commercial property is depreciated over how many years? The process by which the government exercises its right of eminent domain. Liquidity} & \text{$\quad$companys management}\\ legal. & \text{$\quad$attract and hold investment capital}\\ Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. Comprehensive Environmental Response, compensation, and Liability Act. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. ratio of borrowers total recurring monthly debts. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 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! The landlord or owner; party granting a lease. 21 pages. January 1, 2005, launching its Mold Mission Program. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation a. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Title remains with the lender until loan is repaid. 1. 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. What is one of the most important ways through which the behavior becomes integrated? The loss in desirability of the style, layout, or function of an element of a property over time. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 5. ___________ 11. value set on the property for tax purposes. If Market is flooded values will be flat. issued in the amount of the loan. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. combination of two or more properties into one. Money that has value because the government has ordered that it be accepted in payment of debts. the only limitations to title are those listed in the deed. deffence against claims which have arisen suring grantor ownership. 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. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! \text{5. 8. 3. legal procedure where secured property is sold to pay unpaid note. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 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} higher for smaller properites, conveys an interest in real estate from one party to another. Operatingactivities7. 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. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. insures most protection, any changes to the ownership of real property. used to clear up cloud on title, no protection, no ownership claimed by grantor. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. The evidence an individual has of his or her right to possess land. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 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. 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! The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. & \text{$\quad$achieve its objectives}\\ Champions makes sure you are ready to take your State and National exam. Homeowners who are least 62 years of age can borrow against the equity in their property. \text{Travel Expenses}&&\$600&\$19,000\\ The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. Money that has no value of its own but can be exchanged for something of value. It's simple! 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 it gives notice of moving in, the passive increase of the value of a parcel due to market forces. 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. requires an application. 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. added to the index to calculate interest rates, teaser rate- lower rate offered initially. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. federal law passed in 1974. doesn't include: gender or immigration status. property owner obtains a certificate much like an automobile that is recorded in the public records. Suppose that the battery life in both cases follows an exponential distribution. 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. There is no membership needed. allows funding of the repairs through a series of draws. addition or amendment to an existing will. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). state law requires law, real estate contracts and leases over a year to be in writing. 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. c. Supply rises by more than demand rises. value added to improvement exceeds the cost of improvement. Passed by Congress in 1980. Buildings are not typical of the area The loan becomes due upon the sale of the property or the death of the owner. 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 Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. The process of producing accounting}\\ 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. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. most conveyances are voluntary. \text{2. borrowers provide basic information like income, debt, and credit history. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Demand falls by more than supply rises. 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. addition or amendment to an existing will. (Zoning example). Fraudulentfinancialreportinga. seller is willing to take part or all of equity in the form of a note. 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. * whole # by denominator Adequate consideration 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. Financingactivitiesb. 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. ___________ 12. preserves low, existing intrest rate on the original note. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. less depreciation, plus land value. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. The percentage of value or sales price that a lender is willing to finance. b. Theprocessofproducingaccounting2. reviews cover a checklist of items as they analyze the appraisal report. 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. promotes home ownership. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. Permits additional borrowing on the same note and mortgage. Eminent Domain loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Acodeofconductthataddresseswhetheractionsarerightorwrong. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties Assets that are easily converted to cash. 2. & \text{$\quad$economic entity}\\ Ethics} & \text{d. The process of generating and communicating}\\ The loss in desirability of the style, layout, or function of an element of a property over time. and no unpaid claims against the property. The exchange of goods or services for other goods or services without the use of money. Copy of most recent property survey 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. a. 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. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. 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. homeowners who are at least 62 years of age can borrow against the equity in their property. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. 4. amount of any finance charge. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ (2) The Cost Approach, Reconciliation of values These are non conforming loans. 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. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. 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. ___________ 4. & \text{h. The intentional preparation of}\\ Managerialaccounting9. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. 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. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. 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. Investing activities} & \text{$\quad$debts when they are due}\\ Economic obsolescence Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. price a wiling seller will sell for & price willing buyer will buy. Identify the term that best fits the following description - to force out or push out. Liquidity4. According to this principle, the value of generally 5-10% range with fees. Havingenoughcashavailabletopaydebtswhentheyareduec. many lenders, especially high LTV loans, will order a field review of the appraisal. 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. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. | 4 years | |. Ethics10. . 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. promotes energy efficient products and buildings. Frequently asked questions transfer of ownership against the will of owner. 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 history or list of all owners back to the sovereignty of the soil. 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. The right of the government to take an individual's land if he or she dies without a will or heirs. It also offers continuing education courses for. 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. Theprocessofgeneratingandcommunicating10.

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