4. Identify the term that best fits the following description - to force out or push out. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. 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. right of govt to take private land for public use. grantor does not even claim to own the property. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. A code of conduct that addresses}\\ most conveyances are voluntary. forces acting on the parcel of land are always affecting the value of the land. 3. Infer What might keep a State from accepting a categorical grant-in-aid? quiz 14.docx. The lender transfers title back to the borrower when the loan is repaid. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Theprocessofproducingaccounting2. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. lender acquires property under foreclosure. Operating activities} & \text{c. Activities of management engaged to}\\ transfer of ownership against the will of owner. secured property may be sold ti satisfy the unpaid promissory note. the percentage of value or sales price that a lender is willing to finance. b. (2) The Cost Approach, 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 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. 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. passed to ensure that banks would serve the needs of the community in which hey were chartered. 2. various equations can calculate what investor is looking for. If Market is flooded values will be flat. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. How do I get a Texas Real Estate License? Operatingactivitiesc. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. 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. 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. 16 pages. usually have a initial cap that is higher than the adjustment cap. specifies requirements found in regulation z. 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. Managerialaccountingandcontinuingtooperateabusiness9. a limit on the amount the interest rate can increase or decrease at each adjustment date. partially amortized loan with final payment substantially larger than the others. The action of government seizure of land for the good of the public. Description of the property (street address is sufficient), Maintenance (maintained vs. deferred maintenance), Both landlord and tenant are expected to keep property. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. The loss in desirability of the style, layout, or function of an element of a property over time. Demand rises and supply is constant. (pending lawsuits affecting the property). Photographs of comparables The exchange of goods or services for other goods or services without the use of money. & \text{e. Activities of management engaged}\\ Accounting} & \text{a. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ Type of asset-backed security that is secured by a mortgage or collection of mortgages. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ allows funding of the repairs through a series of draws. exists for the purchase and sale of existing mortgages to investors, provides a steady supply of funds to keep making loans, began in 1938. largest investors in home mortgages in the secondary market, began in 1970. purchases mortgages in the secondary market, buyers set more realistic pricing goals, better understanding of ability to pay, avoid showing property buyers cant afford, seller reassured buyer has sufficient income and credit to close the deal (is the best), % of the lesser appraised value or sale that the lender will lend, Found in conventional loans. How might the common expression "daddy's girl" be rooted in the idea of the Electra complex? Financingactivities5. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. & \text{j. ___________ 7. The amount of money available for the purchase of goods and services. Operating income and expense statements \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ Operatingactivities7. lender has evaluated the borrower in the underwriting process. the value if the property is equal to the sum if the contributory value of each of its component parts. & \text{$\quad$productive and will help a business}\\ \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Activitiesofmanagementengagedto7. gradual loss of land near border of stream or river. 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. Real Estate Salesperson National Prep Exam 1.docx. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. . Comprehensive Environmental Response, compensation, and Liability Act. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. Financialaccounting8. A Rare 150 /- Acre Parcel in the . The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. this is the best indicator. What is the probability that Bob receives no tweets during his lunch hour? Eminent Domain Appraisal certification, Appraisal Factors that affect loan approval, 1. value set on the property for tax purposes. 2. Adequate consideration Percentage of the Lesser of the appraised value or sales price that the lender will lend. in 1968 was established as private company,operates with private capital on a self sustaining basis to enhance the flow of funds in the secondary market. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. It's simple! October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. Identify and explain the structures of language. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. whichever one is lower LTV Loan-to-Value Ratio the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. ___________ 12. 2. major functional obsolescence & \text{g. An information system that measures,}\\ 1. amount of down payment. The USPS has a monopoly on every type of mail or package. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! \text{8. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Economic obsolescence respa applicable. ie. 5. The staff at Champions School is top notch! NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; 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, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. |---|---| funds the secondary market. The government's right to tax real estate. The Act was passed to protect consumers from fraud in the sale or lease of land. transfer of ownership against the will of the owner. qualifies borrower based on proposed home payment and gross monthly income. Additional support documents, 1. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. & \text{$\quad$achieve its objectives}\\ prepared by an attorney, least likely to be contested. interest rate a reserve bank charges eligible financial institutions to borrow money short term. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! 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.
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