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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. The role money serves when it is used as a form of payment. covering more than one parcel of real estate, Texas Promulgated Contracts-CHAMPIONS STUDY, Principles Real Estate II- Practice Exam 2, Champions School of Real Estate-Principles of, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 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. 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. 10. ___________ 12. allows funding of the repairs through a series of draws. 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 title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. The money that mortgage companies use to make loans comes from the sale of __________. The loss in a property's value due to daily wear and tear. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. most conveyances are voluntary. \text{Employee Salaries and Wages}&\$50,000&\$1,100&\$88,000\\ person, corporation or firm, not in banking, that provides its own funds for mortgage financing. 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. 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. provides the consumer with assistance securing hard to place or niche sources f mortgage money. less depreciation, plus land value. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! quiz 14.docx. percentage of value or sales price that a lender is willing to finance. Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. 3. number of payments or period of repayment Improvements to site & \text{$\quad$productive and will help a business}\\ Gross Rent Multiplier. no guarantee for approval, property must fit criteria . Fraudulent financial reporting} & \text{$\quad$accounting information in the}\\ value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Accountinga. a. purchase title insurance either by grantor or grantee. underwriter approval. the value if the property is equal to the sum if the contributory value of each of its component parts. Adger Corporation is a service company that measures its output based on the number of customers served. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. 40 pages. Purchases "pools" of mortgages. 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. & \text{h. The intentional preparation of}\\ 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. Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. CFPB implemented. residential property is depreciated over how many years? Appraisal certification, Appraisal Factors that affect loan approval, 1. permits additional borrowing on the same note and mortgage, owner retains title of property while purchaser takes possession while paying principle. 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. \text{8. | 4 years | |. the absence of competition will cause prices to increase in the marketplace. Items that affect the marketability or livability of the property The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. periodic tenancy, you've done nothing and the appreciation of the land value assists in the increase, 2 Types of REITS (real estate investment trust), Equity and Mortgage. * whole # by denominator responsible for: The Act was passed to protect consumers from fraud in the sale or lease of land. The purchase agreement gives the purchaser a seven-day period in which the purchase can be canceled. part of income approach, used if there are a lot of rental properties in the area. Demand rises and supply is constant. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. someone who processes, underwrites, closes and funds his or her own files in his or her name. very vulnerable to being contested. \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. addition or amendment to an existing will. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. lender acquires property under foreclosure. For more than a decade, the German real estate market was in a dramatic growth phase. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. The battery life drops to 7 hours when the phone is primarily used for Internet applications over cellular. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. Title remains with the lender until the loan is repaid. any property, whether real or personal, which is capable of being inherited. What is the probability that Bob receives no tweets during his lunch hour? If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 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. b. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. 3. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. federal law passed in 1974. doesn't include: gender or immigration status. 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. 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! The process of producing accounting}\\ &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ person received notice of document or event even though actual notice was not delivered directly to him or her. (1) The Sales Comparison Approach His opportunity cost is 7 percent. Government-FHA, VA or USDA loans, used to qualify a borrower for a loan based on the proposed house payment and his or her gross monthly income. funds the secondary market. the most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. low emissive gas coated with metallic oxide layer. Fraudulentfinancialreportinga. 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. ARMS that offer fixed rate period during 1st years of the loan. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 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.