5. legal procedure where secured property is sold to pay unpaid note. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! ___________ 6. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. quiz 14.docx. How do I get a Texas Real Estate License? 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. promotes energy efficient products and buildings. history or list of all owners back to the sovereignty of the soil. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. Examine the summary section of a monthly credit card statement. 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. Infer What might keep a State from accepting a categorical grant-in-aid? \text{5. 3. number of payments or period of repayment various equations can calculate what investor is looking for. Acodeofconductthataddresseswhetheractionsarerightorwrong. Activitiesofmanagementengagedtooperatethebusinessj. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. 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. the legal use that gives the greatest return in money or amenities. A code of conduct that addresses}\\ designed to clean up sites contaminated with hazardous substance. \text{4. Financing activities} & \text{b. \text{7. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. ___________ 1. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Passed by Congress in 1980. 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. 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. Achieve success through Business Etiquette. generally 5-10% range with fees. value set on the property for tax purposes. 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 If Market is flooded values will be flat. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. Champions School of Real Estate.docx - Course Hero Ethicsd. They are my go-to partner for all things related to continuing education. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. reviews cover a checklist of items as they analyze the appraisal report. The role money serves when it is used as a standard measure to set prices and make economic calculations. Once the loan is closed it is sold to another lender. Principles of Real Estate 1. lender acquires property under foreclosure. 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. 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. The USPS has a monopoly on every type of mail or package. These are non conforming loans. \text{Other Expenses}&\$36,000&&\$34,500\\ used in most real estate transactions. Profitabilityinformationfortheinternaluseofa3. many lenders, especially high LTV loans, will order a field review of the appraisal. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. combination of two or more properties into one. 2. major functional obsolescence 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. no obligation o extend credit. TILA, FCRA, RESPA, ECOA. Having enough cash available to pay}\\ The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. part of income approach, used if there are a lot of rental properties in the area. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. consumers are given equal chance to obtain credit. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Principles of Real Estate 1 - Term flashcards - Champions School of Property and lender information ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. 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. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. deffence against claims which have arisen suring grantor ownership. someone who processes, underwrites, closes and funds his or her own files in his or her name. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. addition or amendment to an existing will. right of govt to take private land for public use. Flood maps 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. Texas Principles 1 Exam Practice Questions With Answers - Champions 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. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? 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. oral/ deathbed will. decreases over time, norm paid by buyer. Over 500 million tweets are sent per day. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. 21 pages. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 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 lender has evaluated the borrower in the underwriting process. 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. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. the value of a property is equal to the sum of the contributory value of each of its component parts. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). 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. ARMS that offer fixed rate period during 1st years of the loan. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. | Life | Annual Rate | Began in 1938 federal agency. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 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. Anything that is widely accepted in exchange for goods and services. Suppose that the battery life in both cases follows an exponential distribution. limited appraisal report the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. What is the probability that Bob receives no tweets during his lunch hour? usually have a initial cap that is higher than the adjustment cap. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. 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. 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. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Photographs of comparables For more than a decade, the German real estate market was in a dramatic growth phase. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. tenancy of will Managerialaccountingandcontinuingtooperateabusiness9. special form of insurance which is designed to allow lender to increase the LTV. purchase title insurance either by grantor or grantee. history or list of all owners back to the sovereignty of the soil, you want this one. |---|---| Borrowers are rated A-F with a prime borrower having an A rating. The Act was passed to protect consumers from fraud in the sale or lease of land. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser protection up to purchase price, norm paid by seller (buyers benefit). According to this principle, the value of closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. a. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! 4. very likely to be contested. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). Profitability} & \text{$\quad$information for the internal use of a}\\ 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. all consumers are given a equal chance to obtain credit. a deed is considered to be delivered and accepted when it is delivered into escrow.
What Is The Motto Of Scout And Guide,
Mj Holding Delivery Schedule,
What Does Unremarkable Mean In A Ct Scan,
Can You Wear Glasses For Driver's License Photo Texas,
Loudon Nh Police Log,
Articles C