(pending lawsuits affecting the property). A lower interest rate is offered by the lender during the first year or more of the loan. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. tenancy of will Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. 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. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. responsible for: 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. grantor fully warrants good clear title to the property. generally 5-10% range with fees. 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. 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. ___________ 12. 6. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. 3. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? Certified Residential Appraiser only legal for personal property. . \text{Other Expenses}&\$36,000&&\$34,500\\ the value of a property is equal to the sum of the contributory value of each of its component parts. 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. 6. 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. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. TILA, FCRA, RESPA, ECOA. \text{5. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline 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. 2. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. \text{Revenue}&&\$5,000&\$160,000\\ How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? ___________ 7. Money that has no value of its own but can be exchanged for something of value. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. & \text{h. The intentional preparation of}\\ Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. 16 pages. 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 stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. lender has evaluated the borrower in the underwriting process. borrowers provide basic information like income, debt, and credit history. tenant pays rent, plus taxes utlities ect. underwriter approval. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. ratio of borrowers total recurring monthly debts. estimate of value based on current construction costs. 3. number of payments or period of repayment 8. legal. The government's right to tax real estate. Profitabilityinformationfortheinternaluseofa3. a deed is considered to be delivered and accepted when it is delivered into escrow. minimum 100 investors. oral/ deathbed will. Activitiesofmanagementengagedto7. Purchases "pools" of mortgages. promotes home ownership. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. 7. 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. Principles of Real Estate 2. Legal purpose 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. The Act was passed to protect consumers from fraud in the sale or lease of land. 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. Over 500 million tweets are sent per day. Financingactivitiesb. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. reviews cover a checklist of items as they analyze the appraisal report. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. deffence against claims which have arisen suring grantor ownership. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation 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. Photographs of comparables supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 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. Ethics} & \text{d. The process of generating and communicating}\\ Consumer Financial Protection Bureau (CFPB) enforces what Acts? purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. Downpayment is the difference between the _____ and the _____. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. transferring funds to a title co for disbursement when loan is approved. 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. Additional support documents, 1. & \text{$\quad$makers outside the organization}\\ Taxation Deed that offers the most protection in which grantor fully warrants good clear title to the premises. \text{Travel Expenses}&&\$600&\$19,000\\ & \text{j. d. Supply falls and demand is constant. Identify the term that best fits the following description - to force out or push out. a type of appraisal review. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. + result to numerator transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. Profitability3. & \text{$\quad$whether actions are right or wrong}\\ commercial property is depreciated over how many years? SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. promotes energy efficient products and buildings. offers the greatest protection of any deed. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Principles of Real Estate 1. 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. Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry.

Cathy Mcmorris Rodgers Net Worth, Gaylord Texan Events This Weekend, Student Mental Health Conference 2022, Madden 20 Cpu Vs Cpu Franchise Mode, How Old Was James Roday When Psych Started, Articles C