___________ 8. Match the terms that follow with the appropriate definitions. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Theintentionalpreparationofmisleadingfinancialstatementsi. The percentage of value or sales price that a lender is willing to finance. Once the loan is closed it is sold to another lender. Acodeofconductthataddresseswhetheractionsarerightorwrong. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. The mortgage is an actual transfer of ownership from the borrower to the lender. She has one son, Tyler, who lives in Maine. Principles of Real Estate 1. Under what conditions would the traditional yield spread be close to the static spread? 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). founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. The most probable price a property should bring in a competitive and open market. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 5. Copy of most recent property survey a type of appraisal review. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. can be voluntary or involuntary. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Identify and explain the structures of language. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. insures most protection, any changes to the ownership of real property. Improvements to site Demand falls by more than supply rises. 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. The value of a property may be affected by social, economic, governmental and environmental influences. many lenders, especially high LTV loans, will order a field review of the appraisal. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! underwriter approval. grantee gives to the grantor, most common, best type of deed to have. prepared by an attorney, least likely to be contested. 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. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. If the property cannot be transferred, it is of little value. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Managerialaccountingandcontinuingtooperateabusiness9. Liquidity} & \text{$\quad$companys management}\\ \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. 5. 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. 1. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. \text{Revenue}&&\$5,000&\$160,000\\ usually have a initial cap that is higher than the adjustment cap. 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. 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. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. Fraudulentfinancialreportinga. b. looks like a deed. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Reconciliation of values risk based pricing, no published rates. Liquidity4. promotes energy efficient products and buildings. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. These are non conforming loans. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. Liquiditycompanysmanagement4. Activitiesofmanagementengagedto7. 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. Title remains with the lender until the loan is repaid. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. & \text{$\quad$achieve its objectives}\\ Financialaccounting8. 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. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Money that has value because the government has ordered that it be accepted in payment of debts. Passed by Congress in 1980. |---|---| Increased competition will bring prices down. & \text{g. An information system that measures,}\\ covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. 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) 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. & \text{$\quad$whether actions are right or wrong}\\ \text{10. quiz 14.docx. Assets that are easily converted to cash. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. We make it easy and convenient! Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. responsible for: The government's right to tax real estate. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. 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. never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. legal. The role money serves when used as a way to hold value relatively well over time. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. 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. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. minimum 100 investors. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. tenant pays rent, plus taxes utlities ect. 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.
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