost of improvement. d. Supply falls and demand is constant. 7. 2. 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. \text{10. 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! 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. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? grantee gives to the grantor, most common, best type of deed to have. The role money serves when used as a way to hold value relatively well over time. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. partially amortized loan with final payment substantially larger than the others. % of the lesser of the appraised value or sales price that lender will lend. Consumer Financial Protection Bureau (CFPB) enforces what Acts? 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 Find the annual double-declining-balance (200% method) rate of depreciation. ___________ 6. A Rare 150 /- Acre Parcel in the . The government's right to tax real estate. Adger Corporation is a service company that measures its output based on the number of customers served. this is the best indicator. \text{2. Take your license further with a Designation or Certification. 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. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. preserves low, existing intrest rate on the original note. Achieve success through Business Etiquette. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. 16 pages. ___________ 5. lender acquires property under foreclosure. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. Another Name for environmental or economic obsolescence. Operatingactivitiesc. & \text{$\quad$processes, and communicates financial}\\ The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. residential property is depreciated over how many years? 40 pages. The loss in desirability of the style, layout, or function of an element of a property over time. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Get your Real Estate License Education on a Mobile Web App. 9. background information about the appraiser maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell These are non conforming loans. 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. Havingenoughcashavailabletopaydebtswhentheyareduec. Suppose that the battery life in both cases follows an exponential distribution. | 4 years | |. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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. 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. ENERGY STAR program was established in 1992 under this Act. & \text{i. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). a deed is considered to be delivered and accepted when it is delivered into escrow. commercial property is depreciated over how many years? 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. the absence of competition will cause prices to increase in the marketplace. transfer of ownership against the will of owner. person designated to execute the terms of a will. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. limits interest rate over the lifetime of a loan. 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. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. history or list of all owners back to the sovereignty of the soil. 4. According to this principle, the value of provide basic information to the lender including, income, debt and credit history. \end{array} ARMS that offer fixed rate period during 1st years of the loan. Texas State Portion Real Estate Exam part 2.docx. 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 Fraudulentfinancialreportinga. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Passed by Congress in 1980. 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. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 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. 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. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. transfer of title that is a free act of the grantor. risk based pricing, no published rates. He has been offered three possible 4-year contracts. qualifies borrower based on proposed home payment and gross monthly income. Earn or renew your Loan Originator license. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Income approach Analysis CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. lender has evaluated the borrower in the underwriting process. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. Items that affect the marketability or livability of the property Escheat, right of government to regulate and control land. 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. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 2.amount of any payment promotes home ownership. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. Having enough cash available to pay}\\ 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. 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. percentage of value or sales price that a lender is willing to finance. Money that has value because the government has ordered that it be accepted in payment of debts. very vulnerable to being contested. tenancy of will Examine the summary section of a monthly credit card statement. \text{Other Expenses}&\$36,000&&\$34,500\\ Economic obsolescence 3. number of payments or period of repayment 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. 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. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. 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. 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. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. purchases "pools" or mortgages. ___________ 3. used in most real estate transactions. 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. (3) The Income Approach. largest investor in home mortgages. DUST; demand, utility, scarcity, transferability. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. January 1, 2005, launching its Mold Mission Program. 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. If the property cannot be transferred, it is of little value. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ * whole # by denominator It's simple! age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. 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) Investingactivities6. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. . ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 7. Operating activities} & \text{c. Activities of management engaged to}\\ 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. 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. 5. Analysis of market data The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Create flashcards for FREE and quiz yourself with an interactive flipper. If Market is flooded values will be flat. It is would suggest that an owner should not "over improve" a property. Frequently asked questions It was signed into law by President Barack Obama in May 2009. tenant pays rent, plus taxes utlities ect. 3. \text{Revenue}&&\$5,000&\$160,000\\ 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. gradual loss of land near border of stream or river. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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 borrowers provide basic information like income, debt, and credit history. 2. & \text{g. An information system that measures,}\\ & \text{e. Activities of management engaged}\\ transfer of ownership against the will of the owner. c. Supply rises by more than demand rises. Ethicsd. 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.