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. Developers are required to provide each purchaser with a disclosure document (Property Report). Flood maps It was signed into law by President Barack Obama in May 2009. transfer of ownership against the will of owner. 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. interest rate a reserve bank charges eligible financial institutions to borrow money short term. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. A Rare 150 /- Acre Parcel in the . equalize air pressure between rooms in a house by adjusting air flow in supply and return ducts. person designated to execute the terms of a will. Theintentionalpreparationofmisleadingfinancialstatementsi. & \text{$\quad$information about an identifiable}\\ original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. PPossible polluter who may be held liable under CERCLA for the contamination of a property or resource, Texas Mold Assessment and Remediation Rules (TMARR). 2. Create flashcards for FREE and quiz yourself with an interactive flipper. Money that has value because the government has ordered that it be accepted in payment of debts. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. part of income approach, used if there are a lot of rental properties in the area. 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. Managerialaccountingandcontinuingtooperateabusiness9. a mortgage is an actual transfer of ownership from the borrower to the lender. Passed by Congress in 1980. 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. legal procedure where secured property is sold to pay unpaid note. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. the percentage of value or sales price that a lender is willing to finance. 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. 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. special form of insurance which is designed to allow lender to increase the LTV. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. specifies requirements found in regulation z. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. final step in the appraisal process, in which the appraiser weights the estimates of value from sales comps, cost and income approaches to arrive at a final estimate of market value of the subject property. only legal for personal property. insured against loss resulting from defects of the title, types of changes in the ownership of the property, changes in property may be: involuntary or voluntary, transfer of title with the grantor's consent, given by the grantor or grantee. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ Investingactivities6. Exam-Federal 1-A2. \end{array} | 4 years | |. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. The percentage of value or sales price that a lender is willing to finance. 7. maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. seller is willing to take part or all of equity in the form of a note. used to clear up cloud on title, no protection, no ownership claimed by grantor. final rule mandates the use of 2 disclosures that help the consumer in understanding the key features, costs and risk: 3 pages loan estimate & closing disclosure forms. Operating income and expense statements The loss in a property's value due to daily wear and tear. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. based on the assessed value of the property and the existing tax rate. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. most conveyances are voluntary. estate for years stockholder owned corporation, chartered by congress to increase the supply of funds that mortgage lenders can make available to homeowners and multifamily investors. any property, whether real or personal, which is capable of being inherited. Taxation Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. We make it easy and convenient! tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Identify and explain the structures of language. + result to numerator (1) The Sales Comparison Approach underwriter approval. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Minimum withdrawal in Texas on HELOC (Home Equity Line of Credit). Improvements to site The role money serves when it is used as a form of payment. 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. 7. The USPS has a monopoly on every type of mail or package. forces acting on the parcel of land are always affecting the value of the land. responsible for: RESPA (Real Estate Settlement Procedures Act), implements Consumer Federal Protection Bureau, 1968 Passed by congress to protect consumers from fraud in the sale or lease of land, something of value. transfer of ownership against the will of the owner. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. Activities of management engaged to}\\ The role money serves when it is used as a standard measure to set prices and make economic calculations. & \text{h. The intentional preparation of}\\ value of a property maybe affected by social, economic, govt and environmental influences. & \text{$\quad$operate the business}\\ never a reliable estimate of market value, standards that have been established by the Appraisal Standards Board of the Appraisal Founation, Universal Residential Appraisal Report; Fannie Mae 1004, sales comparison approach, cost approach, income approach, estimate of age based on the condition of the property. For more than a decade, the German real estate market was in a dramatic growth phase. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. consumers are given equal chance to obtain credit. property owner obtains a certificate much like an automobile that is recorded in the public records. established in 1992; a voluntary program to identify and promote energy efficient products and buildings in order to reduce energy consumption, improve energy security and reduce pollution through voluntary labeling about products and buildings that meet the highest standard of energy efficiency. ___________ 6. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. ___________ 3. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. Liquidity} & \text{$\quad$companys management}\\ The legal use that gives the greatest return in money and/or amenities. some lenders accept this drive-by type of review for low LTV or low risk loans. Passed by Congress in 1968. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. purchases "pools" or mortgages. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. 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. 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. all consumers are given a equal chance to obtain credit. 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. Financialaccountingobtainadequatefundsforbeginning8. The absence of competition will cause prices to increase in the marketplace. 4. \text{7. January 1, 2005, launching its Mold Mission Program. subsequent to adjustment, limits how much a payment can increase or decrease.