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. Liquidity} & \text{$\quad$companys management}\\ \text{10. 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. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. & \text{$\quad$information about an identifiable}\\ The evidence an individual has of his or her right to possess land. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Theprocessofproducingaccounting2. power of sale under a mortgage in default. 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 ! some lenders accept this drive-by type of review for low LTV or low risk loans. The legal use that gives the greatest return in money and/or amenities. 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. ___________ 6. 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. 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. 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 sending monthly payment statements, and collecting monthly payments, maintaining records and balances. A lower interest rate is offered by the lender during the first year or more of the loan. Money that has value because the government has ordered that it be accepted in payment of debts. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010. 16 pages. the value if the property is equal to the sum if the contributory value of each of its component parts. Consumer Financial Protection Bureau (CFPB) enforces what Acts? Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. \text{8. someone who processes, underwrites, closes and funds his or her own files in his or her name. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. Gross Rent Multiplier. ___________ 2. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. addition or amendment to an existing will. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Analysis of market data 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. 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. Adger Corporation is a service company that measures its output based on the number of customers served. The money that mortgage companies use to make loans comes from the sale of __________. less depreciation, plus land value. funds the secondary market. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. 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. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. a type of appraisal review. The loss in value of a property caused by factors outside of the property itself. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. A Rare 150 /- Acre Parcel in the . 4 Things Value of a Property can be affected by, social, economic, governmental, and environmental influences, Sales comparison approach, the cost approach, and income approach. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. The staff at Champions School is top notch! (pending lawsuits affecting the property). These are non conforming loans. any change in the ownership of relationship property. Permits additional borrowing on the same note and mortgage. the legal use that gives the greatest return in money or amenities. 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. 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. no guarantee for approval, property must fit criteria . Another Name for environmental or economic obsolescence. underwriter approval. Began in 1938 federal agency. The sum of the energy used during the life cycle of a product. partially amortized loan with final payment substantially larger than the others. homeowners who are at least 62 years of age can borrow against the equity in their property. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? a mortgage is an actual transfer of ownership from the borrower to the lender. January 1, 2005, launching its Mold Mission Program. Having enough cash available to pay}\\ It is would suggest that an owner should not "over improve" a property. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. the loan origination market where borrowers and lenders negotiate mortgage terms. Earn or renew your Home Inspector license. 1. Suggests that the value of a property is equal to the sum of the contributory value of each of its component parts. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. 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.