The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Began in 1938 federal agency. 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. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. 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. Activitiesofmanagementengagedtooperatethebusinessj. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Learning the principles and laws of real estate is Champions focus. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. These are non conforming loans. The percentage of value or sales price that a lender is willing to finance. Match the terms that follow with the appropriate definitions. Fraudulentfinancialreportinga. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation & \text{$\quad$operate the business}\\ + result to numerator when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. b. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. Permits additional borrowing on the same note and mortgage. promotes energy efficient products and buildings. Accounting2. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. 1. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Property for Sale in Hesse | Germany - EW RealEstate 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. ___________ 2. Texas State Portion Real Estate Exam part 2.docx. 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). What is one of the most important ways through which the behavior becomes integrated? a limit on the amount the interest rate can increase or decrease at each adjustment date. \text{7. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. subsequent to adjustment, limits how much a payment can increase or decrease. The loss in a property's value due to daily wear and tear. interest rate a reserve bank charges eligible financial institutions to borrow money short term. 40 pages. in depth process. Achieve success through Business Etiquette. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 4. amount of any finance charge. prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. The program offers 100% financing (no down payment) for qualified borrowers. Liquidity} & \text{$\quad$companys management}\\ Analysis of market data insures most protection, any changes to the ownership of real property. any change in the ownership of relationship property. various equations can calculate what investor is looking for. (3) The Income Approach. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Activities of management engaged to}\\ borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. forces acting on the parcel of land are always affecting the value of the land. Flashcard App | Champions School 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. Principles of Real Estate 2 Champions School of Real Estate - Quizlet The process of producing accounting}\\ 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 Eminent Domain Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. The loss in value of a property caused by factors outside of the property itself. 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. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. Married limit is 500k. oral/ deathbed will. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ 16 pages. 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. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ How do I get a Texas Real Estate License? Copy of most recent property survey Investing activities} & \text{$\quad$debts when they are due}\\ based on the assessed value of the property and the existing tax rate. ___________ 12. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. 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} Activitiesofmanagementengagedto7. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Principles of Real Estate 1. Title remains with the lender until the loan is repaid. (1) The Sales Comparison Approach Champions School of Real Estate - Exam Prep Flashcards | Quizlet housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. limits interest rate over the lifetime of a loan. ___________ 1. Ethicsd. Earn or renew your Real Estate Sales Agent or Broker license. 10. Profitability3. Profitabilityinformationfortheinternaluseofa3. Passed by Congress in 1968. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. Liquiditycompanysmanagement4. & \text{j. quiz 14.docx. Payments are guaranteed, and they would be made at the end of each year. \text{9. 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. Champions makes sure you are ready to take your State and National exam. PDF Final Exam For Real Estate Principles - annualreport.psg.fr homeowners who are at least 62 years of age can borrow against the equity in their property. Rental survey 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. & \text{e. Activities of management engaged}\\ \text{8. ___________ 4. Once the loan is closed it is sold to another lender. We make it easy and convenient! 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. \text{5. grantor fully warrants good clear title to the property. Legal purpose 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. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. sets monetary policy. 9. Investingactivities6. federal law passed in 1974. doesn't include: gender or immigration status. & \text{$\quad$economic entity}\\ ie. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. 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. He is really good. estimate of value based on current construction costs. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. very likely to be contested. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. What is the probability that Bob receives no tweets during his lunch hour? 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. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. very vulnerable to being contested. & \text{$\quad$information about an identifiable}\\ reviews cover a checklist of items as they analyze the appraisal report. Property and lender information 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. 9. background information about the appraiser The money that mortgage companies use to make loans comes from the sale of __________. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . 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 value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 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. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Principle of Increasing and Decreasing Returns. permits additional borrowing on the same note and mortgage. The role money serves when used as a way to hold value relatively well over time. legal. 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. 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 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. c. Supply rises by more than demand rises. 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. CFPB implemented. * whole # by denominator 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. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. commercial property is depreciated over how many years? Frequently asked questions NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. (pending lawsuits affecting the property). 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. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell \text{1. & \text{$\quad$to spend capital in ways that are}\\ 5. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) & \text{$\quad$achieve its objectives}\\ Money that has value because the government has ordered that it be accepted in payment of debts.

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