40 pages. Income approach Analysis 7. Principles of Real Estate 1. & \text{$\quad$attract and hold investment capital}\\ b. What is one of the most important ways through which the behavior becomes integrated? ___________ 10. \text{5. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Match the following terms to the correct definitions. Managerialaccountingandcontinuingtooperateabusiness9. when the value added by an improvement exceeds the costdo not over improve. Bank owns it now. Financialaccounting8. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. addition or amendment to an existing will. DUST; demand, utility, scarcity, transferability. Achieve success through Business Etiquette. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ percentage of value or sales price that a lender is willing to finance. grantor fully warrants good clear title to the property. 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. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Theintentionalpreparationofmisleadingfinancialstatementsi. It is would suggest that an owner should not "over improve" a property. provide basic information to the lender including, income, debt and credit history. The loss in desirability of the style, layout, or function of an element of a property over time. 4. local maps, indicating location of subject and comparables 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. 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. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline lender acquires property under foreclosure. Liquidity4. Get your Real Estate License Education on a Mobile Web App. 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. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Profitability} & \text{$\quad$information for the internal use of a}\\ 4. Rural Property <25% built up issued in the amount of the loan. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. small investors to invest in larger commercial properties. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. borrowers provide basic information like income, debt, and credit history. 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 . Money that has no value of its own but can be exchanged for something of value. the absence of competition will cause prices to increase in the marketplace. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. Conventional-loans that have no federal guarantees or insurance a mortgage is an actual transfer of ownership from the borrower to the lender. Certified Residential Appraiser requires an application. ___________ 6. Buildings are not typical of the area Examine the summary section of a monthly credit card statement. Payments are guaranteed, and they would be made at the end of each year. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. no guarantee for approval, property must fit criteria . standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. A Rare 150 /- Acre Parcel in the . TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Items that affect the marketability or livability of the property \text{Other Expenses}&\$36,000&&\$34,500\\ Adger Corporation is a service company that measures its output based on the number of customers served. Over 500 million tweets are sent per day. Principle of Increasing and Decreasing Returns. 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. (PETE) police power, escheat, taxation, eminent domanin. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Profitability3. A lower interest rate is offered by the lender during the first year or more of the loan. 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. If Market is flooded values will be flat. 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. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. some lenders accept this drive-by type of review for low LTV or low risk loans. 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 ___________ 3. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. prohibits redlining. ___________ 5. power of sale under a mortgage in default. Value, Income, Return. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! 5. Ethicsd. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. Texas State Portion Real Estate Exam part 2.docx. According to this principle, the value of Having enough cash available to pay}\\ help meet the credit needs of ALL the community. Additional support documents, 1. right of govt to take private land for public use. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. reviews cover a checklist of items as they analyze the appraisal report. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. \text{6. can be voluntary or involuntary. 6. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. Site description ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. gradual loss of land near border of stream or river. & \text{$\quad$information about an identifiable}\\ the percentage of value or sales price that a lender is willing to finance. 9. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Economic obsolescence ( Champions School Of. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. Accounting} & \text{a. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. CFPB implemented. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. Activitiesofmanagementengagedtooperatethebusinessj. most conveyances are voluntary. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Operating income and expense statements Married limit is 500k. Activitiesofmanagementengagedtooperatethebusinessj. & \text{$\quad$processes, and communicates financial}\\ Passed by Congress in 1968. prepared by an attorney, least likely to be contested. negotiated between landlord and manager. He is really good. 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{h. The intentional preparation of}\\ promotes home ownership. looks like a deed. used in most real estate transactions. deffence against claims which have arisen suring grantor ownership. The landlord or owner; party granting a lease. a type of appraisal review. Demand rises and supply is constant. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 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. Money that has value because the government has ordered that it be accepted in payment of debts. The reduction in value of property from causes such as deterioration or obsolescence. 4. Title remains with the lender until the loan is repaid. purchases "pools" or mortgages. set by state of texas dept of insurance, based on properties value using sliding scale. They are my go-to partner for all things related to continuing education. 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. Managerialaccounting9. 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. generally 5-10% range with fees. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. person designated to execute the terms of a will. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. An appraiser must always be aware of these influences and possible changes in them that could affect market value. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. ie. \end{array} Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. The Act was passed to protect consumers from fraud in the sale or lease of land. certified commercial investment member (part of NAR). Began in 1938 federal agency. A break in this line would create a cloud on the title. Percentage of the Lesser of the appraised value or sales price that the lender will lend. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! ratio of borrowers total recurring monthly debts. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. 8. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. & \text{$\quad$productive and will help a business}\\ Type of asset-backed security that is secured by a mortgage or collection of mortgages. 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. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 8. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. in 1968 was established as private company,operates with private capital on a self sustaining basis to enhance the flow of funds in the secondary market. Appraisal certification, Appraisal Factors that affect loan approval, 1. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. b) What confidence level did the pollsters use? I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 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. ___________ 14. 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) Find the annual double-declining-balance (200% method) rate of depreciation. The staff at Champions School is top notch! Activities of management engaged to}\\ Theintentionalpreparationofmisleadingfinancialstatementsi. Operating activities} & \text{c. Activities of management engaged to}\\ value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. a type of appraisal review. A value for existing properties method for comparing similar properties to the subject property. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. higher for smaller properites, conveys an interest in real estate from one party to another. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. Learning the principles and laws of real estate is Champions focus. The government's right to tax real estate. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. & \text{$\quad$economic entity}\\ & \text{$\quad$misleading financial statements}\\ 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. 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. Fraudulentfinancialreportinga. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. The exchange of goods or services for other goods or services without the use of money. transfer of title that is a free act of the grantor. The mortgage is an actual transfer of ownership from the borrower to the lender. 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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 \text{Travel Expenses}&&\$600&\$19,000\\ Principles of Real Estate 2. residential property is depreciated over how many years? the legal use that gives the greatest return in money or amenities. 16 pages. Developers are required to provide each purchaser with a disclosure document (Property Report). interest rate a reserve bank charges eligible financial institutions to borrow money short term. 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 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. Sketch of floor plan increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed.