value of a property maybe affected by social, economic, govt and environmental influences. & \text{$\quad$makers outside the organization}\\ Operatingactivitiesc. a deed is considered to be delivered and accepted when it is delivered into escrow. Find the annual double-declining-balance (200% method) rate of depreciation. \text{5. 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 FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 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. 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. 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. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. ( Champions School Of. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. purchase price is affected by the expectation of of future appeal and benefits. Neighborhood description 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. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. 9. Activitiesofmanagementengagedtooperatethebusinessj. His opportunity cost is 7 percent. person received notice of document or event even though actual notice was not delivered directly to him or her. used to clear up cloud on title, no protection, no ownership claimed by grantor. 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. Conventional-loans that have no federal guarantees or 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. & \text{$\quad$operate the business}\\ ARMS that offer fixed rate period during 1st years of the loan. Under what conditions would the traditional yield spread be close to the static spread? process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. January 1, 2005, launching its Mold Mission Program. Suppose that the battery life in both cases follows an exponential distribution. less depreciation, plus land value. 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 Accountinga. Permits additional borrowing on the same note and mortgage. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. some lenders accept this drive-by type of review for low LTV or low risk loans. zoning, highways. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. DUST; demand, utility, scarcity, transferability. when the value added by an improvement exceeds the costdo not over improve. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. Eminent Domain allows funding of the repairs through a series of draws. addition or amendment to an existing will. Investingactivities6. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. subsequent to adjustment, limits how much a payment can increase or decrease. low emissive gas coated with metallic oxide layer. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. | 4 years | |. & \text{e. Activities of management engaged}\\ permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. can be voluntary or involuntary. 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. Achieve success through Business Etiquette. set by state of texas dept of insurance, based on properties value using sliding scale. The action of government seizure of land for the good of the public. 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. Principles of Real Estate 1. Items that affect the marketability or livability of the property Champions makes sure you are ready to take your State and National exam. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Reconciliation of values What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? + result to numerator the legal use that gives the greatest return in money or amenities. Investingactivitiesdebtswhentheyaredue6. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. tenancy of will very vulnerable to being contested. Buildings are not typical of the area The exchange of goods or services for other goods or services without the use of money. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. Havingenoughcashavailabletopaydebtswhentheyareduec. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. 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. designed to clean up sites contaminated with hazardous substance. person designated to execute the terms of a will. Copy of most recent property survey Comprehensive Environmental Response, compensation, and Liability Act. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. 3. Developers are required to provide each purchaser with a disclosure document (Property Report). It is would suggest that an owner should not "over improve" a property. & \text{$\quad$whether actions are right or wrong}\\ legal. 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. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Married limit is 500k. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 4. local maps, indicating location of subject and comparables a type of appraisal review. 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. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. insures most protection, any changes to the ownership of real property. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ He is really good. right of govt to take private land for public use.
