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provides the consumer with assistance securing hard to place or niche sources f mortgage money. type of insurance required when the LTV exceeds 80%. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. 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! improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). lender has evaluated the borrower in the underwriting process. ___________ 12. Flood maps The mortgage is an actual transfer of ownership from the borrower to the lender. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. This ensures you quickly get to the core! Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). \text{Travel Expenses}&&\$600&\$19,000\\ 2. If Market is flooded values will be flat. residential property is depreciated over how many years? Payments are guaranteed, and they would be made at the end of each year. 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. Texas State Portion Real Estate Exam part 2.docx. 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. The legal use that gives the greatest return in money and/or amenities. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. history or list of all owners back to the sovereignty of the soil. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Investing activities} & \text{$\quad$debts when they are due}\\ low emissive gas coated with metallic oxide layer. 4. Money that has no value of its own but can be exchanged for something of value. a. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. For more than a decade, the German real estate market was in a dramatic growth phase. & \text{e. Activities of management engaged}\\ cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. 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. protection up to purchase price, norm paid by seller (buyers benefit). A code of conduct that addresses}\\ 21 pages. Infer What might keep a State from accepting a categorical grant-in-aid? and no unpaid claims against the property. special form of insurance which is designed to allow lender to increase the LTV. The landlord or owner; party granting a lease. 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. allows funding of the repairs through a series of draws. The most probable price a property should bring in a competitive and open market. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. * whole # by denominator Liquidity} & \text{$\quad$companys management}\\ The right of the government to take an individual's land if he or she dies without a will or heirs. 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. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. Principles of Real Estate 2. Reconciliation of values TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. many lenders, especially high LTV loans, will order a field review of the appraisal. Profitability3. The role money serves when it is used as a standard measure to set prices and make economic calculations. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. the value of a property is equal to the sum of the contributory value of each of its component parts. can be voluntary or involuntary. & \text{$\quad$misleading financial statements}\\ 2. major functional obsolescence The action of government seizure of land for the good of the public. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. grantee gives to the grantor, most common, best type of deed to have. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . 6. Money that has value because the government has ordered that it be accepted in payment of debts. borrowers provide basic information like income, debt, and credit history. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. It's simple! Find the annual double-declining-balance (200% method) rate of depreciation. a mortgage is an actual transfer of ownership from the borrower to the lender. 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. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. 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. offers the greatest protection of any deed. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. TILA, FCRA, RESPA, ECOA. partially amortized loan with final payment substantially larger than the others. based on the assessed value of the property and the existing tax rate. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Analysis of market data Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? permanent and absolute tenure of an estate in land w freedom to dispose at will. Bank owns it now. this is the best indicator. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. the percentage of value or sales price that a lender is willing to finance. Get your Real Estate License Education on a Mobile Web App. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. 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. the only limitations to title are those listed in the deed. 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. right of govt to take private land for public use. underwriter approval. gradual loss of land near border of stream or river. (pending lawsuits affecting the property). Adger Corporation is a service company that measures its output based on the number of customers served. 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 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. zoning, highways. the legal use that gives the greatest return in money or amenities. % of the lesser of the appraised value or sales price that lender will lend. \text{4. Financing activities} & \text{b. Havingenoughcashavailabletopay5. very vulnerable to being contested. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 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. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Principles of Real Estate 1. Ethics10. Principle of Increasing and Decreasing Returns. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. lender acquires property under foreclosure. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. 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. Increased competition will bring prices down. Real Estate Salesperson National Prep Exam 1.docx. 1. amount of down payment. 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. A rookie quarterback is negotiating his first NFL contract. permits additional borrowing on the same note and mortgage. Operating income and expense statements person designated to execute the terms of a will. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. The money that mortgage companies use to make loans comes from the sale of __________. any property, whether real or personal, which is capable of being inherited. ___________ 8. very likely to be contested. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. 16 pages. Another Name for environmental or economic obsolescence. Items that affect the marketability or livability of the property The loss in value of a property caused by factors outside of the property itself. estate for years ___________ 2. Anything that is widely accepted in exchange for goods and services. used to clear up cloud on title, no protection, no ownership claimed by grantor. ___________ 10. ese are non-conforming loans. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. 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. (Zoning example). Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. designed to clean up sites contaminated with hazardous substance. The staff at Champions School is top notch! Achieve success through Business Etiquette. 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. Frequently asked questions origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Certified Residential Appraiser examining of the public records and constructed a chain of title and an abstract of title. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Operatingactivities7. b) What confidence level did the pollsters use? a. Purchases "pools" of mortgages. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. secured property may be sold ti satisfy the unpaid promissory note. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. The program offers 100% financing (no down payment) for qualified borrowers. c. Supply rises by more than demand rises. respa applicable. A lower interest rate is offered by the lender during the first year or more of the loan. transfer of ownership against the will of the owner. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Consumer Financial Protection Bureau (CFPB) enforces what Acts? 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. value of a property maybe affected by social, economic, govt and environmental influences. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ tenant pays rent, plus taxes utlities ect. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. The loss in a property's value due to daily wear and tear.
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