Earn or renew your Loan Originator license. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. 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. Photographs of comparables protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Here is what they had to say! (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, 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, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. Achieve success through Business Etiquette. \text{2. The reduction in value of property from causes such as deterioration or obsolescence. Percentage of the Lesser of the appraised value or sales price that the lender will lend. ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. process that results in a gradual increase in land areas through natural forces, material (soil) deposited through the process of accretion, gradual loss of land over time from water, gradual increase in land area when water gradually withdraws, sudden addition or loss to land when a stream or river changes course. | Life | Annual Rate | Calculate the new balance. 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. 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. The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. 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 operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. The government's right to tax real estate. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. low emissive gas coated with metallic oxide layer. transferring real estate to the state when a person dies without heirs. The legal use that gives the greatest return in money and/or amenities. 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. 1. 4. 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. grantor fully warrants good clear title to the property. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year 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. 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. 5. the percentage of value or sales price that a lender is willing to finance. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. ___________ 3. supply is short, prices go up. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. 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. You can do it, we can help! When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. Fraudulentfinancialreportinga. Texas Principles 2 Q & A - Champions School of Real Estate 1. limited appraisal report The loss in value of a property caused by factors outside of the property itself. most reasonable price a property should bring in a competitive open market. Another Name for environmental or economic obsolescence. Items that affect the marketability or livability of the property Identify and explain the structures of language. He has been offered three possible 4-year contracts. & \text{h. The intentional preparation of}\\ Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Cost approach Analysis Operatingactivities7. Income approach Analysis used in most real estate transactions. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. insures most protection, any changes to the ownership of real property. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. Gross Rent Multiplier. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. 2.amount of any payment a limit on the amount the interest rate can increase or decrease at each adjustment date. (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. 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. 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. Liquidity} & \text{$\quad$companys management}\\ 3. small investors to invest in larger commercial properties. 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. increase in value in a parcel of land due to the activities of the owner/ developer, meathod of raising funds for the purchase of a real estate investment, allows for the indirect investment in mortgages through the sell of securities, additional capital or property included in transaction, gives tenant possession without ownership, renews its self automatically for like periods of time, tenant occupies w permission for unspecified time, begin with lower payments at a fixed rate, and increases, tenant pays rent owner pays taxes utilities ect. (1) The Sales Comparison Approach These are non conforming loans. 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. 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. purchase price is affected by the expectation of of future appeal and benefits. Operating activities} & \text{c. Activities of management engaged to}\\ designed to clean up sites contaminated with hazardous substance. whichever one is lower LTV Loan-to-Value Ratio a type of appraisal review. \text{Travel Expenses}&&\$600&\$19,000\\ Money that has value because the government has ordered that it be accepted in payment of debts. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. \end{array} What is the probability that Bob receives no tweets during his lunch hour? value of a property maybe affected by social, economic, govt and environmental influences. Theprocessofgeneratingandcommunicating10. federal law passed in 1974. doesn't include: gender or immigration status. lender acquires property under foreclosure. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. 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. Helen Fortier February 10, 2022 complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. no guarantee for approval, property must fit criteria . Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser * whole # by denominator reviews cover a checklist of items as they analyze the appraisal report. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. grantor does not even claim to own the property. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. The role money serves when it is used as a standard measure to set prices and make economic calculations. Earn or renew your Real Estate Sales Agent or Broker license. The money that mortgage companies use to make loans comes from the sale of __________. Property and lender information Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! 8. 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. Demand falls by more than supply rises. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Match the terms that follow with the appropriate definitions. increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. Neighborhood description Investing activities} & \text{$\quad$debts when they are due}\\ 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. Analysis of market data (Most reliable), Reduction in value from deterioration or obsolescence. gradual loss of land near border of stream or river. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. preserves low, existing intrest rate on the original note. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. Developers are required to provide each purchaser with a disclosure document (Property Report). The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. \text{8. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. . protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. 4. Value, Income, Return. added to the index to calculate interest rates, teaser rate- lower rate offered initially. c. Supply rises by more than demand rises. something of value given in exchange for a conveyance. CFPB implemented. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? 6. Buildings are not typical of the area 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. Money that has no value of its own but can be exchanged for something of value. + result to numerator Passed by Congress in 1968. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. requires an application. \text{9. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. Bank owns it now. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. The landlord or owner; party granting a lease. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year examining of the public records and constructed a chain of title and an abstract of title.