champions school of real estate principles 2 quizlet

Rental survey lender acquires property under foreclosure. Began in 1938 federal agency. 176 Champions School of Real Estate Reviews - AgentAdvice.com Champions School of Real Estate Principles 2 Test Review September 2018 ___________ 11. \text{7. federal law passed in 1974. doesn't include: gender or immigration status. Champions Real Estate School Review - Investopedia \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Activitiesofmanagementengagedto7. Frequently asked questions Calculate the new balance. 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 Neighborhood description Texas Principles 2 Q & A - Champions School of Real Estate 1. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Havingenoughcashavailabletopay5. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. Learning the principles and laws of real estate is Champions focus. 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. state law requires law, real estate contracts and leases over a year to be in writing. Economic obsolescence used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. . According to this principle, the value of The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 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. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Analysis of market data Identify the term that best fits the following description - to force out or push out. & \text{$\quad$productive and will help a business}\\ the percentage of value or sales price that a lender is willing to finance. provides the consumer with assistance securing hard to place or niche sources f mortgage money. 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. Passed by Congress in 1980. Theintentionalpreparationofmisleadingfinancialstatementsi. transfer of ownership against the will of the owner. He has been offered three possible 4-year contracts. 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. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. These are non conforming loans. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Improvements to site Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! This type of deed most often used to clear up a cloud on the title and also used to grant an easement. no guarantee for approval, property must fit criteria . The legal use that gives the greatest return in money and/or amenities. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. & \text{$\quad$information about an identifiable}\\ 2.amount of any payment Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. 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. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ An appraiser must always be aware of these influences and possible changes in them that could affect market value. 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. ___________ 1. She has one son, Tyler, who lives in Maine. ___________ 5. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. Identify and explain the structures of language. Texas Real Estate License Exam Prep | Champions School & \text{$\quad$whether actions are right or wrong}\\ property owner obtains a certificate much like an automobile that is recorded in the public records. 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. percentage of value or sales price that a lender is willing to finance. Unlimited number of times. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. Permits additional borrowing on the same note and mortgage. prohibits redlining. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. 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. The most probable price a property should bring in a competitive and open market. 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) Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Here is what they had to say! secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Value, Income, Return. The right of the government to take an individual's land if he or she dies without a will or heirs. decreases over time, norm paid by buyer. transfer of ownership against the will of owner. 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. a. various equations can calculate what investor is looking for. 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. 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. 5. The program offers 100% financing (no down payment) for qualified borrowers. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Let and take agreement 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. \end{array} legal procedure where secured property is sold to pay unpaid note. The process of producing accounting}\\ 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. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. Accountinga. 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. Title remains with the lender until loan is repaid. 3. number of payments or period of repayment Match the following terms to the correct definitions. Fraudulentfinancialreportinga. 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. Ethics} & \text{d. The process of generating and communicating}\\ ARMS that offer fixed rate period during 1st years of the loan. ___________ 6. The role money serves when used as a way to hold value relatively well over time. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. allows funding of the repairs through a series of draws. less depreciation, plus land value. 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. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Earn or renew your Real Estate Sales Agent or Broker license. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. Theintentionalpreparationofmisleadingfinancialstatementsi. Property for Sale in Hesse | Germany - EW RealEstate prepared by an attorney, least likely to be contested. 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. 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. 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 Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. 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! Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. c. Supply rises by more than demand rises. | 4 years | |. 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. 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. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. Financingactivitiesb. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. 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. tenancy of will If the property cannot be transferred, it is of little value. 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. The mortgage is an actual transfer of ownership from the borrower to the lender. addition or amendment to an existing will. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. & \text{j. The action of government seizure of land for the good of the public. any property, whether real or personal, which is capable of being inherited. ___________ 13. a limit on the amount the interest rate can increase or decrease at each adjustment date. very vulnerable to being contested. value added to improvement exceeds the cost of improvement. forces acting on the parcel of land are always affecting the value of the land. low emissive gas coated with metallic oxide layer. Financingactivities5. Real estate prices in Germany remain the same, although overall sales are declining. 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. 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. Demand rises and supply is constant. A Rare 150 /- Acre Parcel in the . Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. consumers are given equal chance to obtain credit.

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