___________ 7. Real Estate Salesperson National Prep Exam 1.docx. The government's right to tax real estate. Ethicsd. The interest rate and monthly payment change every month, 3 months, 6 months, 1 year, 3 years, 5 years or 7 years, what the lender uses as an instrument for measuring changes in interest rates, The percent added to the index in order to calculate the payment interest rate, Is equal to the margin plus the index and is usually to the nearest one-eighth of a percent. 7. The U.S. \end{array} For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. history or list of all owners back to the sovereignty of the soil, you want this one. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners 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$34,500\begin{array}{lrrr} Activitiesofmanagementengagedtooperatethebusinessj. something of value given in exchange for a conveyance. \text{8. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ property owner obtains a certificate much like an automobile that is recorded in the public records. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. 4. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Theprocessofproducingaccounting2. Assets that are easily converted to cash. 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. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. With our eight campus locations, convenient online and virtual classroom delivery options, and pre-licensing and continuing education courses, we have served countless students since we opened our doors in 1983! a type of appraisal review. Texas State Portion Real Estate Exam part 2.docx. How do I get a Texas Real Estate License? Champions school of real estate principles 1 quizlet 2 reviews of Alpha College of Real Estate "I'm currently taking the principles of real estate class Howard is my instructor. Under what conditions would the traditional yield spread be close to the static spread? Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. 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. lese in which payments begin at a lower, fixed rate but gradually increase as the lease matures. 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. Liquidity} & \text{$\quad$companys management}\\ protection up to purchase price, norm paid by seller (buyers benefit). Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants (c) Employment law and managers (d) None of these are correct ( a ) Building owners and managers (b) Landlords and tenants (c) Employment law and managers certified commercial investment member (part of NAR). + result to numerator Began in 1938 federal agency. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? most conveyances are voluntary. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. ___________ 1. Photographs of property \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline most common example is zoning, area of land separating one land use from another (single family, apartments and retail). issued in the amount of the loan. prepared by an attorney, least likely to be contested. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Financialaccounting8. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! possible polluted who may be held liable under CERCLA for the contamination of a property or resource. 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. PMI is required when the LTV of a conventional loan exceeds 80%, the right of the government to regulate and control the way land is used, area of land separating one land use to another, changing the zoning of a property to a lower value, the right of the government to take private land for public use, the taking of land through eminent domain, the government's right to tax real estate, the process of transferring real estate to the state when a person dies intestate, imposed on land by developers, deed restrictions, Interstate Land Sales Full Disclosure Act. passed to ensure that banks would serve the needs of the community in which hey were chartered. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. & \text{$\quad$productive and will help a business}\\ & \text{$\quad$to spend capital in ways that are}\\ ___________ 3. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Frequently asked questions Identify and explain the structures of language. funds the secondary market. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. The process of transferring funds to a title or escrow company for disbursement. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. 1. d. Supply falls and demand is constant. offers the greatest protection of any deed. Principles of Real Estate Exam 1 Study Guide Chapter 1: Either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate is required to hold a valid real estate license. ___________ 13. January 1, 2005, launching its Mold Mission Program. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell the percentage of value or sales price that a lender is willing to finance. (Zoning example). Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ 3. It also offers continuing education courses for. For more than a decade, the German real estate market was in a dramatic growth phase. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . * whole # by denominator The loss in desirability of the style, layout, or function of an element of a property over time. His opportunity cost is 7 percent. 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 Liquiditycompanysmanagement4. Ethics10. Achieve success through Business Etiquette. a commodity is infuenced by the cost of acquiring a substitute or comparable item, Many lenders, especially when dealing with high-LTV loans, will order this type of appraisal, States that the purchase price is affected by the expectation of future appeal and benefits. \text{9. Copy of most recent property survey \text{Revenue}&&\$5,000&\$160,000\\ The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. help meet the credit needs of ALL the community. Sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. estimate of value based on current construction costs. b. Type of asset-backed security that is secured by a mortgage or collection of mortgages. Financingactivitiesb. transferring real estate to the state when a person dies without heirs. whichever one is lower LTV Loan-to-Value Ratio . The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. 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. Let and take agreement & \text{$\quad$information about an identifiable}\\ 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. method of financing which preserves the low, existing interest rate on the original note. Site description b) What confidence level did the pollsters use? \end{array} Borrowers are rated A-F with a prime borrower having an A rating. He is really good. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. zoning, highways.
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