period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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. transfer of title that is a free act of the grantor. 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. ese are non-conforming loans. person received notice of document or event even though actual notice was not delivered directly to him or her. 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. Financialaccountingobtainadequatefundsforbeginning8. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Legal purpose 4. amount of any finance charge. ___________ 11. Match the following terms to the correct definitions. 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. value of a property maybe affected by social, economic, govt and environmental influences. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Accountinga. \text{Other Expenses}&\$36,000&&\$34,500\\ preserves low, existing intrest rate on the original note. secured property may be sold ti satisfy the unpaid promissory note. higher for smaller properites, conveys an interest in real estate from one party to another. * whole # by denominator (Zoning example). 6. DUST; demand, utility, scarcity, transferability. Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. \text{Travel Expenses}&&\$600&\$19,000\\ Fraudulentfinancialreportinga. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 9. background information about the appraiser Earn or renew your Loan Originator license. ie. used in most real estate transactions. His opportunity cost is 7 percent. no guarantee for approval, property must fit criteria . Financingactivities5. 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 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. The process of transferring funds to a title or escrow company for disbursement. Accounting2. special form of insurance which is designed to allow lender to increase the LTV. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. addition or amendment to an existing will. 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. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. the percentage of value or sales price that a lender is willing to finance. certified commercial investment member (part of NAR). (3) The Income Approach. Having enough cash available to pay}\\ Type of asset-backed security that is secured by a mortgage or collection of mortgages. ___________ 8. Items that affect the marketability or livability of the property Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. 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. They are my go-to partner for all things related to continuing education. 2. 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. 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. qualifies borrower based on proposed home payment and gross monthly income. & \text{i. transferring funds to a title co for disbursement when loan is approved. Flood maps Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? negotiated between landlord and manager. d. Supply falls and demand is constant. 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 history or list of all owners back to the sovereignty of the soil, you want this one. seller is willing to take part or all of equity in the form of a note. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. the value if the property is equal to the sum if the contributory value of each of its component parts. deffence against claims which have arisen suring grantor ownership. 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. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Examine the summary section of a monthly credit card statement. A lower interest rate is offered by the lender during the first year or more of the loan. They prepare you for life as a Realtor. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. lender acquires property under foreclosure. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Match the terms that follow with the appropriate definitions. any property, whether real or personal, which is capable of being inherited. Ethics10. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. 1. 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 process of producing accounting}\\ Appraisal certification, Appraisal Factors that affect loan approval, 1. 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. A code of conduct that addresses}\\ Ethicsd. These are non conforming loans. 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. 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. Escheat, right of government to regulate and control land. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. 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. Profitability} & \text{$\quad$information for the internal use of a}\\ & \text{f. The ability to earn enough income to}\\ The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Assets that are easily converted to cash. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. ___________ 2. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. Copy of most recent property survey estimate of value based on current construction costs. subsequent to adjustment, limits how much a payment can increase or decrease. covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. The Act was passed to protect consumers from fraud in the sale or lease of land. A value for existing properties method for comparing similar properties to the subject property. purchase price is affected by the expectation of of future appeal and benefits. Real Estate Salesperson National Prep Exam 1.docx. 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. 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. 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. Ethics} & \text{d. The process of generating and communicating}\\ 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. 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. & \text{$\quad$to spend capital in ways that are}\\ The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. \text{8. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. requires an application. lender has evaluated the borrower in the underwriting process. Demand falls by more than supply rises. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Acodeofconductthataddresseswhetheractionsarerightorwrong. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. 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. (1) The Sales Comparison Approach Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Developers are required to provide each purchaser with a disclosure document (Property Report). The process by which the government exercises its right of eminent domain. & \text{h. The intentional preparation of}\\ 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. Additional support documents, 1. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. tenancy of will complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. 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. Taxation decreases over time, norm paid by buyer. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. \text{4. Financing activities} & \text{b. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Earn or renew your Home Inspector license. 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. 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. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 40 pages. 4. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. 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. The staff at Champions School is top notch! Income approach Analysis 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. CFPB implemented. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. Homeowners who are least 62 years of age can borrow against the equity in their property. ___________ 3. Managerialaccounting9. Demand rises and supply is constant. 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. 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} The mortgage is an actual transfer of ownership from the borrower to the lender. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Infer What might keep a State from accepting a categorical grant-in-aid? licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . homeowners who are at least 62 years of age can borrow against the equity in their property. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Let and take agreement The sum of the energy used during the life cycle of a product. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 10. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. (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. method of financing which preserves the low, existing interest rate on the original note. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date.
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