champions school of real estate principles 2 quizlet

A break in this line would create a cloud on the title. | Life | Annual Rate | 2. The money that mortgage companies use to make loans comes from the sale of __________. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. Developers are required to provide each purchaser with a disclosure document (Property Report). legal. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . transfer of ownership against the will of owner. person designated to execute the terms of a will. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. 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. offers the greatest protection of any deed. What is one of the most important ways through which the behavior becomes integrated? Earn or renew your Loan Originator license. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. Passed by Congress in 1968. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. Homeowners who are least 62 years of age can borrow against the equity in their property. 1. most reasonable price a property should bring in a competitive open market. a mortgage is an actual transfer of ownership from the borrower to the lender. It's simple! The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Rental survey the legal use that gives the greatest return in money or amenities. based on the assessed value of the property and the existing tax rate. Improvements to site He has been offered three possible 4-year contracts. The reduction in value of property from causes such as deterioration or obsolescence. The program offers 100% financing (no down payment) for qualified borrowers. These are non conforming loans. \text{2. Payments are guaranteed, and they would be made at the end of each year. Identify and explain the structures of language. designed to clean up sites contaminated with hazardous substance. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Money that has value because the government has ordered that it be accepted in payment of debts. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. legal procedure where secured property is sold to pay unpaid note. value added to improvement exceeds the cost of improvement. transfer of title that is a free act of the grantor. 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. supply is short, prices go up. (pending lawsuits affecting the property). type of insurance required when the LTV exceeds 80%. The exchange of goods or services for other goods or services without the use of money. 4. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. minimum 100 investors. The loss in desirability of the style, layout, or function of an element of a property over time. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Highly recommended and I will continue to use Champions! Managerialaccountingandcontinuingtooperateabusiness9. Calculate the new balance. Demand falls by more than supply rises. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ right of govt to take private land for public use. lender acquires property under foreclosure. Champions makes sure you are ready to take your State and National exam. Profitability3. Analysis of market data 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. addition or amendment to an existing will. Financingactivities5. transfer of ownership against the will of the owner. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Operatingactivities7. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. The percentage of value or sales price that a lender is willing to finance. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. Once the loan is closed it is sold to another lender. \text{9. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. 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. 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. Havingenoughcashavailabletopay5. 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. the only limitations to title are those listed in the deed. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. 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. A lower interest rate is offered by the lender during the first year or more of the loan. How do I get a Texas Real Estate License? The role money serves when it is used as a standard measure to set prices and make economic calculations. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. They prepare you for life as a Realtor. 2.amount of any payment 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. 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. 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. tenancy of will ___________ 13. permits additional borrowing on the same note and mortgage. initial truth in lending disclosure. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. The sum of the energy used during the life cycle of a product. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. \end{array} Theintentionalpreparationofmisleadingfinancialstatementsi. value set on the property for tax purposes. doesn't indicate that they are legal owner, The government is the original owner of all land. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! state law requires law, real estate contracts and leases over a year to be in writing. rate doesn't change between offer and closing. covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. ___________ 3. 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. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. 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 Profitabilityinformationfortheinternaluseofa3. gradual loss of land near border of stream or river. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). Ethics10. 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. less depreciation, plus land value. 8. \text{1. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial 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. addition or amendment to an existing will. Liquidity} & \text{$\quad$companys management}\\ Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Sketch of floor plan For more than a decade, the German real estate market was in a dramatic growth phase. It is would suggest that an owner should not "over improve" a property. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Money that has value apart from its use as money. Theprocessofproducingaccounting2. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. ___________ 8. Cost approach Analysis ( Champions School Of. Accountinga. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! combination of two or more properties into one. ___________ 2. secured property may be sold ti satisfy the unpaid promissory note. Having enough cash available to pay}\\ They are my go-to partner for all things related to continuing education. Principle of Increasing and Decreasing Returns. 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. 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

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