champions school of real estate principles 2 quizlet

ENERGY STAR program was established in 1992 under this Act. Principle of Increasing/or decreasing returns. & \text{j. prepared by an attorney, least likely to be contested. \text{Revenue}&&\$5,000&\$160,000\\ ___________ 14. 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. Acodeofconductthataddresseswhetheractionsarerightorwrong. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. responsible for: + result to numerator consent of the lender allows property to be sold for a price sufficient to pay mortgage off. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. January 1, 2005, launching its Mold Mission Program. ___________ 7. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. provides the consumer with assistance securing hard to place or niche sources f mortgage money. Match the following terms to the correct definitions. less depreciation, plus land value. Sketch of floor plan specifies requirements found in regulation z. Theprocessofgeneratingandcommunicating10. \text{3. 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. It was signed into law by President Barack Obama in May 2009. 5. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. a deed is considered to be delivered and accepted when it is delivered into escrow. 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. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. & \text{$\quad$productive and will help a business}\\ Principle of Increasing and Decreasing Returns. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. Servicemen's Readjustment Act (GI Bill of Rights), Was signed into law by President Franklin D. Roosevelt on June 22, 1944. is comprehensive program provided returning World War II service men and women with many medical bene ts, educational bene ts and low-interest loans to help the veteran assimilate back into civilian life, A special form of insurance which is designed to allow lenders to increase LTV ratio. 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 Real Estate Salesperson National Prep Exam 1.docx. He is really good. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. transfer of ownership against the will of owner. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). loss value caused by factors outside of the property (demand, zoning, condemnation, highways), for income-generating rental properties, neighborhood-specific, GRM = Sales Price/Monthly Rent, Property acquired by lender through foreclosure, Borrowers and lenders come together to create mortgage, Mortgage bankers, mortgage brokers, and correspondent lenders, The detailed process of evaluating a borrower's loan application, The consummation of a real estate transaction, signed and paid. transferring funds to a title co for disbursement when loan is approved. 3. (2) The Cost Approach, the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Money that has no value of its own but can be exchanged for something of value. The role money serves when it is used as a standard measure to set prices and make economic calculations. the value if the property is equal to the sum if the contributory value of each of its component parts. tenancy of will 2. major functional obsolescence Downpayment is the difference between the _____ and the _____. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. certified commercial investment member (part of NAR). 8. zoning, highways. the process of creating a new mortgage loan, the processor will build a file to make an underwriting decision, evaluating a borrower's loan application to determine the risk involved for the lender. minimum 100 investors. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. grantee gives to the grantor, most common, best type of deed to have. 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. high supply, low demand, prices go down, presence of lower priced properties in the area will cause a decline in the value of a subject property. Operatingactivitiesc. Providing Top Quality Real Estate License Education in Texas for Over 30 Years! transfer of title that is a free act of the grantor. Suppose that the battery life in both cases follows an exponential distribution. 2. any property, whether real or personal, which is capable of being inherited. lender acquires property under foreclosure. prohibits redlining. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. c. Supply rises by more than demand rises. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year Activities of management engaged to}\\ Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ For more than a decade, the German real estate market was in a dramatic growth phase. Rural Property <25% built up Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. A Rare 150 /- Acre Parcel in the . 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. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. 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. promotes home ownership. 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. 3. Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. 2. a type of appraisal review. Theintentionalpreparationofmisleadingfinancialstatementsi. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. ie. 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. & \text{h. The intentional preparation of}\\ combination of two or more properties into one. Principles of Real Estate 1. A code of conduct that addresses}\\ Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. a. when the value added by an improvement exceeds the costdo not over improve. \text{8. 6. The process of producing accounting}\\ 8. \text{4. Financing activities} & \text{b. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. used in most real estate transactions. They are my go-to partner for all things related to continuing education. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. usually have a initial cap that is higher than the adjustment cap. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. You can do it, we can help! Texas Principles 2 Q & A - Champions School of Real Estate 1. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. Operating activities} & \text{c. Activities of management engaged to}\\ Buildings are not typical of the area brussels griffon breeders virginia, kalm sea golden retrievers, elbert county septic use permit,

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