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Began in 1938 federal agency. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. 1. amount of down payment. 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. A rookie quarterback is negotiating his first NFL contract. 2. major functional obsolescence requires an application. Earn or renew your Home Inspector license. decreases over time, norm paid by buyer. The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. tenant pays rent, plus taxes utlities ect. Escheat, right of government to regulate and control land. The process by which the government exercises its right of eminent domain. seller is willing to take part or all of equity in the form of a note. Eminent Domain all consumers are given a equal chance to obtain credit. The action of government seizure of land for the good of the public. \end{array} Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Demand falls by more than supply rises. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. % of the lesser of the appraised value or sales price that lender will lend. 10. 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. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. 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. 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. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. The most probable price a property should bring in a competitive and open market. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year \text{Other Expenses}&\$36,000&&\$34,500\\ transfer of ownership against the will of the owner. gradual loss of land near border of stream or river. Analysis of market data added to the index to calculate interest rates, teaser rate- lower rate offered initially. in 1968 was established as private company,operates with private capital on a self sustaining basis to enhance the flow of funds in the secondary market. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. the loan origination market where borrowers and lenders negotiate mortgage terms. oral/ deathbed will. \text{1. Money that has value apart from its use as money. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. Investing activities} & \text{$\quad$debts when they are due}\\ Once the loan is closed it is sold to another lender. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Operating income and expense statements 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 loss in a property's value due to daily wear and tear. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. 8. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. According to this principle, the value of DUST; demand, utility, scarcity, transferability. ___________ 3. usually have a initial cap that is higher than the adjustment cap. Match the terms that follow with the appropriate definitions. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. prepared by an attorney, least likely to be contested. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? ___________ 6. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Accounting} & \text{a. RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. helpful info about the cost pr mortgage settlement charges caused by abusive practices. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. \text{5. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 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. Passed by Congress in 1980. Married limit is 500k. Taxation Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. part of income approach, used if there are a lot of rental properties in the area. The percentage of value or sales price that a lender is willing to finance. borrowers provide basic information like income, debt, and credit history. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! The percentage of value or sales price that a lender is willing to finance. 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. 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. 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 loss value caused by factors outside of the property (demand, zoning, condemnation, highways), for income-generating rental properties, neighborhood-specific, GRM = Sales Price/Monthly Rent, Property acquired by lender through foreclosure, Borrowers and lenders come together to create mortgage, Mortgage bankers, mortgage brokers, and correspondent lenders, The detailed process of evaluating a borrower's loan application, The consummation of a real estate transaction, signed and paid. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Champions School of Real Estate Principles 2 Test Review September 2018 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Anticipation Click card to see definition purchase price is affected by the expectation of future appeal and benefits Click again to see term 1/83 Created by rachelw1111 Key concepts: Consumer Credit Protection Act I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? 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. Purchases "pools" of mortgages. Passed by Congress in 1968. Identify the term that best fits the following description - to force out or push out. The sum of the energy used during the life cycle of a product. Havingenoughcashavailabletopay5. Neighborhood description 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. 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. method of financing which preserves the low, existing interest rate on the original note. federal law passed in 1974. doesn't include: gender or immigration status. Investingactivities6. The role money serves when used as a way to hold value relatively well over time. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. The government's right to tax real estate. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries.