___________ 6. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. 16 pages. (3) The Income Approach. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. \end{array} special form of insurance which is designed to allow lender to increase the LTV. \text{10. 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. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. the loan origination market where borrowers and lenders negotiate mortgage terms. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. some lenders accept this drive-by type of review for low LTV or low risk loans. & \text{$\quad$economic entity}\\ The government's right to tax real estate. The loss in value of a property caused by factors outside of the property itself. 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. Items that affect the marketability or livability of the property commercial property is depreciated over how many years? Appraisal certification, Appraisal Factors that affect loan approval, 1. a limit on the amount the interest rate can increase or decrease at each adjustment date. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 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. 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. no obligation o extend credit. 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. 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. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. Principles of Real Estate 2. The role money serves when it is used as a standard measure to set prices and make economic calculations. If the property cannot be transferred, it is of little value. Activitiesofmanagementengagedtooperatethebusinessj. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Gross Rent Multiplier. Liquiditycompanysmanagement4. & \text{$\quad$form of financial statements to decision}\\ risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 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 & \text{$\quad$productive and will help a business}\\ established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. 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. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. lender has evaluated the borrower in the underwriting process. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 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. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion 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) Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. very vulnerable to being contested. 7. 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. Assets that are easily converted to cash. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. history or list of all owners back to the sovereignty of the soil. Financialaccountingobtainadequatefundsforbeginning8. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. 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 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! 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. Money that has no value of its own but can be exchanged for something of value. Site description They are my go-to partner for all things related to continuing education. A code of conduct that addresses}\\ price a wiling seller will sell for & price willing buyer will buy. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. 9. He has been offered three possible 4-year contracts. all consumers are given a equal chance to obtain credit. The Act was passed to protect consumers from fraud in the sale or lease of land. minimum 100 investors. initial truth in lending disclosure. Buildings are not typical of the area The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. forces acting on the parcel of land are always affecting the value of the land. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. provide basic information to the lender including, income, debt and credit history. rate doesn't change between offer and closing. 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 Passed by Congress in 1980. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. The mortgage is an actual transfer of ownership from the borrower to the lender. ( Champions School Of. The value of a property may be affected by social, economic, governmental and environmental influences. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. can be voluntary or involuntary. This ensures you quickly get to the core! 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 $1 million. 2. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. Conventional-loans that have no federal guarantees or insurance it gives notice of moving in, the passive increase of the value of a parcel due to market forces. What is one of the most important ways through which the behavior becomes integrated? 5. Calculate the new balance. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Managerialaccounting9. used to clear up cloud on title, no protection, no ownership claimed by grantor. Type of asset-backed security that is secured by a mortgage or collection of mortgages. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. It's simple! flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. The loss in a property's value due to daily wear and tear. Investing activities} & \text{$\quad$debts when they are due}\\ 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. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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 landlord or owner; party granting a lease. Payments are guaranteed, and they would be made at the end of each year. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. 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.
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