Liquiditycompanysmanagement4. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Get your Real Estate License Education on a Mobile Web App. Flood maps 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. 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 principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell part of income approach, used if there are a lot of rental properties in the area. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Theintentionalpreparationofmisleadingfinancialstatementsi. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. all consumers are given a equal chance to obtain credit. the loan origination market where borrowers and lenders negotiate mortgage terms. (Most reliable), Reduction in value from deterioration or obsolescence. a. insures the difference, Police Power ___________ 14. Activities of management engaged to}\\ 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. Demand rises and supply is constant. very likely to be contested. decreases over time, norm paid by buyer. prepared by an attorney, least likely to be contested. legal. 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. allows funding of the repairs through a series of draws. Rental survey the legal use that gives the greatest return in money or amenities. (PETE) police power, escheat, taxation, eminent domanin. What is one of the most important ways through which the behavior becomes integrated? Texas Principles 2 Q & A - Champions School of Real Estate 1. 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. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. The right of the government to take an individual's land if he or she dies without a will or heirs. Activitiesofmanagementengagedtooperatethebusinessj. The U.S. Identify and explain the structures of language. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. tenancy of sufferance Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. The loss in value of a property caused by factors outside of the property itself. Profitability3. 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. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline 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. certified commercial investment member (part of NAR). 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. 2. major functional obsolescence & \text{e. Activities of management engaged}\\ 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. Match the terms that follow with the appropriate definitions. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. Investing activities} & \text{$\quad$debts when they are due}\\ Property and lender information 5. Conventional-loans that have no federal guarantees or insurance value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. + result to numerator Match the following terms to the correct definitions. Loss of value of a building from its reproduction cost, resulting from wear and tear over time. The action of government seizure of land for the good of the public. & \text{g. An information system that measures,}\\ 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. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. It also offers continuing education courses for. \text{9. Theprocessofgeneratingandcommunicating10. 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. ___________ 5. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. They are my go-to partner for all things related to continuing education. 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. Ethics} & \text{d. The process of generating and communicating}\\ 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. Another Name for environmental or economic obsolescence. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. A lower interest rate is offered by the lender during the first year or more of the loan. & \text{f. The ability to earn enough income to}\\ \text{5. added to the index to calculate interest rates, teaser rate- lower rate offered initially. (3) The Income Approach. Income approach Analysis 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. Sketch of floor plan Economic obsolescence 4. local maps, indicating location of subject and comparables type of insurance required when the LTV exceeds 80%. The sum of the energy used during the life cycle of a product. promotes home ownership. limits how much a payment can increase/ decrease. Taxation doesn't indicate that they are legal owner, The government is the original owner of all land. Demand falls by more than supply rises. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. 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. transfer of title that is a free act of the grantor.

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