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. Profitabilityinformationfortheinternaluseofa3. Comprehensive Environmental Response, compensation, and Liability Act. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. 9. . Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? 2. 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. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Examine the summary section of a monthly credit card statement. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools ___________ 14. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Type of asset-backed security that is secured by a mortgage or collection of mortgages. set by state of texas dept of insurance, based on properties value using sliding scale. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ \text{4. Financing activities} & \text{b. Investingactivitiesdebtswhentheyaredue6. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. ___________ 6. loss in a property's value due to daily wear and tear. less depreciation, plus land value. The Act was passed to protect consumers from fraud in the sale or lease of land. prohibits redlining. Consumer Financial Protection Bureau (CFPB) enforces what Acts? 2.amount of any payment \text{2. 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. Calculate the new balance. 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. The percentage of value or sales price that a lender is willing to finance. 3. homeowners who are at least 62 years of age can borrow against the equity in their property. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. 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 value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. the loan origination market where borrowers and lenders negotiate mortgage terms. These are the 4 rights of land. The lender transfers title back to the borrower when the loan is repaid. 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. It is would suggest that an owner should not "over improve" a property. addition or amendment to an existing will. Real Estate Salesperson National Prep Exam 1.docx. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. 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. Certified Residential Appraiser The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Helen Fortier February 10, 2022 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 real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. 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. 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. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. 8. tenancy of sufferance \end{array} the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. combination of two or more properties into one. \text{Other Expenses}&\$36,000&&\$34,500\\ promotes home ownership. 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. decreases over time, norm paid by buyer. His opportunity cost is 7 percent. Gross Rent Multiplier. Ethics10. The right of the government to take an individual's land if he or she dies without a will or heirs. & \text{$\quad$whether actions are right or wrong}\\ Managerialaccountingandcontinuingtooperateabusiness9. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. 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. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. low emissive gas coated with metallic oxide layer. estimate of value based on current construction costs. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. lender acquires property under foreclosure. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. She has one son, Tyler, who lives in Maine. It was signed into law by President Barack Obama in May 2009. Economic obsolescence They are my go-to partner for all things related to continuing education. most reasonable price a property should bring in a competitive open market. various equations can calculate what investor is looking for. (1) The Sales Comparison Approach 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. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. transfer of ownership against the will of the owner. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Investingactivities6. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. & \text{g. An information system that measures,}\\ It's simple! ___________ 13. this is the best indicator. 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. If the property cannot be transferred, it is of little value. 3. number of payments or period of repayment 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. 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. \text{7. How do I get a Texas Real Estate License? Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. supply is short, prices go up. Buildings are not typical of the area Theprocessofproducingaccounting2. some lenders accept this drive-by type of review for low LTV or low risk loans. Another Name for environmental or economic obsolescence. responsible for: requires an application. 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. Under what conditions would the traditional yield spread be close to the static spread? no guarantee for approval, property must fit criteria . The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. a type of appraisal review. largest investor in home mortgages. residential property is depreciated over how many years? Liquidity4. Permits additional borrowing on the same note and mortgage. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The loss in a property's value due to daily wear and tear. 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. Ethicsd. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! He has been offered three possible 4-year contracts. \text{1. Havingenoughcashavailabletopay5. partially amortized loan with final payment substantially larger than the others. The government's right to tax real estate. person received notice of document or event even though actual notice was not delivered directly to him or her. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. 16 pages. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Match the terms that follow with the appropriate definitions. secured property may be sold ti satisfy the unpaid promissory note. 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. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Liquiditycompanysmanagement4. Title remains with the lender until loan is repaid. 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. method of financing which preserves the low, existing interest rate on the original note. The USPS has a monopoly on every type of mail or package. Theintentionalpreparationofmisleadingfinancialstatementsi. document that pledges the property as security for repayment of the note. 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. 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. (3) The Income Approach. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. \text{10. & \text{$\quad$form of financial statements to decision}\\ limited appraisal report 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. tenancy of will gradual loss of land near border of stream or river. ___________ 2. These are non conforming loans. 1. Assets that are easily converted to cash. Unlimited number of times. 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. person designated to execute the terms of a will. Site description 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. This ensures you quickly get to the core! initial truth in lending disclosure. zoning, highways. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ & \text{j. estate for years risk based pricing, borrowers are rated A-F with prime borrows having a A rating. & \text{e. Activities of management engaged}\\ The loan becomes due upon the sale of the property or the death of the owner. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. loss value caused by factors outside of the property (demand, zoning, condemnation, highways), for income-generating rental properties, neighborhood-specific, GRM = Sales Price/Monthly Rent, Property acquired by lender through foreclosure, Borrowers and lenders come together to create mortgage, Mortgage bankers, mortgage brokers, and correspondent lenders, The detailed process of evaluating a borrower's loan application, The consummation of a real estate transaction, signed and paid. The sum of the energy used during the life cycle of a product. 2. major functional obsolescence Money that has value apart from its use as money. grantor fully warrants good clear title to the property. A code of conduct that addresses}\\ Financialaccounting8. Havingenoughcashavailabletopaydebtswhentheyareduec. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. promotes energy efficient products and buildings. 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. (PETE) police power, escheat, taxation, eminent domanin. Payments are guaranteed, and they would be made at the end of each year. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Theprocessofgeneratingandcommunicating10. ___________ 5. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Create flashcards for FREE and quiz yourself with an interactive flipper. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. oriental killer boyz, oksigjeni ne gjak 88,
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