champions school of real estate principles 2 quizlet

Theprocessofgeneratingandcommunicating10. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! The process of producing accounting}\\ Items that affect the marketability or livability of the property 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. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. 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. Earn or renew your Real Estate Sales Agent or Broker license. estate for years tenancy of sufferance Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. transferring funds to a title co for disbursement when loan is approved. 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. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Identify the term that best fits the following description - to force out or push out. minimum 100 investors. Flood maps &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Learning the principles and laws of real estate is Champions focus. 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. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. history or list of all owners back to the sovereignty of the soil. 2.amount of any payment \text{8. 4. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. limits interest rate over the lifetime of a loan. Increased competition will bring prices down. A value for existing properties method for comparing similar properties to the subject property. Analysis of market data 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. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. 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. 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 interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. doesn't indicate that they are legal owner, The government is the original owner of all land. 3. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Sketch of floor plan 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. 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. It also offers continuing education courses for. ___________ 1. Investingactivitiesdebtswhentheyaredue6. The role money serves when used as a way to hold value relatively well over time. 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} Neighborhood description Property and lender information ratio of borrowers total recurring monthly debts. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. Managerialaccounting9. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. 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. price a wiling seller will sell for & price willing buyer will buy. ___________ 6. the value if the property is equal to the sum if the contributory value of each of its component parts. Frequently asked questions The lender transfers title back to the borrower when the loan is repaid. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. value set on the property for tax purposes. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 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). 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, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties no guarantee for approval, property must fit criteria . zoning, highways. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners d. Supply falls and demand is constant. gradual loss of land near border of stream or river. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). \text{1. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. & \text{$\quad$form of financial statements to decision}\\ Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. The legal use that gives the greatest return in money and/or amenities. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. whichever one is lower LTV Loan-to-Value Ratio authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. estimate of value based on current construction costs. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 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. A rookie quarterback is negotiating his first NFL contract. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Income approach Analysis Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle.

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