a. Profitabilityinformationfortheinternaluseofa3. initial truth in lending disclosure. Developers are required to provide each purchaser with a disclosure document (Property Report). The most probable price a property should bring in a competitive and open market. equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. 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. Additional support documents, 1. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. Activitiesofmanagementengagedtooperatethebusinessj. risk based pricing, no published rates. Purchases "pools" of mortgages. ___________ 7. ___________ 13. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. 40 pages. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. Investingactivities6. transfer of ownership against the will of owner. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. qualifies borrower based on proposed home payment and gross monthly income. 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. 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. Get your Real Estate License Education on a Mobile Web App. ___________ 2. 2. major functional obsolescence \text{8. The process of transferring funds to a title or escrow company for disbursement. It also offers continuing education courses for. The sum of the energy used during the life cycle of a product. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. transfer of ownership against the will of the owner. loss in a property's value due to daily wear and tear. TILA, FCRA, RESPA, ECOA. purchases "pools" or mortgages. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ person designated to execute the terms of a will. \text{Travel Expenses}&&\$600&\$19,000\\ tenancy of sufferance Financingactivitiesb. 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. negotiated between landlord and manager. preserves low, existing intrest rate on the original note. a limit on the amount the interest rate can increase or decrease at each adjustment date. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. ___________ 1. 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. They prepare you for life as a Realtor. If Market is flooded values will be flat. \text{10. Managerialaccounting9. insures most protection, any changes to the ownership of real property. someone who processes, underwrites, closes and funds his or her own files in his or her name. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. purchase title insurance either by grantor or grantee. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Under what conditions would the traditional yield spread be close to the static spread? Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. two largest are Freddie Mac and Fannie Mae, may be organized as limited or general partnerships, all or part of the rental is based on the gross receipts of the tenant's business, a lease with definite beginning and ending dates, when a lease agreement comes to the end of the lease period and terminates, lease that renews itself for like periods of time automatically, when a lease ends and the tenant doesn't leave. CFPB implemented. Passed by Congress in 1980. consumers are given equal chance to obtain credit. limited appraisal report Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. grantor fully warrants good clear title to the property. Photographs of property percentage of value or sales price that a lender is willing to finance. Bank owns it now. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. lender acquires property under foreclosure. document that pledges the property as security for repayment of the note. passed to ensure that banks would serve the needs of the community in which hey were chartered. \text{1. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. ___________ 3. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. Increased competition will bring prices down. 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. It is would suggest that an owner should not "over improve" a property. 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. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} ese are non-conforming loans. The legal use that gives the greatest return in money and/or amenities. grantor promises uninterrupted use of the property, grantor is responsible for any doccumentation needed to ensure title transfer. (Zoning example). b. 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. Calculate the new balance. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. 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. Exam-Federal 1-A2. estimate of value based on current construction costs. addition or amendment to an existing will. grantor does not even claim to own the property. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. c. Supply rises by more than demand rises. requires an application. estate for years Providing Top Quality Real Estate License Education in Texas for Over 30 Years! PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline 6. any condition that affects the health or safety of an occupant, Licensed Appraiser the value of a property is equal to the sum of the contributory value of each of its component parts. d. Supply falls and demand is constant. 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.
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