residential property is depreciated over how many years? She has one son, Tyler, who lives in Maine. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. ese are non-conforming loans. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. 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. grantor does not even claim to own the property. transfer of ownership against the will of the owner. ENERGY STAR program was established in 1992 under this Act. partially amortized loan with final payment substantially larger than the others. homeowners who are at least 62 years of age can borrow against the equity in their property. Bank owns it now. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. type of insurance required when the LTV exceeds 80%. Value, Income, Return. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Adger Corporation is a service company that measures its output based on the number of customers served. Ethics} & \text{d. The process of generating and communicating}\\ Certified Residential Appraiser value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline 16 pages. Legal purpose most reasonable price a property should bring in a competitive open market. Passed by Congress in 1980. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . 40 pages. \text{6. addition or amendment to an existing will. designed to clean up sites contaminated with hazardous substance. minimum 100 investors. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Ethicsd. Type of asset-backed security that is secured by a mortgage or collection of mortgages. & \text{g. An information system that measures,}\\ consent of the lender allows property to be sold for a price sufficient to pay mortgage off. transfer of ownership against the will of owner. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ 21 pages. 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. Liquiditycompanysmanagement4. Financingactivities5. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Match the terms that follow with the appropriate definitions. supply is short, prices go up. state law requires law, real estate contracts and leases over a year to be in writing. borrowers provide basic information like income, debt, and credit history. loss in a property's value due to daily wear and tear. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. 2. 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. risk based pricing, no published rates. 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. The role money serves when it is used as a form of payment. Get your Real Estate License Education on a Mobile Web App. certified commercial investment member (part of NAR). 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. He is really good. 3. ___________ 4. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. The government's right to tax real estate. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. & \text{$\quad$economic entity}\\ Profitability3. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Passed by Congress in 1968. 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. 2. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. the loan origination market where borrowers and lenders negotiate mortgage terms. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. 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. prepared by an attorney, least likely to be contested. 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. 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 Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. The value of a property may be affected by social, economic, governmental and environmental influences. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages tenancy of sufferance It was signed into law by President Barack Obama in May 2009. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). very vulnerable to being contested. ___________ 13. 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. TILA, FCRA, RESPA, ECOA. The process of producing accounting}\\ property owner obtains a certificate much like an automobile that is recorded in the public records. 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. It also offers continuing education courses for. The loss in desirability of the style, layout, or function of an element of a property over time. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. \text{7. Over 500 million tweets are sent per day. The amount of money available for the purchase of goods and services. 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. It is would suggest that an owner should not "over improve" a property. His opportunity cost is 7 percent. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. The staff at Champions School is top notch! Items that affect the marketability or livability of the property 3. gradual loss of land near border of stream or river. 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} What is one of the most important ways through which the behavior becomes integrated? Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . \text{8. underwriter approval. Assets that are easily converted to cash. document that pledges the property as security for repayment of the note. promotes home ownership. \end{array} goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. limited appraisal report CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. percentage of value or sales price that a lender is willing to finance. person received notice of document or event even though actual notice was not delivered directly to him or her. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. sets monetary policy. The legal use that gives the greatest return in money and/or amenities. (Zoning example). Rental survey Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) 4. 9. background information about the appraiser (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. 8. Reconciliation of values Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. exterior only/drive by inspection. ___________ 3. The percentage of value or sales price that a lender is willing to finance. & \text{h. The intentional preparation of}\\ The exchange of goods or services for other goods or services without the use of money. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Managerialaccountingandcontinuingtooperateabusiness9. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Conventional-loans that have no federal guarantees or insurance sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Fraudulentfinancialreportinga. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. prohibits redlining. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). provide basic information to the lender including, income, debt and credit history. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Achieve success through Business Etiquette. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. The loss in desirability of the style, layout, or function of an element of a property over time. 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. Real Estate Salesperson National Prep Exam 1.docx. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. 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. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. 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. 7. Texas State Portion Real Estate Exam part 2.docx. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Borrowers are rated A-F with a prime borrower having an A rating. Create flashcards for FREE and quiz yourself with an interactive flipper. 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. oral/ deathbed will. Eminent Domain tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. (2) The Cost Approach, purchase title insurance either by grantor or grantee. Examine the summary section of a monthly credit card statement. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. Theprocessofproducingaccounting2. + result to numerator maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion & \text{$\quad$information about an identifiable}\\ & \text{$\quad$operate the business}\\ 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. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 10. Buildings are not typical of the area Principle of Increasing and Decreasing Returns. 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. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. in depth process. Let and take agreement We make it easy and convenient! stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable?
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