champions school of real estate principles 2 quizlet

value added to improvement exceeds the cost of improvement. based on the assessed value of the property and the existing tax rate. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? Principles of Real Estate 2 Champions School of Real Estate - Quizlet Take your license further with a Designation or Certification. Neighborhood description Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. 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. The value of a property may be affected by social, economic, governmental and environmental influences. \text{1. gradual loss of land near border of stream or river. Let and take agreement & \text{h. The intentional preparation of}\\ borrowers provide basic information like income, debt, and credit history. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. 1. 2. Activitiesofmanagementengagedto7. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. According to this principle, the value of January 1, 2005, launching its Mold Mission Program. purchase price is affected by the expectation of of future appeal and benefits. 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. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. loss in a property's value due to daily wear and tear. Texas Real Estate License Qualifying Education (QE) - Champions School supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 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. Acodeofconductthataddresseswhetheractionsarerightorwrong. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. 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) 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. Principles Real Estate II- Practice Exam 2 Flashcards | Quizlet Investingactivities6. 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. respa applicable. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell EXAM PREP - Champions School of Real Estate - Course Hero Theintentionalpreparationofmisleadingfinancialstatementsi. ___________ 2. Theprocessofproducingaccounting2. Flashcard App | Champions School RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate 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} Items that affect the marketability or livability of the property limits how much a payment can increase/ decrease. Collateral Dependent Loans (hard money loan), borrower receives funds secured by the value of a parcel of real-estate. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. The role money serves when it is used as a standard measure to set prices and make economic calculations. ie. \text{Travel Expenses}&&\$600&\$19,000\\ Highly recommended and I will continue to use Champions! Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. For more than a decade, the German real estate market was in a dramatic growth phase. purchase title insurance either by grantor or grantee. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Match the following terms to the correct definitions. 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 They prepare you for life as a Realtor. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. ___________ 1. underwriter approval. addition or amendment to an existing will. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. (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. Texas Real Estate Education | Champions School Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. 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. 5. 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. ___________ 5. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. 4. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. whichever one is lower LTV Loan-to-Value Ratio The action of government seizure of land for the good of the public. negotiated between landlord and manager. & \text{g. An information system that measures,}\\ 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.