Principles of Real Estate 1. 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) 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 +$10 billion prohibits redlining. 2. zoning, highways. An appraiser must always be aware of these influences and possible changes in them that could affect market value. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. addition or amendment to an existing will. Operating activities} & \text{c. Activities of management engaged to}\\ charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. PDF Champions school of real estate principles 1 quizlet Identify the term that best fits the following description - to force out or push out. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. \text{1. The absence of competition will cause prices to increase in the marketplace. & \text{$\quad$productive and will help a business}\\ Economic obsolescence Flood maps Neighborhood description Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. type of insurance required when the LTV exceeds 80%. Infer What might keep a State from accepting a categorical grant-in-aid? the only limitations to title are those listed in the deed. 16 pages. & \text{$\quad$achieve its objectives}\\ A break in this line would create a cloud on the title. Income approach Analysis Texas Real Estate Education | Champions School the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. 6. low emissive gas coated with metallic oxide layer. insures most protection, any changes to the ownership of real property. The reduction in value of property from causes such as deterioration or obsolescence. It was signed into law by President Barack Obama in May 2009. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. added to the index to calculate interest rates, teaser rate- lower rate offered initially. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. 8. generally 5-10% range with fees. 21 pages. * whole # by denominator Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. 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. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. 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. A rookie quarterback is negotiating his first NFL contract. 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) The presence of lower-priced properties in the area will cause a decline in the value of the subject property. in depth process. something of value given in exchange for a conveyance. very vulnerable to being contested. 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. Accounting2. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? a type of appraisal review. The loss in desirability of the style, layout, or function of an element of a property over time. ( Champions School Of. ___________ 6. Managerialaccounting9. b. looks like a deed. transfer of ownership against the will of owner. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. & \text{$\quad$operate the business}\\ initial truth in lending disclosure. Match the terms that follow with the appropriate definitions. & \text{$\quad$information about an identifiable}\\ The role money serves when it is used as a form of payment. combination of two or more properties into one. \text{6. ___________ 5. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. 3. number of payments or period of repayment Helen Fortier February 10, 2022 Taxation Learning the principles and laws of real estate is Champions focus. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. The right of the government to take an individual's land if he or she dies without a will or heirs. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Having enough cash available to pay}\\ ___________ 3. 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. January 1, 2005, launching its Mold Mission Program. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? 4. 176 Champions School of Real Estate Reviews - AgentAdvice.com The process of transferring funds to a title or escrow company for disbursement. Legal purpose Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Examine the summary section of a monthly credit card statement. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Financingactivities5. Acodeofconductthataddresseswhetheractionsarerightorwrong. Exam-Federal 1-A2. Certified Residential Appraiser CFPB implemented. \text{4. Financing activities} & \text{b. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Create flashcards for FREE and quiz yourself with an interactive flipper. Investingactivitiesdebtswhentheyaredue6. Began in 1938 federal agency. 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. 2.amount of any payment With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Cost approach Analysis special form of insurance which is designed to allow lender to increase the LTV. funds the secondary market. \text{9. transfer of title that is a free act of the grantor. 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. & \text{$\quad$whether actions are right or wrong}\\ never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. many lenders, especially high LTV loans, will order a field review of the appraisal. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). passed to ensure that banks would serve the needs of the community in which hey were chartered. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Liquidity4. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. value added to improvement exceeds the cost of improvement. & \text{$\quad$makers outside the organization}\\ At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. a mortgage is an actual transfer of ownership from the borrower to the lender. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. residential property is depreciated over how many years? Havingenoughcashavailabletopaydebtswhentheyareduec. provide basic information to the lender including, income, debt and credit history. Champions Principles of Real Estate 2 Flashcards | Quizlet standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. ie. (3) The Income Approach. It basically insures the difference between the borrower's down payment and LTV. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. 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. 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. 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. The landlord or owner; party granting a lease. (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. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline The loan becomes due upon the sale of the property or the death of the owner. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice.