Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 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. 2. certified commercial investment member (part of NAR). The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Financingactivities5. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 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. Activities of management engaged to}\\ RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Passed by Congress in 1980. Accountinga. It's simple! borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. purchases "pools" or mortgages. transfer of ownership against the will of owner. The tax and insurance is held in an escrow account, is partially amortized loan with a final payment substantially larger than the others. whichever one is lower LTV Loan-to-Value Ratio Investing activities} & \text{$\quad$debts when they are due}\\ negotiated between landlord and manager. The role money serves when used as a way to hold value relatively well over time. can be voluntary or involuntary. You can do it, we can help! ___________ 5. & \text{$\quad$achieve its objectives}\\ in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. 2. major functional obsolescence \text{Revenue}&&\$5,000&\$160,000\\ equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 21 pages. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. Managerialaccounting9. Ethicsd. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. permits additional borrowing on the same note and mortgage. The process of producing accounting}\\ 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. 3. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties ARMS that offer fixed rate period during 1st years of the loan. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. Profitability} & \text{$\quad$information for the internal use of a}\\ Income approach Analysis They prepare you for life as a Realtor. ___________ 10. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. (Zoning example). up to 90 days, main job is to protect and preserve the value of an investment property while generating income for the owner. 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. ___________ 1. Theintentionalpreparationofmisleadingfinancialstatementsi. specifies requirements found in regulation z. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. 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. 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. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. 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. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. the legal use that gives the greatest return in money or amenities. 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. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. It basically insures the difference between the borrower's down payment and LTV. Began in 1938 federal agency. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. The Board goes on to say that the margin of error for this poll was 3%3 \%3%. The role money serves when it is used as a standard measure to set prices and make economic calculations. ___________ 6. & \text{$\quad$processes, and communicates financial}\\ vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. preserves low, existing intrest rate on the original note. 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 TILA, FCRA, RESPA, ECOA. The value of a property may be affected by social, economic, governmental and environmental influences. The staff at Champions School is top notch! The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Adger Corporation is a service company that measures its output based on the number of customers served. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. the legal use that gives the greatest return in money or amenities. estate for years % of the lesser of the appraised value or sales price that lender will lend. 8. ___________ 13. Take your license further with a Designation or Certification. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. most reasonable price a property should bring in a competitive open market. A value for existing properties method for comparing similar properties to the subject property. deffence against claims which have arisen suring grantor ownership. He has been offered three possible 4-year contracts. consumers are given equal chance to obtain credit. Once the loan is closed it is sold to another lender. Financialaccountingobtainadequatefundsforbeginning8. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. Profitabilityinformationfortheinternaluseofa3. exterior only/drive by inspection. in depth process. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. Cost approach Analysis Investingactivities6. 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. For more than a decade, the German real estate market was in a dramatic growth phase. risk based pricing, no published rates. the value of a property is equal to the sum of the contributory value of each of its component parts. Create flashcards for FREE and quiz yourself with an interactive flipper. 6. The measure of the money supply that includes M1 along with forms of money that are less easily converted to cash. \text{9. 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. Theprocessofproducingaccounting2. Operating income and expense statements Rural Property <25% built up & \text{$\quad$makers outside the organization}\\ \end{array} Borrowers are rated A-F with a prime borrower having an A rating. gradual loss of land near border of stream or river. 9. Reconciliation of values \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. transfer of title that is a free act of the grantor. Property and lender information His opportunity cost is 7 percent. the only limitations to title are those listed in the deed. Liquidity} & \text{$\quad$companys management}\\ the percentage of value or sales price that a lender is willing to finance. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. homeowners who are at least 62 years of age can borrow against the equity in their property. 3. number of payments or period of repayment (Most reliable), Reduction in value from deterioration or obsolescence. used to clear up cloud on title, no protection, no ownership claimed by grantor. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. ___________ 4. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. Anything that is widely accepted in exchange for goods and services. 10. addition or amendment to an existing will. 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. 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. ___________ 12. AMWilson001 Champions Principles of Real Estate 2 Terms in this set (91) appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance.
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