promotes home ownership. b. Value, Income, Return. secured property may be sold ti satisfy the unpaid promissory note. zoning, highways. power of sale under a mortgage in default. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. 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. Examine the summary section of a monthly credit card statement. 176 Champions School of Real Estate Reviews - AgentAdvice.com stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. some lenders accept this drive-by type of review for low LTV or low risk loans. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Appraisal certification, Appraisal Factors that affect loan approval, 1. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. transferring funds to a title co for disbursement when loan is approved. \text{Travel Expenses}&&\$600&\$19,000\\ 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. limits interest rate over the lifetime of a loan. Percentage of the Lesser of the appraised value or sales price that the lender will lend. decreases over time, norm paid by buyer. 16 pages. lender has evaluated the borrower in the underwriting process. specifies requirements found in regulation z. generally 5-10% range with fees. underwriter approval. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. \text{9. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Type of asset-backed security that is secured by a mortgage or collection of mortgages. ese are non-conforming loans. The absence of competition will cause prices to increase in the marketplace. \text{2. 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 market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. Operatingactivities7. Managerialaccountingandcontinuingtooperateabusiness9. Principles of real estate II (Champions) Flashcards | Quizlet Money that has no value of its own but can be exchanged for something of value. The percentage of value or sales price that a lender is willing to finance. designed to clean up sites contaminated with hazardous substance. 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. added to the index to calculate interest rates, teaser rate- lower rate offered initially. 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. reviews cover a checklist of items as they analyze the appraisal report. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! The most probable price a property should bring in a competitive and open market. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ very likely to be contested. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. most reasonable price a property should bring in a competitive open market. 9. background information about the appraiser Texas Real Estate License Exam Prep | Champions School the percentage of value or sales price that a lender is willing to finance. If Market is flooded values will be flat. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. The government's right to tax real estate. a. Financialaccounting8. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. Demand rises and supply is constant. \text{Revenue}&&\$5,000&\$160,000\\ Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. 3. number of payments or period of repayment offers the greatest protection of any deed. Ethics10. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! \text{5. qualifies borrower based on proposed home payment and gross monthly income. Money that has value because the government has ordered that it be accepted in payment of debts. Accounting} & \text{a. Assets that are easily converted to cash. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. The program offers 100% financing (no down payment) for qualified borrowers. buying the market pools. Accounting2. Principles of Real Estate 1. Real Estate Principles 1 Flashcards & Quizzes | Brainscape part of income approach, used if there are a lot of rental properties in the area. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. The value of a property may be affected by social, economic, governmental and environmental influences. These are non conforming loans. The loss in value of a property caused by factors outside of the property itself. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. You can do it, we can help! If the property cannot be transferred, it is of little value. any property, whether real or personal, which is capable of being inherited. Items that affect the marketability or livability of the property TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. 5. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ Another Name for environmental or economic obsolescence. ie. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Profitabilityinformationfortheinternaluseofa3. Learning the principles and laws of real estate is Champions focus. Operatingactivitiesc. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Principles of Real Estate 2 Champions School of Real Estate STUDY Flashcards Learn Write Spell Test PLAY Match Gravity appraisal Click card to see definition appraisers opinion of value Click again to see term 1/258 Previous Next Flip Space Created by Will77tx TEACHER Tags related to this set Marketing-Real Estate 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. The loan becomes due upon the sale of the property or the death of the owner. How do I get a Texas Real Estate License? Having enough cash available to pay}\\ Texas Real Estate License Qualifying Education (QE) - Champions School The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. 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. 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. Property and lender information Calculate the new balance. \text{8. Purchases "pools" of mortgages. \text{10. supply is short, prices go up. combination of two or more properties into one. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale.
Tony Ryan Aboriginal Actor,
Personalized Welcome Sign For Front Door,
Articles C