partially amortized loan with final payment substantially larger than the others. value of a property maybe affected by social, economic, govt and environmental influences. Managerialaccountingandcontinuingtooperateabusiness9. & \text{$\quad$to spend capital in ways that are}\\ never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. January 1, 2005, launching its Mold Mission Program. \text{7. ___________ 12. The loss in value of a property caused by factors outside of the property itself. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Achieve success through Business Etiquette. His opportunity cost is 7 percent. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. 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. A lower interest rate is offered by the lender during the first year or more of the loan. Title remains with the lender until the loan is repaid. method of financing which preserves the low, existing interest rate on the original note. The exchange of goods or services for other goods or services without the use of money. The staff at Champions School is top notch! CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. Find the annual double-declining-balance (200% method) rate of depreciation. 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. Texas State Portion Real Estate Exam part 2.docx. Additional support documents, 1. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. promotes home ownership. 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. When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Let and take agreement The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. \text{Other Expenses}&\$36,000&&\$34,500\\ 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. \end{array} Investingactivitiesdebtswhentheyaredue6. a. various equations can calculate what investor is looking for. 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. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. & \text{$\quad$attract and hold investment capital}\\ 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. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. 16 pages. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. zoning, highways. Taxation equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Income approach Analysis 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. Under what conditions would the traditional yield spread be close to the static spread? Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. the loan origination market where borrowers and lenders negotiate mortgage terms. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Accounting2. some lenders accept this drive-by type of review for low LTV or low risk loans. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. Anything that is widely accepted in exchange for goods and services. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. d. Supply falls and demand is constant. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. 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. & \text{$\quad$form of financial statements to decision}\\ Unlimited number of times. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. the value if the property is equal to the sum if the contributory value of each of its component parts. & \text{i. federal law passed in 1974. doesn't include: gender or immigration status. Accounting} & \text{a. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Theintentionalpreparationofmisleadingfinancialstatementsi. ___________ 3. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Having enough cash available to pay}\\ in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. & \text{$\quad$processes, and communicates financial}\\ the value of a property is equal to the sum of the contributory value of each of its component parts. forces acting on the parcel of land are always affecting the value of the land. She has one son, Tyler, who lives in Maine. 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. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties value set on the property for tax purposes. 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. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. the absence of competition will cause prices to increase in the marketplace. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. Texas Principles 2 Q & A - Champions School of Real Estate 1. 2.amount of any payment value added to improvement exceeds the cost of improvement. The loss in a property's value due to daily wear and tear. homeowners who are at least 62 years of age can borrow against the equity in their property. Principles of Real Estate 2. something of value given in exchange for a conveyance. DUST; demand, utility, scarcity, transferability. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Photographs of property Calculate the new balance. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Theprocessofproducingaccounting2. 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. \end{array} + result to numerator history or list of all owners back to the sovereignty of the soil. 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. & \text{$\quad$operate the business}\\ 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 It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. % of the lesser of the appraised value or sales price that lender will lend. 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 Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. transferring real estate to the state when a person dies without heirs. a. 3. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. 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. 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. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. \end{array} The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. no guarantee for approval, property must fit criteria . risk based pricing, borrowers are rated A-F with prime borrows having a A rating. Match the terms that follow with the appropriate definitions. 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. very likely to be contested. qualifies borrower based on proposed home payment and gross monthly income. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? A rookie quarterback is negotiating his first NFL contract. The landlord or owner; party granting a lease. set by state of texas dept of insurance, based on properties value using sliding scale. 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. underwriter approval. estate for years 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. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! permits additional borrowing on the same note and mortgage. 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. Financialaccounting8. These are non conforming loans. Analysis of market data protection up to purchase price, norm paid by seller (buyers benefit). 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. Learning the principles and laws of real estate is Champions focus. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. most conveyances are voluntary. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. We make it easy and convenient! The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. addition or amendment to an existing will. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). examining of the public records and constructed a chain of title and an abstract of title. the legal use that gives the greatest return in money or amenities. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 5. The sum of the energy used during the life cycle of a product. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. Havingenoughcashavailabletopay5. & \text{g. An information system that measures,}\\ This ensures you quickly get to the core! 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{3. Infer What might keep a State from accepting a categorical grant-in-aid? legal procedure where secured property is sold to pay unpaid note. Escheat, right of government to regulate and control land. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. 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. 7. 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. 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. 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. & \text{h. The intentional preparation of}\\ Assets that are easily converted to cash. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Money that has no value of its own but can be exchanged for something of value. The process by which the government exercises its right of eminent domain. 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. A code of conduct that addresses}\\ person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ The government's right to tax real estate. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. & \text{$\quad$makers outside the organization}\\ Providing Top Quality Real Estate License Education in Texas for Over 30 Years! Take your license further with a Designation or Certification. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. tenancy of will They prepare you for life as a Realtor. 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. a type of appraisal review. Reconciliation of values grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. 4. amount of any finance charge. Money that has value because the government has ordered that it be accepted in payment of debts. ___________ 1. 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. state law requires law, real estate contracts and leases over a year to be in writing. used in most real estate transactions. The lender transfers title back to the borrower when the loan is repaid. Managerialaccounting9. 8. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. only legal for personal property. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. Frequently asked questions 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. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular.
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