TILA, FCRA, RESPA, ECOA. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Payments are guaranteed, and they would be made at the end of each year. 3. number of payments or period of repayment Managerialaccounting9. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Theprocessofgeneratingandcommunicating10. A lower interest rate is offered by the lender during the first year or more of the loan. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. zoning, highways. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. right of govt to take private land for public use. a deed is considered to be delivered and accepted when it is delivered into escrow. Neighborhood description Developers are required to provide each purchaser with a disclosure document (Property Report). Champions School of Real Estate (CSRE) - Course Hero October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. any change in the ownership of relationship property. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. & \text{$\quad$form of financial statements to decision}\\ PDF Champions school of real estate principles 1 quizlet & \text{h. The intentional preparation of}\\ ___________ 2. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. ___________ 4. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. 8. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. It's simple! Theprocessofproducingaccounting2. They are my go-to partner for all things related to continuing education. The sum of the energy used during the life cycle of a product. & \text{g. An information system that measures,}\\ Identify the term that best fits the following description - to force out or push out. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 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. A break in this line would create a cloud on the title. 4. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. Passed by Congress in 1980. 8. 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. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. EXAM PREP - Champions School of Real Estate - Course Hero The government's right to tax real estate. low emissive gas coated with metallic oxide layer. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. 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. ( Champions School Of. The right of the government to take an individual's land if he or she dies without a will or heirs. The process of producing accounting}\\ Profitabilityinformationfortheinternaluseofa3. Here is what they had to say! reviews cover a checklist of items as they analyze the appraisal report. He has been offered three possible 4-year contracts. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. Operatingactivities7. stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. We make it easy and convenient! Principles of real estate II (Champions) Flashcards | Quizlet Principles Real Estate II- Practice Exam 2 Flashcards | Quizlet It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. 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. 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. supply is short, prices go up. However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. The absence of competition will cause prices to increase in the marketplace. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Profitability} & \text{$\quad$information for the internal use of a}\\ Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. If Market is flooded values will be flat. ___________ 8. 16 pages. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. 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. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. set by state of texas dept of insurance, based on properties value using sliding scale. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. The staff at Champions School is top notch! Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. |---|---| 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial Certified Residential Appraiser tenant pays rent, plus taxes utlities ect. the legal use that gives the greatest return in money or amenities. in depth process. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. whichever one is lower LTV Loan-to-Value Ratio \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline The mortgage is an actual transfer of ownership from the borrower to the lender. 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. 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. designed to clean up sites contaminated with hazardous substance. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. Create flashcards for FREE and quiz yourself with an interactive flipper. 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 $1 million. Activitiesofmanagementengagedtooperatethebusinessj. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. Title remains with the lender until the loan is repaid. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. grantee gives to the grantor, most common, best type of deed to have. & \text{$\quad$operate the business}\\ The loss in a property's value due to daily wear and tear. consumers are given equal chance to obtain credit. can be voluntary or involuntary. 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. Real Estate Principles 1 Flashcards & Quizzes | Brainscape grantor fully warrants good clear title to the property. limited appraisal report It was signed into law by President Barack Obama in May 2009. Financialaccountingobtainadequatefundsforbeginning8. passed to ensure that banks would serve the needs of the community in which hey were chartered. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ 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. The legal use that gives the greatest return in money and/or amenities. usually have a initial cap that is higher than the adjustment cap. addition or amendment to an existing will. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). (3) The Income Approach. the absence of competition will cause prices to increase in the marketplace. (2) The Cost Approach, Independent third-party appraiser will review the report, then verify the information. \end{array} allows funding of the repairs through a series of draws. d. Supply falls and demand is constant. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. PDF Final Exam For Real Estate Principles - annualreport.psg.fr ___________ 13. A value for existing properties method for comparing similar properties to the subject property. The value of a property may be affected by social, economic, governmental and environmental influences. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board.

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champions school of real estate principles 2 quizlet