Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. 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. It's simple! consumers are given equal chance to obtain credit. 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. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. document that pledges the property as security for repayment of the note. Dodd-Frank Wall Street Reform and Consumer Protection Act of _______. Money that has value because the government has ordered that it be accepted in payment of debts. provides the consumer with assistance securing hard to place or niche sources f mortgage money. not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. 3. number of payments or period of repayment He has been offered three possible 4-year contracts. Photographs of comparables (Zoning example). value of a property maybe affected by social, economic, govt and environmental influences. ___________ 6. (1) The Sales Comparison Approach Wrongful or criminal deception intended to result in financial or personal gain is called: fraud 3. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. We are equipped to help anyone who is seeking an exceptional Real Estate education regardless of schedule or location. The legal use that gives the greatest return in money and/or amenities. less depreciation, plus land value. 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. no obligation o extend credit. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. 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. Texas State Portion Real Estate Exam part 2.docx. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. a type of appraisal review. \end{array} \text{Other Expenses}&\$36,000&&\$34,500\\ property owner obtains a certificate much like an automobile that is recorded in the public records. method of financing which preserves the low, existing interest rate on the original note. 5. requires an application. Demand falls by more than supply rises. The loss in desirability of the style, layout, or function of an element of a property over time. Terms of each contract are as follows: As his adviser, which contract would you recommend that he accept? A lower interest rate is offered by the lender during the first year or more of the loan. 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. transfer of ownership against the will of the owner. initial truth in lending disclosure. improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Certified Residential Appraiser Champions School of Real Estate.docx - Course Hero & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Champions School of Real Estate (CSRE) - Course Hero Comprehensive Environmental Response, compensation, and Liability Act. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. consent of the lender allows property to be sold for a price sufficient to pay mortgage off. the most probable pice a property should bring in a competitive and open market under all conditions requisite to a fair sale. when unscrupulous lenders take advantage of a consumer's lack of knowledge regarding lending practices. the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. helpful info about the cost pr mortgage settlement charges caused by abusive practices. An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. provide basic information to the lender including, income, debt and credit history. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. October 3, 2015, It replaced the Good Faith Estimate, which has been in use since January of 2010. 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. history or list of all owners back to the sovereignty of the soil. & \text{g. An information system that measures,}\\ Value, Income, Return. ie. exterior only/drive by inspection. Another Name for environmental or economic obsolescence. 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. Principle of Increasing/or decreasing returns. Photographs of property limited appraisal report The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender. Over 500 million tweets are sent per day. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). 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! ___________ 14. Having enough cash available to pay}\\ A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. 1. amount of down payment. when the value added by an improvement exceeds the costdo not over improve. A break in this line would create a cloud on the title. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} The process of transferring funds to a title or escrow company for disbursement. \text{8. Percentage of the Lesser of the appraised value or sales price that the lender will lend. & \text{j. 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. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. Examine the summary section of a monthly credit card statement. Identify and explain the structures of language. transferring funds to a title co for disbursement when loan is approved. 16 pages. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. grantor fully warrants good clear title to the property. protect consumers from fraud in the sale or lease of land, CERCLA comprehensive environmental response compensation and liability act. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. 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. 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. ___________ 4. 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. + result to numerator when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. Highly recommended and I will continue to use Champions! 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. 5. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. stating the exact nature of the estate being granted, metes& bounds, lot& block, govt survey system. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 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. legal. low emissive gas coated with metallic oxide layer. (PETE) police power, escheat, taxation, eminent domanin. (pending lawsuits affecting the property). Copy of most recent property survey borrowers provide basic information like income, debt, and credit history. 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. the value if the property is equal to the sum if the contributory value of each of its component parts. 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{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline ", Texas Department of Savings and Mortgage Lending, Texas Appraiser Licensing and Certification Board. 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. 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. Let and take agreement preserves low, existing intrest rate on the original note. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. the absence of competition will cause prices to increase in the marketplace. 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.