funds the secondary market. Rental survey Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. \text{7. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. These are the 4 rights of land. 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. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages 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. 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. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. Items that affect the marketability or livability of the property no obligation o extend credit. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. looks like a deed. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. document that pledges the property as security for repayment of the note. Eminent Domain (PETE) police power, escheat, taxation, eminent domanin. The amount of money available for the purchase of goods and services. help meet the credit needs of ALL the community. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. estate for years Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 5. b) What confidence level did the pollsters use? \end{array} Earn or renew your Real Estate Sales Agent or Broker license. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. prohibits redlining. insures the difference, Police Power Helen Fortier February 10, 2022 Accounting2. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. the value if the property is equal to the sum if the contributory value of each of its component parts. ___________ 13. | 4 years | |. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. designed to clean up sites contaminated with hazardous substance. a mortgage is an actual transfer of ownership from the borrower to the lender. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. \text{Other Expenses}&\$36,000&&\$34,500\\ A break in this line would create a cloud on the title. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Independent third-party appraiser will review the report, then verify the information. limited appraisal report various equations can calculate what investor is looking for. & \text{$\quad$to spend capital in ways that are}\\ foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. 5. transfer of title that is a free act of the grantor. promotes energy efficient products and buildings. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. Create flashcards for FREE and quiz yourself with an interactive flipper. We make it easy and convenient! d. Supply falls and demand is constant. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. and no unpaid claims against the property. Payments are guaranteed, and they would be made at the end of each year. An appraiser must always be aware of these influences and possible changes in them that could affect market value. value of a property maybe affected by social, economic, govt and environmental influences. 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 most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. buying the market pools. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. \text{4. Financing activities} & \text{b. respa applicable. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. the value of a property is equal to the sum of the contributory value of each of its component parts. & \text{e. Activities of management engaged}\\ protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. Theprocessofgeneratingandcommunicating10. 21 pages. 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. exterior only/drive by inspection. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. history or list of all owners back to the sovereignty of the soil. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. 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. 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. a. the legal use that gives the greatest return in money or amenities. A Rare 150 /- Acre Parcel in the . complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. The loss in desirability of the style, layout, or function of an element of a property over time. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. purchases "pools" or mortgages. A lower interest rate is offered by the lender during the first year or more of the loan. 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. Get your Real Estate License Education on a Mobile Web App. (1) The Sales Comparison Approach The loss in value of a property caused by factors outside of the property itself. 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 ! * whole # by denominator \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ very vulnerable to being contested. Rural Property <25% built up housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. estimate of value based on current construction costs. Show the possibility density function for battery life for the Droid Razr Maxx phone when its primary use is talk time. Demand rises and supply is constant. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. someone who processes, underwrites, closes and funds his or her own files in his or her name. Financingactivities5. TILA, FCRA, RESPA, ECOA. Calculate the new balance. It's simple! 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 equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. b. partially amortized loan with final payment substantially larger than the others. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. minimum 100 investors. 1. 7. 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. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. rate doesn't change between offer and closing. provides the consumer with assistance securing hard to place or niche sources f mortgage money. passed to ensure that banks would serve the needs of the community in which hey were chartered. ( Champions School Of. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 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! any change in the ownership of relationship property. 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. The process of transferring funds to a title or escrow company for disbursement. 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. 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.