Identify and explain the structures of language. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. 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. 3. number of payments or period of repayment ___________ 11. ___________ 13. He is really good. commercial property is depreciated over how many years? borrowers provide basic information like income, debt, and credit history. A break in this line would create a cloud on the title. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. 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 absence of competition will cause prices to increase in the marketplace. 2. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). 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 $1 million. It is would suggest that an owner should not "over improve" a property. legal procedure where secured property is sold to pay unpaid note. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. designed to clean up sites contaminated with hazardous substance. \text{6. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. & \text{$\quad$whether actions are right or wrong}\\ document that pledges the property as security for repayment of the note. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. The loss in value of a property caused by factors outside of the property itself. Operating activities} & \text{c. Activities of management engaged to}\\ prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. (1) The Sales Comparison Approach 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. \text{Other Expenses}&\$36,000&&\$34,500\\ The action of government seizure of land for the good of the public. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ 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. and no unpaid claims against the property. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. 40 pages. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Over 500 million tweets are sent per day. transferring real estate to the state when a person dies without heirs. homeowners who are at least 62 years of age can borrow against the equity in their property. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. transfer of ownership against the will of the owner. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. 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. 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! 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. Principles of Real Estate 2. Site description all consumers are given a equal chance to obtain credit. 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. Money that has value apart from its use as money. Property and lender information someone who processes, underwrites, closes and funds his or her own files in his or her name. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. It basically insures the difference between the borrower's down payment and LTV. The exchange of goods or services for other goods or services without the use of money. Adequate consideration a limit on the amount the interest rate can increase or decrease at each adjustment date. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? limits how much a payment can increase/ decrease. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. DUST; demand, utility, scarcity, transferability. The loss in a property's value due to daily wear and tear. lender has evaluated the borrower in the underwriting process. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. Accounting2. A rookie quarterback is negotiating his first NFL contract. What is the probability that Bob receives no tweets during his lunch hour? \text{Travel Expenses}&&\$600&\$19,000\\ The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. residential property is depreciated over how many years? 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. & \text{$\quad$processes, and communicates financial}\\ 2.amount of any payment increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. many lenders, especially high LTV loans, will order a field review of the appraisal. no guarantee for approval, property must fit criteria . the value if the property is equal to the sum if the contributory value of each of its component parts. partially amortized loan with final payment substantially larger than the others. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. something of value given in exchange for a conveyance. 1. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Operatingactivitiesc. & \text{$\quad$misleading financial statements}\\ Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. The U.S. Money that has no value of its own but can be exchanged for something of value. Photographs of comparables Another Name for environmental or economic obsolescence. & \text{h. The intentional preparation of}\\ The role money serves when it is used as a form of payment. Consumer Financial Protection Bureau (CFPB) enforces what Acts? price a wiling seller will sell for & price willing buyer will buy. The percentage of value or sales price that a lender is willing to finance. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. can be voluntary or involuntary. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. largest investor in home mortgages. 2. major functional obsolescence Taxation The process of producing accounting}\\ Theintentionalpreparationofmisleadingfinancialstatementsi. grantor does not even claim to own the property. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! a mortgage is an actual transfer of ownership from the borrower to the lender. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. 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. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. in depth process. ___________ 14. 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. 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. 4. Havingenoughcashavailabletopay5. Take your license further with a Designation or Certification. b) What confidence level did the pollsters use? ___________ 6. Match the terms that follow with the appropriate definitions. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Find the annual double-declining-balance (200% method) rate of depreciation. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. The reduction in value of property from causes such as deterioration or obsolescence. respa applicable. 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. 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. 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. addition or amendment to an existing will. Financialaccounting8. \text{5. provide basic information to the lender including, income, debt and credit history. 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. Rental survey legal. help meet the credit needs of ALL the community. The absence of competition will cause prices to increase in the marketplace. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. What is one of the most important ways through which the behavior becomes integrated? Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. 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. Legal purpose The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. a type of appraisal review. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. 6. the value of a property is equal to the sum of the contributory value of each of its component parts. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. 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. Bank owns it now. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. tenancy of sufferance lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. \text{1. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. Additional support documents, 1. Principles of Real Estate 1. \text{3. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ Rural Property <25% built up Theprocessofproducingaccounting2. The right of the government to take an individual's land if he or she dies without a will or heirs. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Managerialaccounting9. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. initial truth in lending disclosure. responsible for: 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. (pending lawsuits affecting the property). right of govt to take private land for public use. subsequent to adjustment, limits how much a payment can increase or decrease. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. seller is willing to take part or all of equity in the form of a note. 3. preserves low, existing intrest rate on the original note. ie. 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. special form of insurance which is designed to allow lender to increase the LTV. 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. 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. The value of a property may be affected by social, economic, governmental and environmental influences. generally 5-10% range with fees. 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
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