champions school of real estate principles 2 quizlet

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respa applicable. ___________ 5. the loan origination market where borrowers and lenders negotiate mortgage terms. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners Consumer Financial Protection Bureau (CFPB) enforces what Acts? value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. borrowers provide basic information like income, debt, and credit history. 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. Suppose that the battery life in both cases follows an exponential distribution. ARMS that offer fixed rate period during 1st years of the loan. & \text{e. Activities of management engaged}\\ There is no membership needed. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. 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. He is really good. ( Champions School Of. requires an application. 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. transferring funds to a title co for disbursement when loan is approved. 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. low emissive gas coated with metallic oxide layer. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. Managerialaccounting9. promotes home ownership. 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. allows funding of the repairs through a series of draws. 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. Principles of Real Estate 2. quiz 14.docx. lender has evaluated the borrower in the underwriting process. For more than a decade, the German real estate market was in a dramatic growth phase. 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. Texas Principles 2 Scenarios Questions - Champions School of Real Percentage of the Lesser of the appraised value or sales price that the lender will lend. 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. & \text{$\quad$form of financial statements to decision}\\ a type of appraisal review. 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. initial truth in lending disclosure. help meet the credit needs of ALL the community. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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. 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. 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 legal use that gives the greatest return in money or amenities. 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. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. 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. Financingactivities5. Operatingactivitiesc. These are non conforming loans. underwriter approval. a. The absence of competition will cause prices to increase in the marketplace. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. A value for existing properties method for comparing similar properties to the subject property. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. qualifies borrower based on proposed home payment and gross monthly income. The landlord or owner; party granting a lease. Liquidity} & \text{$\quad$companys management}\\ Additional support documents, 1. Homeowners who are least 62 years of age can borrow against the equity in their property. ENERGY STAR program was established in 1992 under this Act. Adequate consideration Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. transfer of ownership against the will of the owner. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. \text{4. Financing activities} & \text{b. Highly recommended and I will continue to use Champions! 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. Identify and explain the structures of language. 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. a. permits additional borrowing on the same note and mortgage. in depth process. (PETE) police power, escheat, taxation, eminent domanin. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Fraudulentfinancialreportinga. The role money serves when it is used as a standard measure to set prices and make economic calculations. value added to improvement exceeds the cost of improvement. The exchange of goods or services for other goods or services without the use of money. purchase title insurance either by grantor or grantee. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). 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$34,500\begin{array}{lrrr} Money that has value because the government has ordered that it be accepted in payment of debts. Type of asset-backed security that is secured by a mortgage or collection of mortgages. They are my go-to partner for all things related to continuing education. Profitability} & \text{$\quad$information for the internal use of a}\\ Champions Real Estate School Review - Investopedia 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) person, corporation or firm, not in banking, that provides its own funds for mortgage financing. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Theintentionalpreparationofmisleadingfinancialstatementsi. many lenders, especially high LTV loans, will order a field review of the appraisal. Flashcard App | Champions School (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.

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