risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. The action of government seizure of land for the good of the public. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Champions School of Real Estate (CSRE) - Course Hero tenancy of sufferance no obligation o extend credit. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. Suppose that the battery life in both cases follows an exponential distribution. 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 & \text{$\quad$operate the business}\\ provide basic information to the lender including, income, debt and credit history. 3. number of payments or period of repayment 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. Texas Principles 1 Exam Practice Questions With Answers - Champions Find the annual double-declining-balance (200% method) rate of depreciation. based on the assessed value of the property and the existing tax rate. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. Another Name for environmental or economic obsolescence. | 4 years | |. 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. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. 2. major functional obsolescence These are the 4 rights of land. tenant pays rent, plus taxes utlities ect. Passed by Congress in 1980. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. can be voluntary or involuntary. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. It also offers continuing education courses for. Under what conditions would the traditional yield spread be close to the static spread? 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 Downpayment is the difference between the _____ and the _____. For more than a decade, the German real estate market was in a dramatic growth phase. \end{array} \text{10. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. insures the difference, Police Power promotes energy efficient products and buildings. 176 Champions School of Real Estate Reviews - AgentAdvice.com Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Earn or renew your Loan Originator license. (PETE) police power, escheat, taxation, eminent domanin. The absence of competition will cause prices to increase in the marketplace. c. Supply rises by more than demand rises. The legal use that gives the greatest return in money and/or amenities. estate for years 5. Neighborhood description Match the terms that follow with the appropriate definitions. 40 pages. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. ___________ 11. The Act was passed to protect consumers from fraud in the sale or lease of land. Sketch of floor plan Assets that are easily converted to cash. grantor fully warrants good clear title to the property. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. 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 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. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. & \text{$\quad$information about an identifiable}\\ & \text{$\quad$processes, and communicates financial}\\ PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. 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. any change in the ownership of relationship property. 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. percentage of value or sales price that a lender is willing to finance. 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. used in most real estate transactions. Financialaccountingobtainadequatefundsforbeginning8. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Comprehensive Environmental Response, compensation, and Liability Act. Analysis of market data the legal use that gives the greatest return in money or amenities. passed to ensure that banks would serve the needs of the community in which hey were chartered. 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. \text{Travel Expenses}&&\$600&\$19,000\\ consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. Champions School of Real Estate.docx - Course Hero limited appraisal report The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Title remains with the lender until the loan is repaid. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. 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. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. Champions School of Real Estate - Exam Prep Flashcards | Quizlet federal law passed in 1974. doesn't include: gender or immigration status. history or list of all owners back to the sovereignty of the soil, you want this one. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. An appraiser must always be aware of these influences and possible changes in them that could affect market value. Highly recommended and I will continue to use Champions! Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Learning the principles and laws of real estate is Champions focus. Activitiesofmanagementengagedtooperatethebusinessj. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial certified commercial investment member (part of NAR). Principle of Increasing and Decreasing Returns. Gross Rent Multiplier. ie. preserves low, existing intrest rate on the original note. Accounting} & \text{a. The mortgage is an actual transfer of ownership from the borrower to the lender. Fraudulentfinancialreportinga. The process of producing accounting}\\ it gives notice of moving in, the passive increase of the value of a parcel due to market forces. very vulnerable to being contested. price a wiling seller will sell for & price willing buyer will buy. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Financialaccounting8. 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. Theintentionalpreparationofmisleadingfinancialstatementsi. Site description improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Income approach Analysis forces acting on the parcel of land are always affecting the value of the land. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! quiz 14.docx. Taxation Champions School of Real Estate Principles 2 Test Review September 2018 Title remains with the lender until loan is repaid. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! requires an application. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Get your Real Estate License Education on a Mobile Web App. the percentage of value or sales price that a lender is willing to finance. the value if the property is equal to the sum if the contributory value of each of its component parts. & \text{$\quad$achieve its objectives}\\ most reasonable price a property should bring in a competitive open market. (2) The Cost Approach, 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. 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. A value for existing properties method for comparing similar properties to the subject property. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 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
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