(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. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. The right of the government to take an individual's land if he or she dies without a will or heirs. Operating activities} & \text{c. Activities of management engaged to}\\ right of govt to take private land for public use. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. small investors to invest in larger commercial properties. zoning, highways. 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. specifies requirements found in regulation z. Money that has value because the government has ordered that it be accepted in payment of debts. Money that has value apart from its use as money. Earn or renew your Real Estate Sales Agent or Broker license. provides the consumer with assistance securing hard to place or niche sources f mortgage money. ___________ 11. Neighborhood description Homeowners who are least 62 years of age can borrow against the equity in their property. price a wiling seller will sell for & price willing buyer will buy. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. It is would suggest that an owner should not "over improve" a property. Match the terms that follow with the appropriate definitions. 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. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. 3. 7. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. 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 this is the best indicator. estimate of value based on current construction costs. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Value, Income, Return. purchases "pools" or mortgages. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Activitiesofmanagementengagedtooperatethebusinessj. Developers are required to provide each purchaser with a disclosure document (Property Report). Liquidity} & \text{$\quad$companys management}\\ permits additional borrowing on the same note and mortgage. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. 2.amount of any payment The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. \text{5. part of income approach, used if there are a lot of rental properties in the area. 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. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. The process of producing accounting}\\ operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. the only limitations to title are those listed in the deed. preserves low, existing intrest rate on the original note. 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. ___________ 4. Take your license further with a Designation or Certification. based on the assessed value of the property and the existing tax rate. The USPS has a monopoly on every type of mail or package. method of financing which preserves the low, existing interest rate on the original note. Demand falls by more than supply rises. 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. property owner obtains a certificate much like an automobile that is recorded in the public records. 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. examining of the public records and constructed a chain of title and an abstract of title. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 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. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. ___________ 12. Real Estate Salesperson National Prep Exam 1.docx. 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. ___________ 10. DUST; demand, utility, scarcity, transferability. If the property cannot be transferred, it is of little value. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. (2) The Cost Approach, Adequate consideration |---|---| Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. risk based pricing, no published rates. ese are non-conforming loans. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. A Rare 150 /- Acre Parcel in the . The legal use that gives the greatest return in money and/or amenities. Havingenoughcashavailabletopay5. 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. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. commercial property is depreciated over how many years? rate doesn't change between offer and closing. Earn or renew your Home Inspector license. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) Rural Property <25% built up & \text{$\quad$processes, and communicates financial}\\ With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. borrowers provide basic information like income, debt, and credit history. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. Ethics10. \text{4. Financing activities} & \text{b. very vulnerable to being contested. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. no guarantee for approval, property must fit criteria . Investing activities} & \text{$\quad$debts when they are due}\\ 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. The sum of the energy used during the life cycle of a product. \text{2. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. 7. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. prohibits redlining. estate for years the legal use that gives the greatest return in money or amenities. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. CFPB implemented. The money that mortgage companies use to make loans comes from the sale of __________. permanent and absolute tenure of an estate in land w freedom to dispose at will. Independent third-party appraiser will review the report, then verify the information. loss in a property's value due to daily wear and tear. 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. 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. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. 3. number of payments or period of repayment something of value given in exchange for a conveyance. 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. Type of asset-backed security that is secured by a mortgage or collection of mortgages. 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. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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. offers the greatest protection of any deed. promotes home ownership. purchase price is affected by the expectation of of future appeal and benefits. 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. Identify and explain the structures of language. \text{Other Expenses}&\$36,000&&\$34,500\\ c. Supply rises by more than demand rises. 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. 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. deffence against claims which have arisen suring grantor ownership. Ethics} & \text{d. The process of generating and communicating}\\ seller is willing to take part or all of equity in the form of a note. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Title remains with the lender until loan is repaid. Calculate the new balance. 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. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 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 the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. b. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? 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). The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. For more than a decade, the German real estate market was in a dramatic growth phase. percentage of value or sales price that a lender is willing to finance. It's simple! underwriter approval. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. issued in the amount of the loan. Theintentionalpreparationofmisleadingfinancialstatementsi. 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. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. 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. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ 2. major functional obsolescence document that pledges the property as security for repayment of the note. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? legal procedure where secured property is sold to pay unpaid note. certified commercial investment member (part of NAR). The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. 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. The process by which the government exercises its right of eminent domain. Certified Residential Appraiser a type of appraisal review. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Married limit is 500k. Began in 1938 federal agency. The landlord or owner; party granting a lease. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. (Zoning example). Conventional-loans that have no federal guarantees or insurance It was signed into law by President Barack Obama in May 2009. history or list of all owners back to the sovereignty of the soil. 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. 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. The loss in value of a property caused by factors outside of the property itself. ___________ 3. Financingactivities5. The lender transfers title back to the borrower when the loan is repaid. 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. initial truth in lending disclosure. 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. history or list of all owners back to the sovereignty of the soil, you want this one. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. 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. a. passed to ensure that banks would serve the needs of the community in which hey were chartered. 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. \text{Revenue}&&\$5,000&\$160,000\\ The loss in a property's value due to daily wear and tear. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. \text{1. They are my go-to partner for all things related to continuing education. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. 4. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. tenancy of will set by state of texas dept of insurance, based on properties value using sliding scale. The exchange of goods or services for other goods or services without the use of money. 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. any change in the ownership of relationship property. The role money serves when it is used as a form of payment. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! sets monetary policy. ENERGY STAR program was established in 1992 under this Act. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. \text{10. Profitabilityinformationfortheinternaluseofa3. quiz 14.docx. Anything that is widely accepted in exchange for goods and services. 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. Assets that are easily converted to cash. the percentage of value or sales price that a lender is willing to finance. * whole # by denominator &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ subsequent to adjustment, limits how much a payment can increase or decrease. Managerialaccounting9. 3. Operatingactivitiesc. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline It also offers continuing education courses for. 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 40 pages. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. and no unpaid claims against the property. 8. Gross Rent Multiplier. the value of a property is equal to the sum of the contributory value of each of its component parts. Purchases "pools" of mortgages. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. We make it easy and convenient! 9. background information about the appraiser the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Get your Real Estate License Education on a Mobile Web App. 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. The action of government seizure of land for the good of the public. 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. Once the loan is closed it is sold to another lender. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. These are the 4 rights of land. He is really good. Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers An appraiser must always be aware of these influences and possible changes in them that could affect market value.

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