Match the following terms to the correct definitions. The exchange of goods or services for other goods or services without the use of money. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. The U.S. Examine the summary section of a monthly credit card statement. 7. Operating income and expense statements The process of producing accounting}\\ 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. can be voluntary or involuntary. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. 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) 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. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. purchase title insurance either by grantor or grantee. If the property cannot be transferred, it is of little value. & \text{$\quad$form of financial statements to decision}\\ Value, Income, Return. respa applicable. Investingactivitiesdebtswhentheyaredue6. 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. The process of transferring funds to a title or escrow company for disbursement. transfer of ownership against the will of the owner. 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. Developers are required to provide each purchaser with a disclosure document (Property Report). complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. Theintentionalpreparationofmisleadingfinancialstatementsi. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. issued in the amount of the loan. \end{array} When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. The Act was passed to protect consumers from fraud in the sale or lease of land. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. The relationship between the amount of rent a specific property can command, and the value of the property to the owner. type of insurance required when the LTV exceeds 80%. \text{8. The sum of the energy used during the life cycle of a product. protection up to purchase price, norm paid by seller (buyers benefit). Profitability3. ___________ 3. 1. amount of down payment. a type of appraisal review. 3. Once the loan is closed it is sold to another lender. borrowers provide basic information like income, debt, and credit history. insures most protection, any changes to the ownership of real property. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. 1. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. a type of appraisal review. something of value given in exchange for a conveyance. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. Neighborhood description the percentage of value or sales price that a lender is willing to finance. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. c. Supply rises by more than demand rises. The process by which the government exercises its right of eminent domain. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? most conveyances are voluntary. 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. grantor does not even claim to own the property. A rookie quarterback is negotiating his first NFL contract. promotes home ownership. ___________ 13. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. It basically insures the difference between the borrower's down payment and LTV. set by state of texas dept of insurance, based on properties value using sliding scale. 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. 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. all consumers are given a equal chance to obtain credit. various equations can calculate what investor is looking for. 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 . grantee gives to the grantor, most common, best type of deed to have. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. property owner obtains a certificate much like an automobile that is recorded in the public records. 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. 40 pages. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. & \text{$\quad$achieve its objectives}\\ Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. low emissive gas coated with metallic oxide layer. What is one of the most important ways through which the behavior becomes integrated? &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ specifies requirements found in regulation z. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. The role money serves when it is used as a form of payment. Title remains with the lender until loan is repaid. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. prepared by an attorney, least likely to be contested. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Let and take agreement Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Passed by Congress in 1980. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? transferring real estate to the state when a person dies without heirs. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser whichever one is lower LTV Loan-to-Value Ratio responsible for: 2. Identify and explain the structures of language. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. zoning, highways. 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. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. 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. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. DUST; demand, utility, scarcity, transferability. Learning the principles and laws of real estate is Champions focus. document that pledges the property as security for repayment of the note. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ 8. the value of a property is equal to the sum of the contributory value of each of its component parts. 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. 4. 8. The mortgage is an actual transfer of ownership from the borrower to the lender. Cost approach Analysis From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. The landlord or owner; party granting a lease. Financialaccounting8. seller is willing to take part or all of equity in the form of a note. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. & \text{e. Activities of management engaged}\\ Under what conditions would the traditional yield spread be close to the static spread? 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! 5. some lenders accept this drive-by type of review for low LTV or low risk loans. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. 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). transfer of ownership against the will of owner. 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. ___________ 2. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Conventional-loans that have no federal guarantees or insurance protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. 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 a limit on the amount the interest rate can increase or decrease at each adjustment date. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. Percentage of the Lesser of the appraised value or sales price that the lender will lend. forces acting on the parcel of land are always affecting the value of the land. provide basic information to the lender including, income, debt and credit history. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. & \text{$\quad$economic entity}\\ founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. Gross Rent Multiplier. 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. generally 5-10% range with fees. 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. Money that has value because the government has ordered that it be accepted in payment of debts. It also offers continuing education courses for. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! Theprocessofgeneratingandcommunicating10. very likely to be contested. partially amortized loan with final payment substantially larger than the others. He is really good. 21 pages. |---|---| used to clear up cloud on title, no protection, no ownership claimed by grantor. legal procedure where secured property is sold to pay unpaid note. 2.amount of any payment Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. 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.

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