Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. 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. 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. borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. \text{5. deffence against claims which have arisen suring grantor ownership. PDF Final Exam For Real Estate Principles - annualreport.psg.fr payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. 2. 2. major functional obsolescence (pending lawsuits affecting the property). 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. Liquidity4. and no unpaid claims against the property. 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. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Operatingactivities7. + result to numerator Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline 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). The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. 5. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion initial truth in lending disclosure. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. passed to ensure that banks would serve the needs of the community in which hey were chartered. The value of a property may be affected by social, economic, governmental and environmental influences. Profitability} & \text{$\quad$information for the internal use of a}\\ ___________ 5. (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. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. \text{10. 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. Assets that are easily converted to cash. The evidence an individual has of his or her right to possess land. \end{array} Investingactivitiesdebtswhentheyaredue6. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. If the house is 20 years old, The appraiser's estimate of the age of the house based upon its ongoing maintenance and upgrades. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? 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. 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. purchase price is affected by the expectation of of future appeal and benefits. Title remains with the lender until the loan is repaid. Site description zoning, highways. \end{array} the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. ___________ 10. \text{3. estimate of value based on current construction costs. some lenders accept this drive-by type of review for low LTV or low risk loans. 8. 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. right of govt to take private land for public use. a. the value of a property is equal to the sum of the contributory value of each of its component parts. most reasonable price a property should bring in a competitive open market. Rental survey federal law passed in 1974. doesn't include: gender or immigration status. Activitiesofmanagementengagedto7. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} 176 Champions School of Real Estate Reviews - AgentAdvice.com possible polluted who may be held liable under CERCLA for the contamination of a property or resource. & \text{g. An information system that measures,}\\ \end{array} 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? any change in the ownership of relationship property. 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. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). looks like a deed. purchases "pools" or mortgages. qualifies borrower based on proposed home payment and gross monthly income. all consumers are given a equal chance to obtain credit. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. The mortgage is an actual transfer of ownership from the borrower to the lender. no obligation o extend credit. Liquiditycompanysmanagement4. Get your Real Estate License Education on a Mobile Web App. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Another Name for environmental or economic obsolescence. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Gross Rent Multiplier. ENERGY STAR program was established in 1992 under this Act.