when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. set by state of texas dept of insurance, based on properties value using sliding scale. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. You can do it, we can help! (2) The Cost Approach, transferring funds to a title co for disbursement when loan is approved. The loss in a property's value due to daily wear and tear. The process by which the government exercises its right of eminent domain. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Exam-Federal 1-A2. Operating activities} & \text{c. Activities of management engaged to}\\ possible polluted who may be held liable under CERCLA for the contamination of a property or resource. offers the greatest protection of any deed. Having enough cash available to pay}\\ 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 Copy of most recent property survey A break in this line would create a cloud on the title. used to clear up cloud on title, no protection, no ownership claimed by grantor. 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. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. ___________ 7. 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. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. ie. 1. the legal use that gives the greatest return in money or amenities. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. 8. Under what conditions would the traditional yield spread be close to the static spread? & \text{$\quad$makers outside the organization}\\ Theprocessofgeneratingandcommunicating10. Get your Real Estate License Education on a Mobile Web App. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. \text{1. Additional support documents, 1. An appraiser must always be aware of these influences and possible changes in them that could affect market value. + result to numerator 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. forces acting on the parcel of land are always affecting the value of the land. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. 2. It was signed into law by President Barack Obama in May 2009. & \text{f. The ability to earn enough income to}\\ 40 pages. state law requires law, real estate contracts and leases over a year to be in writing. These are the 4 rights of land. Texas State Portion Real Estate Exam part 2.docx. Purchases "pools" of mortgages. 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. limits interest rate over the lifetime of a loan. 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. If Market is flooded values will be flat. sets monetary policy. Theintentionalpreparationofmisleadingfinancialstatementsi. quiz 14.docx. the percentage of value or sales price that a lender is willing to finance. Photographs of property The government's right to tax real estate. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. insures most protection, any changes to the ownership of real property. 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. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. Once the loan is closed it is sold to another lender. He has been offered three possible 4-year contracts. 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. 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. 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. 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! Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Theprocessofproducingaccounting2. the only limitations to title are those listed in the deed. Create flashcards for FREE and quiz yourself with an interactive flipper. Adger Corporation is a service company that measures its output based on the number of customers served. The process of transferring funds to a title or escrow company for disbursement. Developers are required to provide each purchaser with a disclosure document (Property Report). \text{6. Operatingactivities7. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. secured property may be sold ti satisfy the unpaid promissory note. person designated to execute the terms of a will. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. a type of appraisal review. . The percentage of value or sales price that a lender is willing to finance. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Another Name for environmental or economic obsolescence. Theintentionalpreparationofmisleadingfinancialstatementsi. Anything that is widely accepted in exchange for goods and services. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. For more than a decade, the German real estate market was in a dramatic growth phase. Borrowers are rated A-F with a prime borrower having an A rating. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. Operatingactivitiesc. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. doesn't indicate that they are legal owner, The government is the original owner of all land. Learning the principles and laws of real estate is Champions focus. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Money that has no value of its own but can be exchanged for something of value. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. transfer of title that is a free act of the grantor. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 5. prepared by an attorney, least likely to be contested. 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 Type of asset-backed security that is secured by a mortgage or collection of mortgages. requires an application. 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. Identify the term that best fits the following description - to force out or push out. generally 5-10% range with fees. The staff at Champions School is top notch! 21 pages. protection up to purchase price, norm paid by seller (buyers benefit). real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. Passed by Congress in 1980. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). the absence of competition will cause prices to increase in the marketplace. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? \text{3. 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. Independent third-party appraiser will review the report, then verify the information. Downpayment is the difference between the _____ and the _____. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. power of sale under a mortgage in default. very likely to be contested. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. can be voluntary or involuntary. 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. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. combination of two or more properties into one. 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. They prepare you for life as a Realtor. small investors to invest in larger commercial properties.