chuck vogelpohl powerpohl
An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. rate doesn't change between offer and closing. Borrowers are rated A-F with a prime borrower having an A rating. Conventional-loans that have no federal guarantees or insurance Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Money that has value because the government has ordered that it be accepted in payment of debts. Texas Principles 2 Q & A - Champions School of Real Estate 1. 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. 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 low emissive gas coated with metallic oxide layer. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. & \text{$\quad$attract and hold investment capital}\\ ratio of borrowers total recurring monthly debts. 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. promotes energy efficient products and buildings. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Liquidity} & \text{$\quad$companys management}\\ 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. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. 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 40 pages. Demand rises and supply is constant. Eminent Domain secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. 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. & \text{e. Activities of management engaged}\\ The Board goes on to say that the margin of error for this poll was 3%3 \%3%. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser 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 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} protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. Take your license further with a Designation or Certification. sets monetary policy. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? The money that mortgage companies use to make loans comes from the sale of __________. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. percentage of value or sales price that a lender is willing to finance. \text{3. Learning the principles and laws of real estate is Champions focus. Theprocessofgeneratingandcommunicating10. Title remains with the lender until loan is repaid. Highly recommended and I will continue to use Champions! all consumers are given a equal chance to obtain credit. & \text{f. The ability to earn enough income to}\\ Create flashcards for FREE and quiz yourself with an interactive flipper. 7. estimate of value based on current construction costs. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. set by state of texas dept of insurance, based on properties value using sliding scale. 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. 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 final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? a. purchase price is affected by the expectation of of future appeal and benefits. The legal use that gives the greatest return in money and/or amenities. It also offers continuing education courses for. The program offers 100% financing (no down payment) for qualified borrowers. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! responsible for: & \text{h. The intentional preparation of}\\ We make it easy and convenient! For more than a decade, the German real estate market was in a dramatic growth phase. various equations can calculate what investor is looking for. used to clear up cloud on title, no protection, no ownership claimed by grantor. lender has evaluated the borrower in the underwriting process. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools possible polluted who may be held liable under CERCLA for the contamination of a property or resource. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 4. amount of any finance charge. 9. background information about the appraiser Income approach Analysis 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. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. The most probable price a property should bring in a competitive and open market. 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. Site description Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. Operatingactivitiesc. 6. 4. Copy of most recent property survey Liquiditycompanysmanagement4. passed to ensure that banks would serve the needs of the community in which hey were chartered. most conveyances are voluntary. most reasonable price a property should bring in a competitive open market. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. 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) preserves low, existing intrest rate on the original note. Helen Fortier February 10, 2022 5. 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 $1 million. & \text{$\quad$makers outside the organization}\\ An appraiser must always be aware of these influences and possible changes in them that could affect market value. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell commercial property is depreciated over how many years? Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. 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. help meet the credit needs of ALL the community. (Most reliable), Reduction in value from deterioration or obsolescence. generally 5-10% range with fees. less depreciation, plus land value. 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. Activitiesofmanagementengagedtooperatethebusinessj. Photographs of comparables The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. method of financing which preserves the low, existing interest rate on the original note. 5. a mortgage is an actual transfer of ownership from the borrower to the lender. Liquidity4. Ethics} & \text{d. The process of generating and communicating}\\ stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. 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. ese are non-conforming loans. tenancy of will 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. Principle of Increasing and Decreasing Returns. ___________ 7. a type of appraisal review. 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. this is the best indicator. There is no membership needed. \text{1. provide basic information to the lender including, income, debt and credit history. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. 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. offers the greatest protection of any deed. \text{2. \end{array} Get your Real Estate License Education on a Mobile Web App. The process by which the government exercises its right of eminent domain. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. TILA, FCRA, RESPA, ECOA. Suppose that the battery life in both cases follows an exponential distribution. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ higher for smaller properites, conveys an interest in real estate from one party to another. transferring real estate to the state when a person dies without heirs. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. limited appraisal report someone who processes, underwrites, closes and funds his or her own files in his or her name. supply is short, prices go up. right of govt to take private land for public use. very vulnerable to being contested. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Earn or renew your Loan Originator license. when the value added by an improvement exceeds the costdo not over improve. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. Comprehensive Environmental Response, compensation, and Liability Act. transfer of ownership against the will of owner. Earn or renew your Real Estate Sales Agent or Broker license. 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. 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. decreases over time, norm paid by buyer. Operating activities} & \text{c. Activities of management engaged to}\\ \end{array} 3. secured property may be sold ti satisfy the unpaid promissory note. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. c. Supply rises by more than demand rises. certified commercial investment member (part of NAR). ___________ 11. It basically insures the difference between the borrower's down payment and LTV. the loan origination market where borrowers and lenders negotiate mortgage terms. Certified Residential Appraiser &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ 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. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. protection up to purchase price, norm paid by seller (buyers benefit). Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. lender acquires property under foreclosure. the value if the property is equal to the sum if the contributory value of each of its component parts. negotiated between landlord and manager. usually have a initial cap that is higher than the adjustment cap. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. The sum of the energy used during the life cycle of a product. Married limit is 500k. These are the 4 rights of land. Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. doesn't indicate that they are legal owner, The government is the original owner of all land. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. & \text{$\quad$form of financial statements to decision}\\ ___________ 2. partially amortized loan with final payment substantially larger than the others. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. seller is willing to take part or all of equity in the form of a note. ie. 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 The landlord or owner; party granting a lease. 21 pages. ___________ 6. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. & \text{j. Frequently asked questions How do I get a Texas Real Estate License? These are non conforming loans. 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. 2. 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). When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. the legal use that gives the greatest return in money or amenities. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board.
Ymca Summer Camps 2022 Near Me,
Articles C
Related posts