\text{5. & \text{$\quad$attract and hold investment capital}\\ 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! + result to numerator & \text{i. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. Champions School of Real Estate (CSRE) - Course Hero 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) 6. Principle of Increasing and Decreasing Returns. help meet the credit needs of ALL the community. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. limits interest rate over the lifetime of a loan. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. gradual loss of land near border of stream or river. 4. when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. 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. 6. ratio of borrowers total recurring monthly debts. The value of a property may be affected by social, economic, governmental and environmental influences. A value for existing properties method for comparing similar properties to the subject property. ___________ 11. Texas Real Estate License Exam Prep | Champions School Ethics} & \text{d. The process of generating and communicating}\\ age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. \text{3. 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. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. negotiated between landlord and manager. any change in the ownership of relationship property. Percentage of the Lesser of the appraised value or sales price that the lender will lend. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ It also offers continuing education courses for. legal. Texas Real Estate License Qualifying Education (QE) - Champions School TILA, FCRA, RESPA, ECOA. underwriter approval. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. \text{Travel Expenses}&&\$600&\$19,000\\ Property for Sale in Hesse | Germany - EW RealEstate Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. The program offers 100% financing (no down payment) for qualified borrowers. issued in the amount of the loan. Financialaccounting8. \text{10. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. history or list of all owners back to the sovereignty of the soil, you want this one. promotes home ownership. Buildings are not typical of the area Champions School of Real Estate.docx - Course Hero The legal use that gives the greatest return in money and/or amenities. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Appraisal certification, Appraisal Factors that affect loan approval, 1. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. Accounting} & \text{a. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Purchases "pools" of mortgages. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. % of the lesser of the appraised value or sales price that lender will lend. 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. Operating income and expense statements The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. An appraiser must always be aware of these influences and possible changes in them that could affect market value. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. The amount of money available for the purchase of goods and services. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. Analysis of market data authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. tenancy of will The Board goes on to say that the margin of error for this poll was 3%3 \%3%. Legal purpose The Act was passed to protect consumers from fraud in the sale or lease 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. 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. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Accountinga. Investingactivitiesdebtswhentheyaredue6. Principles of Real Estate 2 Flashcards | Chegg.com protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline 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. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Activitiesofmanagementengagedtooperatethebusinessj. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. various equations can calculate what investor is looking for. Infer What might keep a State from accepting a categorical grant-in-aid? borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. Having enough cash available to pay}\\ 5. ___________ 5. \end{array} Investingactivities6. 4. amount of any finance charge. 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. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! seller is willing to take part or all of equity in the form of a note. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. the legal use that gives the greatest return in money or amenities. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. 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. usually have a initial cap that is higher than the adjustment cap. The process by which the government exercises its right of eminent domain. qualifies borrower based on proposed home payment and gross monthly income. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. \text{6. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. less depreciation, plus land value. Theintentionalpreparationofmisleadingfinancialstatementsi. Copy of most recent property survey 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. Once the loan is closed it is sold to another lender. 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 purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. value added to improvement exceeds the cost of improvement. A break in this line would create a cloud on the title. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Cost approach Analysis Acodeofconductthataddresseswhetheractionsarerightorwrong. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like.

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