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. What does r2r^2r2 determine about the statistical significance of a relationship between a dependent and an independent variable? secured property may be sold ti satisfy the unpaid promissory note. operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. tenant pays rent, plus taxes utlities ect. 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 homeowners who are at least 62 years of age can borrow against the equity in their 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). Financialaccounting8. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. The sum of the energy used during the life cycle of a product. Real estate prices in Germany remain the same, although overall sales are declining. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Investing activities} & \text{$\quad$debts when they are due}\\ a type of appraisal review. Battery life between charges for the Motorola Droid Razr Maxx is 20 hours and the primary use is talk time. 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. \end{array} Ethicsd. The right of the government to take an individual's land if he or she dies without a will or heirs. it can be money, personal property, ie $10, grantor promises the grantee interrupted use of the property, A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title. Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} Get your Real Estate License Education on a Mobile Web App. 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. protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. January 1, 2005, launching its Mold Mission Program. 3. 9. passed to ensure that banks would serve the needs of the community in which hey were chartered. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. Assets that are easily converted to cash. The most probable price a property should bring in a competitive and open market. 1. Frequently asked questions (2) The Cost Approach, legal procedure where secured property is sold to pay unpaid note. seller is willing to take part or all of equity in the form of a note. d. Supply falls and demand is constant. ___________ 2. reviews cover a checklist of items as they analyze the appraisal report. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. based on the assessed value of the property and the existing tax rate. Theprocessofproducingaccounting2. decreases over time, norm paid by buyer. Included in the de nition is the energy required to acquire the materials, the manufacturing, ship- ping, distribution and ultimate disposal of the product. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Match the following terms to the correct definitions. Let and take agreement value of a property maybe affected by social, economic, govt and environmental influences. Sketch of floor plan Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. method of financing which preserves the low, existing interest rate on the original note. purchases "pools" or mortgages. ___________ 4. used in most real estate transactions. Principles of real estate II (Champions) 5.0 (7 reviews) Term 1 / 127 Functional obsolescence Click the card to flip Definition 1 / 127 Refers to the loss in desirability of the style, layout or function of an element of a property over time Click the card to flip Flashcards Learn Test Match Created by Margaretcoltman Terms in this set (127) Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. 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. type of insurance required when the LTV exceeds 80%. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline addition or amendment to an existing will. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. Calculate the new balance. \text{4. Financing activities} & \text{b. preserves low, existing intrest rate on the original note. The staff at Champions School is top notch! CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. ARMS that offer fixed rate period during 1st years of the loan. sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ (Most reliable), Reduction in value from deterioration or obsolescence. 3. added to the index to calculate interest rates, teaser rate- lower rate offered initially. The reduction in value of property from causes such as deterioration or obsolescence. 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. Theintentionalpreparationofmisleadingfinancialstatementsi. value set on the property for tax purposes. 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. Money that has value because the government has ordered that it be accepted in payment of debts. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. 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. We feel that we provide an unparalleled Real Estate education in Texas and our students agree! Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? According to this principle, the value of CFPB implemented. The government's right to tax real estate. maximized value when homogeneity in neighborhood, principle of increasing and decreasing returns. Havingenoughcashavailabletopay5.