promotes energy efficient products and buildings. ese are non-conforming loans. 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. Real Estate Mortgage Investment Conduit (REMIC), Allows for the indirect investment in mortgages through the sale of securities. Demand falls by more than supply rises. 3. number of payments or period of repayment permits additional borrowing on the same note and mortgage. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. Adequate consideration Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. value of a commodity is influenced by the cost of acquiring a substitute or a comparable item. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. Passed by Congress in 1968. very vulnerable to being contested. ENERGY STAR program was established in 1992 under this Act. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. \text{7. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. We make it easy and convenient! Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages type of insurance required when the LTV exceeds 80%. secured property may be sold ti satisfy the unpaid promissory note. risk based pricing, no published rates. 1. amount of down payment. Value, Income, Return. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). 2. major functional obsolescence the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. The borrower retains ownership of the property, subject to the lien that secures repayment of the loan. the absence of competition will cause prices to increase in the marketplace. the only limitations to title are those listed in the deed. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. ratio of borrowers total recurring monthly debts. underwriter approval. . 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. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood, Uniform Standards of Professional Appraisal Practice, Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation, The value of a subject property is increased by the value of surrounding properties, URAR (Uniform Residential Appraisal Report), The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, If a type of property in a market area is too abundant, it has reduced value. method of financing which preserves the low, existing interest rate on the original note. addition or amendment to an existing will. Match the terms that follow with the appropriate definitions. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. a deed is considered to be delivered and accepted when it is delivered into escrow. must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). Consumer Financial Protection Bureau (CFPB) enforces what Acts? Property and lender information 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. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? 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. Accounting} & \text{a. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? 6. oral/ deathbed will. 5. Bank owns it now. Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. Money that has value apart from its use as money. a. \end{array} Developers are required to provide each purchaser with a disclosure document (Property Report). 4. local maps, indicating location of subject and comparables Under what conditions would the traditional yield spread be close to the static spread? Managerialaccountingandcontinuingtooperateabusiness9. The role money serves when it is used as a standard measure to set prices and make economic calculations. Rural Property <25% built up no obligation o extend credit. 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. \text{8. Theprocessofproducingaccountinginformationfortheinternaluseofacompanysmanagementb. 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. used in most real estate transactions. limits interest rate over the lifetime of a loan. Frequently asked questions Flood maps Assets that are easily converted to cash. The program offers 100% financing (no down payment) for qualified borrowers. * whole # by denominator If Market is flooded values will be flat. Whether you need Qualifying Education (QE) to start your career, Sales Agent Apprentice Education (SAE) to build your . Financialaccountingobtainadequatefundsforbeginning8. Downpayment is the difference between the _____ and the _____. permanent and absolute tenure of an estate in land w freedom to dispose at will. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? whichever one is lower LTV Loan-to-Value Ratio The loan becomes due upon the sale of the property or the death of the owner. Type of asset-backed security that is secured by a mortgage or collection of mortgages. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. any change in the ownership of relationship property. 2.amount of any payment never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. 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. 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. Assume that the number of tweets per hour follows a Poisson distribution and that Bob receives on average 7 tweets during his lunch hour. transfer of ownership against the will of owner. The landlord or owner; party granting a lease. quiz 14.docx. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. Here is what they had to say! & \text{g. An information system that measures,}\\ 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. a type of appraisal review. b. any change in the ownership of real property, process by which a lender exercises its power of sale under a mortgage that is in default. Money that has value because the government has ordered that it be accepted in payment of debts. Acodeofconductthataddresseswhetheractionsarerightorwrong. combination of two or more properties into one. Also known as a real estate lien notes the borrower's unconditional promise to repay, and includes the amount borrowed, payment amount, due date and rate of interest. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Increased competition will bring prices down. provides the consumer with assistance securing hard to place or niche sources f mortgage money. exterior only/drive by inspection. & \text{f. The ability to earn enough income to}\\ 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 ! transfer of ownership against the will of the owner. initial truth in lending disclosure. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. limited appraisal report 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. Operatingactivities7. 7. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. prohibits redlining. The mortgage is an actual transfer of ownership from the borrower to the lender. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. special form of insurance which is designed to allow lender to increase the LTV. generally 5-10% range with fees. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. 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. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. 3. \text{9. An appraiser must always be aware of these influences and possible changes in them that could affect market value.